Australia's first recession in almost 30 years is set to be confirmed on Wednesday, as workers have pandemic-sparked wage subsidies locked in until March.
Australian workers officially have wage subsidies locked in until next year as the nation's first recession in almost 30 years is set to be confirmed.
The data will confirm a technical recession, after a 0.3 per cent decline in gross domestic product in the March quarter.Treasurer Josh Frydenberg will unveil the figures on Wednesday, after earlier arguing the numbers wouldn't be as bad as other countries.Mr Frydenberg is keenly awaiting Victoria's roadmap out of its lockdown, due for release on Sunday, so he knows the economic plan.
People who worked less than 20 hours a week before the crisis struck will be paid $750 a fortnight from the end of September, while all others will receive $1200.Debate around border closures continues, with Prime Minister Scott Morrison and state leaders to discuss the definition of a"hotspot" at a national cabinet meeting on Friday.Mr Frydenberg says border arrangements need to be more flexible.
Deputy Chief Medical Officer Michael Kidd says there's hope on the horizon but Australia can't afford to be complacent.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Toughest time in banking for 30 years: Macquarie bossMacquarie Group executive Greg Ward says front-line bank staff face the toughest period in decades, as they prepare to deal with struggling customers who cannot resume their mortgage repayments after an emergency pause | clancyyeates
Read more »
An economy like 2016 as sales and wages collapseThe Australian economy could shrink to where it was when Malcolm Turnbull narrowly won the 2016 election, with new figures revealing sales across almost every industry have collapsed, dragging down incomes | swrighteconomy
Read more »
China launches second trade probe into Australian wine importsChina's Commerce Ministry confirms another investigation into Australian wine, announcing a one year anti-subsidy probe that will apply to wine in containers 2 litres or less.
Read more »
Treasurer lashes Victorian government for 'biggest public policy failure in living memory'Treasurer Josh Frydenberg says businesses and Victorians under Stage 4 restrictions are being 'kept in the dark'.
Read more »
'We don't respond to coercion': Frydenberg rejects Facebook news boycott threatTreasurer Josh Frydenberg and Communications Minister Paul Fletcher have said the government will not bow down to threats from the tech giants.
Read more »
Treasurer to announce Australia in first recession in three decades | Sky News AustraliaThe Treasurer is today expected to announce Australia has entered its first recession in almost three decades with an expected six per cent contraction in Gross Domestic Product during his national accounts address.\n\nJosh Frydenberg said the coronavirus pandemic swung 'a wrecking ball' through the economy but said Australia was doing better comparatively than other nations.\n\n'The impact... on GDP in the June quarter across the world has been staggering,' Mr Frydenberg said.\n\n'In the United Kingdom, it has been around 20 per cent. In France, it has been around 14 per cent.\n\n'The expectation is the fall here will not be as large as we've seen in other countries around the world indicating the remarkable resilience of the Australian economy.'\n\nThe contraction represented the worst economic downturn since records began in the 1950s - dwarfing a two per cent quarterly drop in 1974.\n\nThe Reserve Bank of Australia unsurprisingly announced yesterday it would again keep the cash rate on hold at the record low 0.25 per cent but Governor Philip Lowe confirmed another cut was unlikely for the 'forseeable future'.\n\nMeanwhile, the parliament has greenlighted the government's plan to cut Jobseeker and Jobkeeper payments beyond September when a two-tiered, revised system comes into effect through to March 2021.\n\nThe Treasurer argued it was time to begin winding back the government's high level of fiscal support, but said no Australian would be 'left in the lurch'.\n\nImage: News Corp Australia
Read more »