30 March 2020

  • Wage subsidy will be announced later today, will use existing tax and transfer system, legal obligation to keep employees
  • Speculation that wage subsidy:
    • $1500/fortnight, capped at middle income workers
    • concern that a UK 80 per cent system would be inequitable,
    • being referred to as ‘job keeper allowance’.
    • likely to target full time employees over six month period.
    • will need to be legislated
  • Eviction moratorium details expected over the next few days (though states already started to take steps – TAS, NSW given powers to amend / suspend clauses in the RTA etc ) and clearly linked to the other initiatives including the deferral of loan repayments. Messaging suggests that limited to financial stress
  • Treasurer Frydenberg last night changed FIRB rules to now scrutinise all foreign investment ‘regardless of value or nature of foreign investor’.
  • Banks to announce today loan repayments for almost all Australian businesses will be deferred
    • Businesses with loans up to $10m will be able to defer their loan repayments for six months, above that level case-by-case
    • Speculation Government will lift the SME 50 per cent loan guarantee to include big business (Australian)
  • Senator Andrew Bragg has criticised industry super for being too reliant on illiquid assets
  • Expenditure Review Committee meeting today, will discuss Stimulus Mark III