♪♪ ♪♪ >> good morning, welcome to daybreak australia. >> good evening from new york, the top stories this morning. the chinese communist party celebrates its 100th anniversary. the country faces risks both inside and abroad.

haidi: u.s. stocks hit a record as the s&p 500 has gains, 14% for the year. sophie: the state grapples with a partial lockdown. a picture across wall street. u.s. futures are extending the gains, but the s&p 500, yes, it did manage to gain to another record high, it traded with little conviction today, we have the month end, quarter end, half year-end rebalancing flows, so we did see another fifth month of gains for the s&p 500, a bit of a mixed picture in terms of who was leading the gains, concerns over the virus, the nasdaq composite under pressure. we are seeing w.t.i. up .2 of 11%. we had it falter a little bit in the new york session given that we are headed towards the opec

and the dollar rietion the most in two weeks given we had labor data and howing data beating expectations, it was all to do with didi as well, the second largest china listing here in the u.s. it rose merely 1% from the opening price, very interesting because at the open, we had actually seen a gain of about 29%, but then fizzled out during the session. still, haidi, i have to say, it's interesting to see the busy i.p.o. week for the u.s. didi did lead the pack, it was a $9 billion week here in the u.s. we continue to have the exuberance in the stock markets with more and more firms coming online and listing in new york. haidi: yeah, and what a quarter it was or what a quarter, what a first half, i think globally we saw like the second best first half performance for global stocks in about two decades. you see, i guess signs of the top because in the last few weeks, we have seen incremental

gains despite the record highs after record highs we have seen lower volumes and a slowdown as investors are a little bit more cautious about the inflation outlook, what the fed will do and the return of the new delta variant and how that plays out which has been getting a little bit punished as a result of that. let's look how we're setting up for markets as we head into the end of the trading week, a setup for us, what are you watching? >> first let's get a wrap of how we fared, asian stocks capping five quarterly events which is the best since 2007. june into july, we are seeing typically in july we have seen gains for each month except for two since the global crisis, the a.g. function, here is the july column right there, lots of green on that column and switching out the terminal, a

big winner in the second quarter jumping to the highest since the 2015 stock bubble on the mainland, and momentum has been building in the bottom half of this chart right here. this leading up to the meeting which is fueling more appetite for growth sectors, haidi, the allure of chinese tech has oliver cox adding chinese internet stocks, a different tune than what we have seen from blackrock, more cautious on taen given regulatory oversight, heidi. haidi: the president is expected to make a key speech highlighting progress towards a prosperous and strong nation. let's good more from the markets co-anchor tom mackenzie, what are we expecting were it this big speech? tom: i drove in today, part of the city is locked down ahead of the speech where the president

is likely to extoll the successes as he sees it of the chinese communist party over the last century, really the case and making the case, the communist party that that will restore china to the rightful place in the world and a wealthy nation as well. he is likely to be pushing towards the push towards a moderately prosperous society, getting china closer to that elite group of fully developed nations and they can point to some real successes as well. by most interpret risk, china will be the largest economy in the world within the next decade, officials here have published numbers around life he can pocket tansy, per capita income is above $10,000 per person. they had hoped to get $1,000, that was his aim. you're up more than 10,000. absolutely the economic challenges remain for china, the

growth is slowing. it is less than balanced. there is a gaping wealth divide and the economic dividends are going to be much harder to get now. the structural forms will be that much more painful. that is the view of many. this will position the president as the person, the man to lead china going forward. it comes a year ahead of this very important part congress next year where he is expected to seek a third term quite unprecedented. the question of succession remains domestically, he, the president and his team are more powerful than ever largely as a result of their successful handling of the pandemic. overseas, of course, the views on china have deteriorated quite significantly. china increasingly seen as a threat by the u.s., europe, and others. haidi: that resource center was interesting. tell us, tom, how has china been preparing for this milestone?

tom: days of pa gentry, as i said, part of the city is locked down, the main thoroughfare through beijing has been all but shutdown. they will have a parade that will have flyovers, they also, by the way, closed down much of the industrial sector, particularly on the outskirts of beijing, in major steel and coal producing hubs to make sure they have clear skies for this important day. pollution is a persistent issue. 128coal mines have been paused in terms of their production, a major city when it comes to steel production output there has been curbed. a number of ports have stopped action today to insure there are no risks, again, to reduce that pollution. so far the skies are looking pretty clear here. haidi: are we expecting any protests in hong kong? tom: hong kong has its own

anniversary, the 24th anniversary marking the handover of hong kong from the british to the chinese. it is traditionally a day when anti-beijing demonstrators would take to the street in hong kong, of course, we had the national security law imposed, a number of democratic activists have been rounded up, journalists as well in the last few months, the most famously, jimmy and his editorial team. 10,000 police are likely to be deployed across the city and may close down victoria park, a gathering place for the protests. the officials, the police in hong kong have denied the rights of any protests today in that city citing covid restrictions. haidi: that's increasingly becoming a reason right to band protests. tom mackenzie, bloomberg markets co-anchor. let's go for the headlines. >> thank you, the u.s. and taiwan have agreed to hold regular meetings after the first

official face-off in five years. following wednesday's meeting in taipei, the u.s. trade representative's office say they'll establish working groups to discuss topics, labor rights, tech, supply chains and intellectual property. the top trade negotiator said the meeting was an important step towards a full trade deal. thailand is set to reopen the resort island to vaccinated travelers. startling thursday, innoculated tourists from low and medium risk countries will be allowed to holiday without kwaern. the reopening comes as thailand grapples with its highest single day death count, 53 new covid deaths wednesday. sources say the trump organization and c.f.o. will be indicted later thursday for tax-related crimes. the charges would be the first to emerge from the manhattan district attorney's three-year

investigation into the former president's company. the charges are said to involve unpaid taxes on benefits extended. bloomberg has been told neither donald trump nor his sons will be charged. former u.s. defense second donald rumsfeld has died age 88. he served under presidents gerald ford and george w. bush. he was one of the main architects of bush's war in iraq and afghanistan following the terrorist attacks in 2001. he drew fierce criticism for his management of the conflicts, two of the longest wars in u.s. history. global news 24 hours a day on air and on bloomberg quick take. i'm vonnie quinn, this is bloomberg. haidi: still ahead, our exclusive interview with the minister for investment cameron dick as day three of the lockdown begins. next, some market insight.

this is bloomberg.

haidi: the stocks starting the second half with regard highs, our next guest is developed equities outside the u.s. eric knutson is a multiclass c.i.o., eric, it's great to have you with us. it was really interesting to see the trade today, we had that re-flationary doing well, despite virus concerns. it's been underperforming for a while, the chat on the bloomberg showing what they have done in the last few months compared to other larger caps. why are you convinced that the smaller names will do well?

eric: small cap stocks for nine months starting in the fourth quarter of last year, this was really a view that we were going to be able to benefit from early cycle growth and really one-way markets and very strong directionalities in markets, supporting by growth, monetary and fiscal and low interest rates and continued accommodation and reasonably well behaved inflation, inflation on base effects, but not necessarily hitting kind of high inflation levels yet. now, that worked through the march, april time frame. in the last couple months, you see markets move from the one-way move of reopening of economies to a much more two-way framework. we actually have been trimming risk in equities in the second quarter preparing to reposition for volatility.

and so i just released a blog yesterday morning entitled two-way markets are back. that really reflects the notion that we're moving from the early stage, early cycle environment to a more mid cycle environment that is characterized by volatility, so, by likely some continued rising interest rates, continued rising inflation and in that environment, small cap stocks should do relatively better there. they tend to be much more geared to the cyclical elements of the economy. shery: you think most of the positiveness has been priced in erik: we'll be coming out with some updated views in our committee outlook in the next few days. we're actually moving from an underweight in u.s. large cap stocks, we're moving back to neutral in u.s. large cap stocks but maintaining our global

equity bias. so what we're doing is we're trimming fixed income exposures, particularly investment grade fixed income where the rates have fallen and we think are likely to start rising to the point where even though we like credit and think corporate credit fundamentals are still quite positive, there is not much opportunity left in a multiasset context. we want to shift some assets from mixed incomes broadly including topping up our u.s. large cap exposure and getting a little bit more balanced. so on the margin, we're biased toward the cyclical stories, but we added to our u.s. large cap exposure which gives us some balance for those times and those days when defensives and large growers are doing well in markets. haidi: we have seen the delta variant weigh on concerns with

the equalizization, are you confident with the rollout changing the game in the second half of the year? erik: one of our pharmaceuticals analysts today, the path of the delta variant in the u.s. and globally is a key area of concern. it's something we're watching very closely. we do observe particularly when you look at the u.s., the mrna vaccines which is the predominant vaccines that have been delivered in the u.s. appear to have better he have -- efficacy and where there is less contagion, less severe. in other countries who have used the more standard vaccine types, that represents more of a challenge. we're watching this very closely. and we think it reflects, it's one of the potential drivers for this two-way market environment,

more short term viability and the markets we have seen over the last 12 months and so we think that headlines around the path of the virus is going to cause short-term volatility. we want to be able to take advantage of some of that volatility to continue to add to equity exposures on a 12-month horizon. sarah: great to have you with us. didi makes history as the second biggest i.p.o., more on its new york trading debut next. this is bloomberg.

>> didi jumped as much as 29% in its trading debut before closing just above its i.p.o. price of $14 a share. the second biggest i.p.o. of a company based in china since alibaba. crystal, what happened here because i thought it was going to be a bigger pop, close higher and then it didn't, it faded. crystal: an initial pop-up, 20 cents up, it's a very competitive week. we have more than 15i.p.o.s this week. you're really competing with a lot of different views for investors attention. on top of that, it's not a great week for china either, yesterday you have a company who had to downsize massively from 14 million shares to 3 million shares. by comparison, it's not doing too poorly. interesting to see if it breaks the price tomorrow.

shery: the political risks of a chinese company listing in the u.s. factor in here? crystal: that's definitely something that investors are thinking about. it's a tricky time for chaeps companies. we haven't seen that many chinese companies listing in the u.s. this year compared to 2017, 2018, those were the prime time for chinese companies, we are seeing more israeli companies, more like south american companies, not so much chinese. even not in the u.s., in its hometown, it's in china, it's getting increasing scrutiny by regulators. they had to update their filings to say that apt trust is potentially becoming an issue even in china. externally, internally, it's a very challenging time for didi. shery: a crackdown, but broadly speaking, the price of the stocks are starting to wane and

caution? crystal: so many deals and investors are really selective these days. they have to pick and choose, what are the ones they must have and good to have. there are a lot of public investors that need to get into the stock because it's potentially going to get into indevils and they need that exposure in china tech. that is still giving didi an edge because of the shift size in china, because the selectiveness investors are seeing and the week that they are listing, it's not seen that big of a pop that they expect in trading up like 20 cents instead. >> great to have you in the studio, the latest on didi. it's not just about i.p.o.s, earlier this year, a private equity firm raised $1 million, it manages $1 billion of assets and does deals in the software space. they spoke to bloomberg about where they see potential.

>> there are so many private software unicorns that are looking to go public, why couldn't we help a subset of that achieve their i.p.o. goals or going public goals with a long term partner that has an actual operating strategy to help them in that mission. so we set up our stock given our core competencies and what we do, we just completed our first deal and we're likely to do others as well. >> my cynical view is that there has to be something wrong, fundamentally wrong with a product, a financial product if hedge funds can build a consistently profitable trading strategy around it which he had they have been able to do with spacs, am i wrong? >> i think you are. they exist and they get out over

time as with any financial innovation and new system. think about it as spac is a great model as long as it's done right, number one, individual investors can participate unlike the difficulties of participating in the cozy world of i.p.o.s, so our view on that is, given real companies, do spacs that only have a revenue size that produce real companies. individual investors who have real companies in the game, not venture start-ups in the game. secondly, you can project your business. investors love that, underwriting projections, able to analyze them, questioning management on how they think it through, how conservative they are, what do they make of these projections. if you have projections, have accountability. have every company that goes through a spac process always report how they're doing versus

their original projections and have the spac sponsor if they come to market again, put in the front page of their prospect us how their companies have done versus the projections. there are many that can be provided to agencies to have good capitol. >> there is no single structure, in your view what say fair structure for a spac, what features should they have and not have to make it fair? >> you have to have in addition to what i said, you have to have alignment of interests between the spac sponsor that is receiving the potential profits and all the investors and the company alike. so i believe that a spac sponsor just, you need to borrow good things from private equity. one of those on alignment of interest is you have to invest real dollars behind the company that you're helping to take

public. a spac sponsor should buy at least 10% of that pipe that gets issued by these companies. secondly, a spac sponsor should stand any redemptions that happen so the company can secure the amount of capitol it inended to raise in the first place. that way you have these sponsors really investing hard dollars out of their own institutions to match up the incentive arrangement. >> what about warrants? >> we don't do warrants. i believe we were one of the first spacs not to do warrants. i don't see why that is another necessary set of incentives. i feel there is enough with the promote that goes on in spacs. >> that was the founder and managing partner of orlando bravo speaking exclusive to bloomberg's erik.

coming up, we'll discuss the vaccine rollout, cameron dick will be joining us later this hour, stay with us for that exclusive conversation. this is bloomberg. ♪ ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. look...if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible. not great at saving. you deserve better - xfinity mobile. now, they have unlimited for just $30 a month. $30 dollars. and they're number 1 in customer satisfaction. his number? delete it.

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>> you are watching "daybreak australia." time for morning calls. opec-plus puts policy front and center. goldman sachs affecting the cartel will stay tactical on production hikes. point 5 million barrels per day from august. it will be lifted to one million barrels per day given the tightening we have been in the fiscal market as reflected by the strong time spread. that would represent a two dollar to three dollar per

barrel downside risk. flipping the board, high chance of brent hitting the mid 80's range. that opec increase unlikely to use the deep deficit they see through the third order of this year and subsequent higher prices are likely to trigger calls for opec supply, especially by india, where domestic prices could derail a recovery. shery: let's get more insight on oil and the opec-plus meeting. joining us is yes meena -- yasmina. what is on the agenda and what could be see? >> as you said, what everybody wants to know is if they are going to raise production. opec-plus is currently at the end of a previously agreed process to raise production during the month of may through july. 2 million barrels. when they made that decision,

the vaccination campaigns that have been improving demand through a lot of the western economies at this point, you know, it had not taken speed. at this point, the production increase is falling well short of where we see demand coming up. what is on the agenda is august to september. the market is saying please give us more barrels. haidi: because we have seen the supply deficit even as demand has picked up so does the market need more oil? how do potentially loosening conditions in shale play into this? jasmina: the increase from opec-plus has been pretty measured so far and it has worked in terms of bringing down inventories, which were overflowing back during the worst days of the pandemic so it has now drawn down inventories. for example, the eia production

numbers show u.s. crude inventories have not only fallen to levels where they were before the pandemic but at this point, they are falling at the fastest rate that has been seen in data going back to 1982 so this is now pushing the u.s. into looking into other markets and competing for barrels with asia refiners, looking for barrels that typically go to in asia and you have u.s. refiners looking for it. also, you know, at this point, opec itself has come out and said they expect at least 5 million barrels a day in the second half more than what we saw in the first half. so at this point, yes, everything in the market is saying, please give us more supply. shery: which is why there are so many analysts calling for $100 oil, including bank of america, right? tell us about the price outlook

right now. jasmina: i think what a lot of people are saying is if it continues like this, there is a very real possibility of oil hitting $100 a barrel. however, there is every indication from within opec that nobody really wants to see that because at that point, with inflation already hitting other products across the commodities extreme, you really start to impact national economic recoveries across the globe if prices are that high so you want to find some balance in which oil producers are making money, covering their bills, but don't choke off demand in the rest of the world so that is why you see, within opec, you see russia on the more aggressive side saying demand is there. let's put out more arrows and then you see saudi arabia saying, cautiously, look,

there's a lot of headwinds. iran might come back. we don't know if iran is going to come back. there's different types. covid still emerges through different spots around the world and that can sometimes turn off demand. it's not a straight line to recovery so they are still advocating for a more cautious approach but -- which will restrain prices if they do so. i think we have still got more -- everyone agrees there's still some of a rally left because supply is not going to come back so quickly. that has become apparent. but nobody wants to see $100 a barrel. shery: 50% gains for oil prices. jasmina kelemen, bloomberg oil reporter with the look ahead for the opec-plus meeting. first word news with vonnie quinn. vonnie: thank you. president xi jinping is set to mark the chinese commonest parties 100th anniversary with a

speech later thursday. speaking at tiananmen square, he is expected to highlight the party's accomplishments and make the case that under his leadership, it is china's best hope for growth. 68-year-old was expected to break party norms at a congress next year by seeking a third term as china's leader. hong kong's next digital has announced it is ceasing operations on thursday. the company is owned by jimmy lai, publisher of the apple daily. the newspaper was forced to shut down after authorities -- national security law to arrest top executives and freeze funds. the general shares have been suspended. indonesia has -- indonesia is close to finalizing its listing roles. the changes would allow multi-capital shares and a relaxation of curbs. the moves would pave the way for startup giants like a ridehailing firm and -- from

august. bill coffey has been released from prison after a pennsylvania -- bill cosby has been released from prison. they failed to follow through on an agreement not to prosecute him in the criminal trial. kospi admitted in civil court to drugging and attacking a university employee. he served more than two years of up to 10 years. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. >> -- upping their pace and wall street's race. barclays hiking junior banker pay let's get more from nebula ahmed in sydney. barclays throwing money at the problem, right? is that enough?

nabila: that is a $100,000 question. that is what they are rising to under these new rules barclays announced. the problem is the mental health of these junior bankers. we know that the attrition bank among junior bankers and analysts are very high and they are leaving for private equities, for the tech industry. they are just getting out. it is the turnover after three years. it is mental health that is the issue. barclays already said that they will allow -- they will get saturdays off and sundays except for on avoidable. younger employees are expected to take five day vacations twice a year and recommend they completely disconnected from work so that will probably help more than even the money.

shery: when it comes to the money, barclays cannot help it when other banks are doing the same, right? nabila: absolutely yes. the banks are throwing money at the problem but you have also got banks like jeffries which are offering free peloton bikes and fitbit watches to sort of promote that mental and physical health as well. you have jp morgan hiking pay and goldman reintroducing that saturday rule and giving bankers at least one day off a week. haidi: what about the hybrid model that citi is touting? nabila: it has lined itself up with the european banks in saying that its workers can work at least part-time from home. that doesn't set them apart in terms of u.s. peers and that goes to the mental health of staff as well as higher pay, too. citigroup is joining rivals including the u.s. in saying

this and that is likely to make them a more attractive place to work for sure. haidi: nabila ahmed there. moderna's chairman says the company will continue testing its vaccines against new covid-19. s -- covid-19 variants as he warned people were dropping their guard on the pandemic. he spoke to bloomberg earlier as part of the new economy catalyst event. >> taking lessons from the last 1.5 years is that we cannot go back into a reactive mode. we have been gaining an advantage over this virus that is gunning for our immune system constantly by being proactive, by being preventive, not just reactive, and i think we cannot get to a point where we wait for another set of variants to really do damage and then start saying, now, what do we do? we cannot afford the last 1.5 years all over again. matt: i wonder about the evolution of this virus. in the past, when we look at

historic examples like the spanish flu, these viruses eventually become less fatal and turn into what we now know of as, you know, the flu, which most people have gotten, and relatively few people die from. is that likely to happen with this covid virus? or is it possible it mutates into something even more fatal? noubar: if it mutates into anything more dangerous, we will certainly counteract it with vaccines that are more specific, continuously, until it ends up with the fate you are describing, which is most likely that enough variants make it out there that they persist at a containable way, endemic version of the virus, and that is, while it is still speculation, that is the expectation that we most fear by folks that are experts in these kinds of evolutionary

trajectories, but it could come along the way, get spikes of things that concern us and we need to be able to react to them. the good news is that the mrna technology is poised to be able to react. it's not as though if something starts appearing that's bad, it will take us years and years to react. we showed already we can do this in months and in an even shorter period of time if we all stay vigilant and coordinated. shery: noubar afeyan. up next, we are speaking exclusively with the queensland treasurer and minister for investment, cameron deck, about the economic repercussions of the lockdown, vaccine rollout, and the state's investment plans. this is bloomberg. ♪

>> let's take a look at the day ahead for australia and new zealand. bloomberg economics saying prices likely rose further in june. demand momentum pushing against depressed inventory levels. the u.k. and new zealand agreed to speed up negotiations to reach a bilateral trade agreement. round six of those talks is

scheduled to take place in july. taking a look at bloomberg's vaccine tracker, showing how australia and new zealand continue to be the laggards. not continues to be a problem of course. several clusters of covid-19 have been detected in queensland in recent days. some areas are entering a second full day of lockdown. let's discuss the path to recovery. cameron dague joins us exclusively from brisbane. wonderful to have you with us. how big of an impact are you seeing when it comes to these snap lock downs and the continued uncertainty around covid? cameron: what we have seen during the course of the pandemic is getting the priorities right when it comes to health care. if you can protect the people, economic growth and jobs come back. we restored all the jobs we lost during covid plus another 85000

and that has led australia. our economic growth for the financial year just closed was 13 times more than we anticipated just six months ago at 3.2 5%. what we do is we go hard and early. we have short, sharp lockdowns. we have done that on a couple of occasions and we have seen our economy rebound. we think that is the right policy for queensland and for the nation, and now, our economy is roaring back and we are helping the australian economy recover as a consequence. >> i want to get to the biggest risk to the economy which is slow vaccine rollout. let me play a comment we heard from the minister yesterday. >> i don't think this is the time to risk the safety of our young australians when the u.k. will not even -- to get the astrazeneca vaccine. >> this is over the changing

guidance for the astrazeneca vaccine for various age groups and we are the same recommendation from the chief health officer, saying she would rather have a nonvaccinated population of under 40's than risk using that shot. is there a problem here in that people are looking at this as, you know, hospitalization and death versus the vaccine as opposed to the economic consequences as well versus the vaccine? obviously, the risk/benefit for australians is quite different. cameron: we have never seen it as a binary choice between health and the economy. if you cannot get the health part right, if you cannot support and protect the health of your people, then your economy cannot recover and we have seen that around the world with catastrophic consequences for economies so we are seeing strong economic recovery. we are seeing revenue coming back which means lower debt, lower deficits, and that has allowed his this is to have

confidence in our state and invest so we do need to get the vaccination piece right. all the states and territories are in the hands of our federal government. they are the ones securing the supply of vaccine and we know that astrazeneca has some problems for people aged under 40. that is just a reality. we have more pfizer that the federal government has secured only later in the year and if that is distributed, we will continue to rollout the vaccine in our state so we are prioritizing that as a government. we have a state 2.5 times the size of texas. it is in our regional communities and we are getting good uptake and we will continue to support the rollout in the future. shery: i was so jealous of haidi last year because you in australia had barely any infections but the tables have turned so much this year. the u.s. completely reopened. we have so many vaccinations.

where did things go wrong for australia when it comes to the vaccination rollout? i keep hearing you mention the federal government. is the problem there? could states have done more? cameron: the reality is it is the supply of the vaccine. you cannot do anything unless you get the vaccine and our government, federal government, national government, chose to back astrazeneca and pfizer, whereas other jurisdictions effectively spread the risk across a whole range of vaccines. that was the case in the united dates and the united kingdom. -- united states and united kingdom. for the time being, they are the two vaccines available in australia. johnson & johnson's vaccine might be coming along as well as moderna. once we secure that supply, we will be able to distribute that. for all intents and purposes, we are really moving ahead. our economy has reopened. we had large sporting events, the biggest sporting event in the world in queensland last year, one of our major rugby

league games. we are opening our economy and seeing the positive economic response here in our state. that will continue in the future. >> you delivered to the delta variant spreading so fast and the new lockdowns. does that change a bit calculation? -- your calculation? cameron: what we know in our state is that short, hard, fast response delivers an economic and social return for our people and that will continue in the future. we had only four infections yesterday and only three were community transmissions. that is a very strong result and we are a battle hardened state. we know how to respond to natural disasters, what is to take the advice of our chief health also serve -- officer. we are seeing that strong economic rebound which is the dividend being returned to

queensland and that is a strong message we are sending to everyone around the world. we are open for investment and we are the place. haidi: how much has the investment and immigration of the labor force outlook changed post-covid? cameron: it's been a big change. we are leading the nation when it comes to interstate migration. we had the highest net interstate migration last year, 30,000 people moved from other parts of australia to queensland, and over the next four years, these are federal budget numbers, we will have 85,000 people moved to queensland. we welcome that. that is good for our economy. we are a lifestyle superpower, great place to live, but we also have low taxes, pro-business, pro-investment government, and we are backing that up with our own very strong investment of more than $50 billion in infrastructure over the next four years that our government alone will be delivering, creating jobs, and getting those economic settings right to send

the message that our economy is powering ahead and we want to accelerate that as we accelerate through covid in the next financial year. >> the government is committed to a $52 billion infrastructure spending program. is there scope to increase that if brisbane becomes an olympic post? cameron: the olympics is something that's potentially extremely exciting for our state and our nation. we hope later this month we will get a positive decision. of course, that is the 10 year horizon for our state, not just to host greatest and biggest event in the world, the biggest sporting event, but it sets a vision for our state, significant investment in infrastructure that will come with that with the national government. 120,000 jobs and also something to aspire to, to host that big event in our state, something we will be proud to do so we have that short and medium-term

outlook for our state which is very positive and then we have that longer-term decade horizon to deliver the olympics for our state and our nation. >> cameron dick, thank you so much for your time today. it was great to have your insight. thank you. we will hear more from big guests on the impact of the pandemic. we will hear from a hospitality group as the area reopened to tourists. also be sure to tune into bloomberg radio to hear more from the big newsmakers, get in-depth analysis from the daybreak team, broadcasting live from our studio in hong kong. listen via the app. plenty more to come. stay with us. ♪

>> here's a quick check of the latest business flash headlines. texas instruments has agreed to buy a utah plant for $900 million in cash. the deal includes $600 million worth of equipment that they redeployed to its other site. the memory chip manufacturing site was originally a joint venture with intel and the sale is part of the push to stabilize costs and revenues. robinhood has been hit with a

record $70 million fine after wall street's watchdog said it harm to millions of customers. the financial industry regulatory authority criticized them for system outages and providing misleading information. it comes at a crucial time as the company prepares to go public. robinhood says it has been working to improve the platform. evergrande group says it has met a key requirement of chinese regulators as a country's most indebted developer tries to ease investor concerns. in a statement to bloomberg news, the company says it has cut its net debt to equity ratio to below 100 percent. beijing requires developers to cut to below that level as part of its three red lines imposed to curb leverage in the industry. haidi: coming up, we speak about his markets outlook and another guest joins us to take a look at japan's latest survey and

japanese economic prospects. that is it for "daybreak australia." "daybreak asia" is next with lots more to come. this is bloomberg. ♪ (announcer) back pain hurts,

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haidi: hello and welcome to "daybreak asia." sophie: i'm sophie kamaruddin in hong kong. shery: good evening. i'm shery ahn. our top stories this hour. the communist party of china celebrates 100 years. xi jinping is set to highlight his leadership as he makes the case for another term in power. asian stocks look set for a muted start.