Commodity

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While the spotlight shines on trendy cryptocurrencies, investors evidently haven’t lost interest in traditional and tangible commodities like precious metals.

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As seasoned investors cheer on the recent resurgence in gold prices, the collective fever for nuggets and bullions has also lifted among investors who’ve become increasingly wary of crypto’s unpredictable shifts, according to AMP chief economist Dr Shane Oliver.

And as the threat of rising inflation, foreign military conflicts, and supply chain problems overshadows the global economy, the historically proven level of security that tangible commodities offer might be too much to ignore.

“Proponents of the cryptos were saying these were the new hedges against inflation – they’ll protect you against the debasement of fiat currencies as a result of money printing and the consequences of inflation. Whereas this year, Bitcoin has had a much rougher ride than gold has had, and gold has actually performed better, particularly in a period of share market weakness,” Dr Oliver said.

The market’s renewed gold rush has pushed its value to above US$1,950 – slightly below its 2020 high of US$2,067.

Although Russia’s military invasion of Ukraine has been described as the chief catalyst for the worldwide demand for gold, Dr Oliver feels this isn’t entirely accurate and that the fear of inflation is the real culprit.

“I think the real issue is the pick-up in inflation, which has seen an increase in demand for gold. It’s seen as a safe store of value, and there’s always a backup, if it doesn’t work out, you can melt it down when you’re got some jewellery demand,” Dr Oliver said.

Historically speaking, the link between gold and inflation ties back to earlier monetary systems.

According to Quay Global Investors, it began with the gold standard practiced by most Western monetary systems up until World War II and then continued with the Bretton-Woods agreement, which dictated a currency peg to the US dollar that was in turn pegged to the price of gold.

This ended when in 1971 the US government seized US dollar convertibility into gold, which led to other countries abandoning the peg and instead adopting flexible exchange rates, changing the relationship between gold and inflation ever since.

Using data from 1971, Quay Global looked at various levels of inflation and measured the total returns from gold. What it found is that while gold does “okay” in a low inflationary environment, delivering positive nominal and real returns, it does “better” in periods of high inflation.

And as inflationary pressures build and investors look for a hedge, Dr Oliver noted that while gold may not have the same “bandwagon” as crypto, it certainly is a strong contender.

“Gold is such an ancient investment, it’s been around for a long time, so there’s not quite the level of hype around gold as there is with crypto,” Dr Oliver said.

“I’ve never seen anything like it with crypto.”

But gold may not be such a great idea for newbies, according to the analyst.

“It’s the existing investors who stand to gain,” Dr Oliver said.

“If you got in earlier, you’d be feeling happier by now. And then speculators see it go up and they jump on the bandwagon. You can make money from doing that if you get in at the right time – early in the process that is. But if you come late to the game and the next day it drops off, then it’s a loss”.

Dr Oliver warned that while the hype created around any investment commodity can be alluring, getting in while the market is hot could potentially be the “wrong time”.

Reiterating the importance of timing, Dr Oliver noted that as central banks lift rates, gold could lose its appeal as an inflation hedge.

“There’s always this problem for inflation hedges that once central banks cotton on to the inflation problem, they start to raise interest rates, which then makes the inflation hedge less attractive, which I think is working against gold to some degree,” he said.

“The bottom line is it has I think provided a better hedge against the volatility in equity markets and a better hedge recently against inflation in the last few months than Bitcoin has, even though if you take a three-year view, Bitcoin’s fared far better.”

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, proper" ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2022-04-26 00:00:36" ["slug"]=> string(58) "18230:is-crypto-getting-the-shaft-for-a-big-gold-re-polish" ["event"]=> object(stdClass)#10961 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "

• Yes

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While the spotlight shines on trendy cryptocurrencies, investors evidently haven’t lost interest in traditional and tangible commodities like precious metals.

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Australia’s manufacturing sector and its workers are being ‘held to ransom’ by the gas cartel, despite the Morrison government promising cheap gas as a key policy in the COVID-19 recovery plan.

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According to the unions, the high price of gas is killing Australia’s manufacturing sector despite the government promising cheap gas supply.

Prime Minister Scott Morrison previously outlined his vision for a gas-led economic recovery from the coronavirus pandemic, declaring that the cheap and reliable power will help boost the economy.

As part of the PM's plan, he announced on 18 May that an additional $600 million would be directed towards a new Kurri Kurri gas plant in NSW Hunter Valley. 

But the Australian Workers Union has now argued that Australia’s Domestic Gas Security Mechanism requires an urgent upgrade or risks sending manufacturing jobs "to the wall".

The union said gas prices have doubled in Sydney and more than tripled in Melbourne – pushing costs to unsustainable levels for Australian factories, which generally run on extremely tight margins. 

“It is unacceptable for Australian factories to be driven out of business by high gas prices when our country has more natural gas than anywhere else in the world,” said AWU national secretary Daniel Walton.

Highlighting green shoots that are emerging in Australian manufacturing, Mr Walton warned it could come to an end if the government cannot secure a gas pipeline.

“Australian manufacturing can’t continue to be held to ransom by a small group of gas extracting multinationals who should be grateful for access to our sovereign resources in the first place,” the unionist said. 

“For many months, the ACCC has pointed out that prices are too high and the gas industry is deliberately dragging its heels. It’s high time for some leadership.”

According to the union, the market needs to set a target price to secure supplies.

“When gas prices temporarily dipped during the pandemic, we warned the relief had nothing to do with the goodwill of the big gas companies and everything to do with global demand. Now global demand is coming back, Australian factories are getting gouged once again,” Mr Walton said.

Experts disagree

A report released by the Institute of Energy Economics and Financial Analysis (IEEFA) showed that taxpayers should be wary of new investments in gas and coal-fired power plants due to the increasing likelihood of stranded assets. 

According to the International Energy Agency, countries like Australia need to transition their energy grid within 14 years to reach net zero.

While it did not tell Australia to completely abandon its gas path, the report found that increasing global demand for low‐carbon hydrogen in the net zero emissions (NZE) provides a means for countries to export renewable electricity resources that could not otherwise be exploited.

“For example, Chile and Australia announced ambitions to become major exporters in their national hydrogen strategies. With declining demand for natural gas in the NZE, gas‐producing countries could join this market by exporting hydrogen produced from natural gas with carbon capture, utilisation and storage,” the report said. 

The Climate Council of Australia’s head of research, Simon Bradshaw, described it as yet another nail in the coffin for fossil fuels.

“Instead of spending public money on gas, which will increase electricity prices and worsen climate change, Australia can and should be working towards net zero emissions by 2035, and capitalising on the benefits of leading the global transition to renewables,” Mr Bradshaw concluded.

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Australia’s gas-led economic recovery could be relying on inaccurate financial assumptions, new research has revealed.

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A report released by the Institute of Energy Economics and Financial Analysis (IEEFA) shows taxpayers should be wary of new investment in gas and coal-fired power plants due to the increasing likelihood of assets being stranded. 

A key part of the Morrison government’s economic recovery from the COVID-19 pandemic is centred around cheap, reliable gas energy to power Australian homes and businesses.

“To help fire our economic recovery, the next plank in our JobMaker plan is to deliver more Australian gas where it is needed at an internationally competitive price,” the Prime Minister said when announcing the proposal in September last year.

“Our competitive advantage has always been based on affordable, reliable energy. As we turn to our economic recovery from COVID-19, affordable gas will play a central role in re-establishing the strong economy we need for jobs growth, funding government services and opportunities for all.”

However, report author and LNG/gas analyst Bruce Robertson questions the financials behind the project with gas and coal becoming a smaller portion of Australia’s energy grid over the lifetime of the asset.

“Far from being constant, our research shows that the capacity factor for coal-fired power plants has been declining globally since before the beginning of last decade – with many soon to become stranded assets,” said Mr Robertson.

The report warned that despite becoming increasingly less important, the calculations are based on ‘constant’ power over a lifetime, with many of these new assets unlikely to ever be constantly used. 

“This leads to an underestimation of the cost for each unit of electricity to be produced over the power plant’s lifetime – what’s called levelised cost of energy (LCOE). And this cost underestimation causes a financial overvaluation of the energy asset, which can mislead potential investors,” he continued.

“Investors should take note.”

Despite questionable economics, polling data released by the Lowy Institute last month shows the majority of Australians are still in support of the gas-led recovery as a gradual step towards renewable energy.

The Lowy Institute said the gas-led recovery appears to have general support, with 58 per cent of respondents in favour of Australia increasing the use of gas in the country.

A third of Australians said the problem of global warming should be addressed. However, they noted the effects will be gradual, meaning dealing with the situation should also be done in smaller steps.

Only 9 per cent of Australians – one of the lowest results of the past decade – said that until we are sure that global warming is really a problem, we should not take any steps that would have economic costs.

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, proper" ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2021-06-25 01:40:50" ["slug"]=> string(76) "16973:investors-should-take-note-gas-led-recovery-to-lead-to-stranded-assets" ["event"]=> object(stdClass)#10983 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "

• Yes

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Australia’s gas-led economic recovery could be relying on inaccurate financial assumptions, new research has revealed.

Write comment (0 Comments) " ["jcfields"]=> array(9) { [1]=> object(stdClass)#11011 (33) { ["id"]=> int(1) ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2018-08-29 05:26:30" ["created_user_id"]=> int(2355) ["ordering"]=> int(-1) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#10689 (3) { ["data":protected]=> object(stdClass)#10498 (1) { ["options"]=> object(stdClass)#10500 (2) { ["options0"]=> object(stdClass)#10501 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#10499 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#10688 (3) { ["data":protected]=> object(stdClass)#10496 (6) { ["hint"]=> 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Climate groups are saying the Morrison government lacks any credibility when it comes to climate change after it announced 21 new gas and oil exploration areas.

" ["fulltext"]=> string(3349) "

The federal government will open up 80,000 square kilometres of new offshore acreage – an area larger than Tasmania and ACT combined – to gas exploration as Prime Minister Scott Morrison continues his ‘gas-led recovery’.

During a speech made to the Australia Petroleum Production and Exploration Association (APPEA), Mr Morrison praised the important role of gas in Australia’s economic future.

“The oil and gas sector is a major contributor to Australia’s prosperity – always has, will always be – employing tens of thousands of women and men across the country, many of them in high-wage jobs in regional Australia, creating stronger, more resilient local communities,” he said.

This is despite the latest ABS data showing the gas and oil sector has shed 3,800 jobs between May 2020 and February 2021, during which time the remainder of the economy added 863,000 jobs.

Climate Council acting CEO Dr Martin Rice argued that while the PM is prone to praising Australia’s efforts to curb climate change on the world stage, back at home the Morrison government is inviting fossil fuel companies to exploit new gas fields.

“The world sees through our climate-wrecking hypocrisy and is losing patience with Australia, and it is Australian workers and businesses who will bear the consequences, such as carbon tariffs from G7 economies,” he said.

“The decision to open up new oil and gas exploration, at a time when energy experts, investors and our strategic allies are all moving away from fossil fuels, goes against all scientific and economic reasons.”

Australia’s new gas and oil venture comes a month after the International Energy Agency found it could still be possible to reach net-zero emissions by 2050 if explorations of new fossil fuels seized this year.

“The science is clear: we need to rapidly reduce emissions this decade, and no new coal, oil and gas projects are compatible with protecting Australians, our economy and unique ecosystems from worsening climate impacts,” said Dr Rice. 

Dr Rice pointed out that the economics for new gas prices no longer stack up, with consumers paying more for the privilege of using gas.

“Gas drives up electricity prices. Gas is a fossil fuel that worsens climate change. As our trading partners shift away from fossil fuels like coal, our fossil-fuelled economy is becoming increasingly exposed, and vulnerable,” he highlighted.

The Climate Council has recommended Australia cut its emissions by 75 per cent by 2030 (based on 2005 levels), and reach net zero by 2035.

“By choosing to ignore the experts and passing measure after measure that actively worsens climate change, the federal government is exposing Australians to growing economic, diplomatic and climate risks,” said Dr Rice. 

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, proper" ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2021-06-17 01:24:37" ["slug"]=> string(67) "16925:credibility-up-in-flames-as-government-opens-21-new-gas-sites" ["event"]=> object(stdClass)#10994 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "

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Climate groups are saying the Morrison government lacks any credibility when it comes to climate change after it announced 21 new gas and oil exploration areas.

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The International Energy Agency has found that countries like Australia need to transition their energy grid within 14 years to reach net zero, defying Prime Minister Scott Morrison’s gas-led economic recovery.

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Australian politicians are being urged to abandon new coal, gas and oil investments after a major report found that Australia must end its expansion now as part of the world’s solution to net zero emissions. 

Prime Minister Scott Morrison has previously outlined his vision for a gas-led economic recovery from the coronavirus pandemic, declaring that the cheap and reliable power will help boost the economy.

Under the proposal, the government would avoid any supply shortfalls in the gas markets as well as unlock five key gas basins to ‘reset the gas market and create a more competitive and transparent gas hub’.

As part of the government’s gas-led recovery, it announced on 18 May that it would spend an additional $600 million on a new Kurri Kurri gas plant in NSW Hunter Valley. 

In a statement, Energy Minister Angus Taylor noted the plant would secure reliable and affordable energy for NSW, following the closure of the Liddell power station. 

“Cheap power is crucial to ensuring families, businesses and job-creating industries in NSW can thrive, which is why we are committed to replacing the energy generated by Liddell to keep prices down,” Mr Taylor said.

“This project will deliver flexible gas generation to replace Liddell and maintain reliable power alongside Australia’s world-leading investment in renewables.”

However, a new report by the International Energy Agency (IEA) found that in order for the world to reach net zero, progressive economies such as Australia will need to reach net zero by 2035.

While not telling Australia to completely abandon its gas, the report found that increasing global demand for low‐carbon hydrogen in the net zero emissions (NZE) provides a means for countries to export renewable electricity resources that could not otherwise be exploited.

“For example, Chile and Australia announced ambitions to become major exporters in their national hydrogen strategies. With declining demand for natural gas in the NZE, gas‐producing countries could join this market by exporting hydrogen produced from natural gas with carbon capture, utilisation and storage,” the report said. 

The Climate Council of Australia’s head of research, Simon Bradshaw, described it as yet another nail in the coffin for fossil fuels.

“Instead of spending public money on gas, which will increase electricity prices and worsen climate change, Australia can and should be working towards net zero emissions by 2035, and capitalising on the benefits of leading the global transition to renewables,” said Mr Bradshaw.

The report, titled IEA’s Net Zero by 2050: A Roadmap for the Global Energy Sector, outlines how the transition to net zero can create 14 million new jobs by 2030, almost three times more than the jobs that will be lost as fossil fuels decline.

“The IEA’s pathway to this brighter future brings a historic surge in clean energy investment that creates millions of new jobs and lifts global economic growth,” Fatih Birol, the IEA executive director, said.

“Moving the world onto that pathway requires strong and credible policy actions from governments, underpinned by much greater international cooperation.”

Australia’s Climate Council agrees, highlighting how Australia is uniquely positioned to benefit from an energy transition.

“As one of the sunniest and windiest countries on earth, Australia has everything we need to be a global renewable energy superpower and create good jobs in new clean energy industries,” said Mr Bradshaw.

“While states and territories are getting on with job-creating clean energy projects that reduce emissions and electricity bills, the federal government has its head in the sand,” he concluded. 

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The International Energy Agency has found that countries like Australia need to transition their energy grid within 14 years to reach net zero, defying Prime Minister Scott Morrison’s gas-led economic recovery.

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Taxpayers are set to be on the hook for up to $2 billion over the next decade as the government commits to protecting two oil refineries.

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The Morrison government is looking to secure Australia’s sovereign fuel stocks by committing to maintain a self-sufficient refining in Australia by supporting the operation of the Ampol refinery in Lytton (Queensland) and the Viva Energy refinery in Geelong (Victoria).

Tuesday’s budget revealed that the government would introduce a production payment to support domestic refiners and direct support for the refiners to upgrade their infrastructure, but the cost of both was “not for publication” due to “commercial sensitivities”.

Tuesday’s budget announced a payment for domestic refiners and direct support for refineries although it did not go into details due to ‘commercial sensitivity’.

The government has since announced that the direct support will be at a cost of $302 million for infrastructure upgrades to help bring forward production of better-quality fuels from 2027 to 2024.

The variable fuel security service payment will see refineries paid a maximum of 1.8 cents per litre when the margin drops to $7.30 a barrel.

The payment will drop to 0 cents when the margin hits $10.20 a barrel, meaning refineries are only supported in downtimes and will not receive government support during the good periods.

All up under a worst-case scenario, the Australian taxpayer will have to pay $2.05 billion to keep the two refineries open, although their production could save drivers 1 cent a litre when they fuel up.

The Prime Minister said it would help all Australians through reducing fuel costs while projecting jobs, with 1,250 direct employees across the two refineries, and adding 1,750 jobs during the construction phase.

“Major industries like agriculture, transport and mining, as well as mum and dad motorists, will have more certainty and can look forward to vehicle maintenance savings and greater choice of new vehicle models,” Mr Morrison said.

“This next stage in our plan for Australia’s recovery will create jobs and make our country more self-sufficient and secure.”

The government will also accelerate the industry-wide review of the petrol and diesel standard to 2021, including a consideration of aromatics levels. This aims to create a Euro-6 equivalent petrol and diesel standard that are appropriate for Australia.

The government will work with both refineries on their plans to consider future fuel technologies and other development opportunities. This will include the refineries’ roles in the rollout of future fuels, such as electric vehicle charging and hydrogen transport infrastructure.

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, proper" ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2021-05-18 01:29:56" ["slug"]=> string(55) "16780:morrison-government-pledges-2bn-to-oil-refineries" ["event"]=> object(stdClass)#11016 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "

• Yes

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Taxpayers are set to be on the hook for up to $2 billion over the next decade as the government commits to protecting two oil refineries.

Write comment (0 Comments) " ["jcfields"]=> array(9) { [1]=> object(stdClass)#11044 (33) { ["id"]=> int(1) ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2018-08-29 05:26:30" ["created_user_id"]=> int(2355) ["ordering"]=> int(-1) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#10689 (3) { ["data":protected]=> object(stdClass)#10498 (1) { ["options"]=> object(stdClass)#10500 (2) { ["options0"]=> object(stdClass)#10501 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#10499 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#10688 (3) { ["data":protected]=> object(stdClass)#10496 (6) { ["hint"]=> 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"" ["rawvalue"]=> string(0) "" } [4]=> object(stdClass)#11043 (33) { ["id"]=> int(4) ["title"]=> string(9) "Video URL" ["name"]=> string(9) "video-url" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-19 05:54:21" ["created_user_id"]=> int(2351) ["ordering"]=> int(1) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#10672 (3) { ["data":protected]=> object(stdClass)#10670 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#10671 (3) { ["data":protected]=> object(stdClass)#10699 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" 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int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-25 16:29:55" ["created_user_id"]=> int(2351) ["ordering"]=> int(2) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#10667 (3) { ["data":protected]=> object(stdClass)#10701 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#10698 (3) { ["data":protected]=> object(stdClass)#10703 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) 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object(stdClass)#10708 (1) { ["options"]=> object(stdClass)#10706 (2) { ["options0"]=> object(stdClass)#10705 (2) { ["name"]=> string(8) "Inactive" ["value"]=> string(1) "0" } ["options1"]=> object(stdClass)#10707 (2) { ["name"]=> string(6) "Active" ["value"]=> string(1) "1" } } } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#10702 (3) { ["data":protected]=> object(stdClass)#10710 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) 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NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#11051 (33) { ["id"]=> int(2) ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> int(2351) ["ordering"]=> int(5) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#10711 (3) { ["data":protected]=> object(stdClass)#10716 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#10713 (3) { ["data":protected]=> object(stdClass)#10718 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(73) "/invest-money/commodity/morrison-government-pledges-2bn-to-oil-refineries" ["image"]=> string(64) "images/article-826x550/Scott-Morrison-speaking-budget2021-ne.jpg" ["image_alt"]=> string(39) "Scott Morrison pledge to oil refineries" } }