Nearly nine per cent of superannuation savings were shredded in March as the coronavirus wreaked havoc on the share market.
Research from SuperRatings also found the average median growth fund fell 10 per cent in the first quarter.
SuperRatings warned people against accessing their super funds during the crisis, claiming withdrawing money could potentially lock in further financial losses Image: Getty
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Australia to experience 'its worst recession in history' | Sky News AustraliaSky News host Peta Credlin says Australia may experience “it’s worst recession in history” due to the coronavirus pandemic. \n\nThe Prime Minister Scott Morrison has announced any relaxation of social distancing measures will likely be many weeks away despite reports indicating a reduction in new coronavirus cases. \n\nHowever, these positive reports regarding virus control have coincided with a Treasury release forecasting unemployment to rise to 10 per cent.\n\nMs Credlin said while a 10 percent unemployment rate is “terrible” news, it is far better than predictions released prior to the JobKeeper program. \n\n'There’s been an inordinate amount of money spent to get us to the position of 10 percent unemployment,' she told Sky News host Peter Gleeson. \n\n“Labor left $96 billion dollars of debt which took John Howard 10 years to pay off” and the current government has outlaid 300 billion in a couple of weeks. \n\nThe economic consequences are “going to be much deeper than people understand and much darker because our economy is so different,' she said. \n\n“We are not a manufacturing nation anymore and we don’t have cheap energy”. \n\n\nImage: Associated Press
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Australia needs to ‘rethink importing workers’ to do unpopular jobs | Sky News AustraliaSky News host Peta Credlin says on the back of the coronavirus crisis Australia must have real economic growth “not treasury’s somewhat fake growth, pump primed by increasing immigration”.\n\nAustralia has had an unprecedented 29-year period of economic growth, but “when you look at it, in GDP per capita terms” Australia has experienced “three recessions for individuals”.\n\nMs Credlin said following the health and economic crises, it is clear Australia needs to be “a more self-reliant country in the future,” which does not only mean increasing Australian manufacturing.\n\n“It should also lead to a rethink, about importing people to do the jobs that Australians think, are beneath them”.\n\nReal economic growth is not “just importing more people, which to my mind is just a lazy route to growth” which Department of Treasury bureaucrats use “to bamboozle compliant politicians”.\n\n“What I regard as real economic growth, is when we grow more food, when we make more that the world wants to buy, when we invent new products, devise new services, value-add, and come up with better processes”.\n\nImage: News Corp Australia
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Qantas, Virgin Australia to finalise funding package with govt | Sky News AustraliaQantas and Virgin Australia are close to signing off on a multi-million dollar funding package with the government to help the airlines maintain operations and keep flight fairs affordable.\n\nThe funding comes on top of a $1 billion package the government has already committed to, to keep the aviation industry afloat during the coronavirus crisis.
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Virgin Australia facing collapse over $5 billion debt | Sky News AustraliaVirgin Australia is threatening to enter voluntary administration in order to save itself from total collapse as it struggles with a $5 billion debt. \n\nThe airline entered a trading halt on Tuesday for the second time this month. \n\nImage: Getty
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Geographic isolation could see Australia beam its sport 'all around the world' | Sky News AustraliaAustralian football codes could be 'beamed out to the rest of the world' if sporting authorities found ways to safely restart their season, according to former Liberal MP Fiona Scott.\n\nThe NRL has announced it is planning to resume its season on May 28, but federal Sports minister Richard Colbeck said that plan was 'optimistic.'\n\nAnnastacia Palaszczuk said the three Queensland teams will not be exempt from quarantine measures, meaning they would need to be interstate-based for them to complete the season.\n\nThe AFL has no return date while the rugby union team, the NSW Waratahs, are on the verge of standing down their players without play as the code grapples with the coronavirus restrictions.\n\nMs Scott told Sky News Australia 'advantageous geography' means our sporting codes could return to the field sooner than their international counterparts.\n\n'We have so many isolated communities that we could house rugby league teams or rugby union teams or soccer or AFL,' she said.\n\n'For instance, throw a team out on Hamilton Island, put one on Rottnest Island, there's a whole range of things we could do there to facilitate our sport re-opening.\n\n'Having our sport opening through some of these things and the media platforms we have, we could beam our codes to the world, that would be phenomenal.'\n\nImage: Getty
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Australia to adopt coronavirus-tracking app | Sky News AustraliaA new tracking app backed by the Prime Minister and auditor-general could be used to trace known COVID-19 contacts faster and could be available to Australians within the next few weeks. \n\nBluetooth will be used to track digital handshakes between individual mobile phones which would allow health authorities to contact individuals and alert them that they have come into close contact with a known case.\n\nThe nation’s top Telcos including Telstra, Optus and Vodaphone have contacted the government and offered to bolster tracing capabilities by offering meta-data that has been obtained under national security legislation. \n\nThe app will be used in conjunction with existing contact tracing measures and increased testing. \n\nImage: Getty
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