COVID-19 Update: 6th April 2020
Australian Bankers Association says banks will offer advances and loans to business to cover wages to bridge gap until JobKeeper comes in.
Parliament meets on Wednesday:
Media speculation that Govt looking to expand JobKeeper to more casuals, but Attorney General Porter pushed back on this today.
The Treasurer last night allowed charities to access JobKeeper with a 15 per cent decline in turnover Covid-19-related.
Parliament to authorise at least one Committee to scrutinise Covid-19 health and economic responses. Could be either a Senate select committee (usually chaired by non-government Senator), or a Joint Committee agreed by both Houses of Parliament (with a Chair from government Party), or both.
Super fund issues:
360,000 super fund members have registered with ATO to withdraw money (Australian)
Chairman of House Economics Committee, Tim Wilson, has written to industry super funds reading possible liquidity issues and unlisted asset valuations.
Communications Minister Paul Fletcher has written to state governments to exempt telcos, postal services and media organisations from restrictions on movement (The Age)
Australian Institute of Company Directors has written to the Treasurer asking for an emergency amendment to the Corporations Act to give safe harbour against legal action based on earnings guidance and forward looking statements (AFR)
Financial Review’s economists’ survey March quarter median forecasts:
3.9% contraction in calendar 2020, rebound in 2021 of 3.2%
unemployment up to 8.5% by June, fall back slightly to 8% by December
84% are worried about impact on economy
worried about catching virus (67%), govt debt (38%), losing your job (36%), super balance drop (35%)
high support for JobKeeper scheme (86%)
surge in support for Prime Minister (up 20 pts); slight lift to Coalition (up 2)
Department of Defence has banned personnel from using Zoom re security concerns (Australian)
NSW to create a new Department, Resilience NSW, devoted to disaster preparedness and recovery
Increasing discussion about Covid-19 survivors being given ‘immunity passports’ to work in certain roles.