Australia could be heading for its highest unemployment rate in 26 years due to the coronavirus pandemic, according to the latest Treasury modelling.
The unemployment rate is expected to jump to 10 per cent but the government said its $130 billion JobKeeper scheme kept more than six million Australians - or half of the Australian workforce - connected to their employers. Without the subsidy, the government said the unemployment rate could have been as high as 15 per cent.
Meanwhile, the National Cabinet - formed to coordinate the response to COVID-19 - could remain after the crisis is dealt with, in place of the current Council of Australian Governments body, which many said was largely ineffective. Western Australian Premier Mark McGowan has spearheaded the effort, asking state and territory leaders whether they'd like the cabinet to remain.
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.
Australia records 6,325 virus cases with 61 fatalities | Sky News AustraliaAustralia has recorded 6,325 confirmed cases of COVID-19 with two more deaths overnight, taking the national death toll to 61. \n\nA drop in the number of new cases has led authorities to believe social distancing measures have had an impact with only 22 new infections recorded on Sunday, although there are concerns the number of tests being conducted has decreased due to the holiday weekend. \n\nChief Medical Officer Brendan Murphy urged Australians not to be complacent and it was still too early to consider easing any restrictions. \n\nMore than 1.8 million cases of the virus have been recorded globally with more than 113,000 deaths. \n\nImage: Getty
Read more »
Wall Street's future remains uncertain despite late week rally | Sky News AustraliaA stabilising oil market and news the Federal Reserve will pump trillions into the economy helped Wall Street rebound this week, according to Centennial Asset Management's Matthew Kidman.\n\nAmerica's financial markets closed up on Thursday, with the Dow Jones Industrial Average gaining 285 points or 1.2%.\n\nMeanwhile, the S&P 500 rose 1.5% and the Nasdaq was up by 0.8%.\n\nThat rally coincided with the Federal Reserve's announcement it will provide up to $3.6 trillion (AUD) in loans to help struggling households and businesses cope with the COVID-19 pandemic and Russia and Saudi Arabia agreed not to pump extra oil into the already saturated market.\n\nDespite the rally, Mr Kidman said it's not clear if Australia and America are in a 'bear market.'\n\n'Everything is so compressed and everything is moving so quickly,' he said.\n\n'It all depends we are locked downed for, how quickly we can come out.'\n\nThe virus has taken a backseat for the moment and it's all about how we come out of this.'\n\nHe said it is likely investors will know the full economic ramifications of the virus within five to six weeks, giving them the the clarity they need to make decisions about their future.\n\n\n\n\n\n\n
Read more »
Time to 'bunker down' so Australia isn't 'saddled with debt' | Sky News AustraliaDeputy Prime Minister Michael McCormack says now is the time to “bunker down” amid calls for an expansion of the wage scheme to include big business. \n\nAs it stands, businesses with a turnover of $1 billion or more must estimate a 50 per cent reduction in turnover due to COVID-19 to qualify for the JobKeeper scheme. \n\nSpeaking with Sky News, Mr McCormack conceded the capacity for expansion was there, but he was concerned about “saddling” the nation with unsustainable debt levels. \n\n“We don’t want to saddle ourselves with debt … we have already put in place measures that are going to cost this country a lot for many, many years, but we don’t want to saddle ourselves with debt that we just can’t maintain,” he said. \n\n“We will continue to roll out measures, we have the capacity to do just that (expand JobKeeper) but we also need to bunker down now. “\n\nLast week Treasurer Josh Frydenberg ruled out an increase to the Goods and Services Tax to pay back the some $320 billion in measures. \n\nWhen asked, Mr McCormack was coy on the possibility of GST reform. \n\n“I think the expenditure review committee and the states will have a large say on that,” he said. \n
Read more »
Border Force commissioner calls for 'hard border' at Australia's ports | Sky News AustraliaThe Border Force commissioner is calling for a 'hard border' at Australian ports to prevent further outbreaks of the coronavirus following the Ruby Princess cruise ship fiasco that saw virus-infected passengers released into the community.\n\nMichael Outram said the fiasco highlighted the need for a central point of responsibility to command and navigate decision-making and resources.\n\nAt least 16 passengers from the Ruby Princess have died after contracting the virus on board.\n\nA criminal investigation is ongoing.\n\nImage: News Corp Australia\n\n
Read more »
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
Read more »
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
Read more »