JobKeeper detail that allows early cut-offs
Finance Minister Mathias Cormann has refused to guarantee more workers won’t be kicked off JobKeeper as a Senate hearing turned fiery.
Economy
Boss takes blame for JobKeeper stuff-up
Australia’s Treasury Secretary has accepted responsibility for the JobKeeper bungle that saw the government over-estimate its cost by billions.
House price plunge ‘will hurt poor Aussies’
If property prices collapse as a result of the coronavirus-induced economic crisis, vulnerable Aussies will suffer – not wealthy landlords.
World on brink of ‘enormous shock’
Markets are surging to record highs, but experts have warned it is premature, with the world on the brink of its worst economic drop in decades.
Bank boss calls to extend $1500 payments
Australia’s Reserve Bank Governor has warned that ending the $1500 JobKeeper package too early would be a “mistake” for the economy.
Thousands rush for HomeBuilder grant
As criticism mounts over the rules for the new home cash splash, a huge number of Aussies have registered interest to receive the handout.
Grim sign in Australian shopping centres
Shops closed amid the pandemic but some may never reopen leading to fears the “dead mall” phenomenon seen in the US could be in store for Australia.
Big change to make Ikea cheaper
Many retailers won’t survive the economic shock from coronavirus but the furniture giant has cherished the time to expand a key division.
How to double $25k HomeBuilder handout
The government is handing out $25k to eligible homeowners – but you could more than double this depending on where you live.
All the restrictions that lift today
Restrictions will ease across the nation today but some things remain the same and could land you a fine. Here’s what you need to know.
New homebuyer grants available to all
The government will unveil grants for new homebuyers, which will reportedly be on offer for everybody – not just first-timers.
Another big retailer shuts up shop
The UK parent company of this clothing retailer has announced the closure of all its Australian stores due to the coronavirus downturn.
Aussie house prices on a cliff edge
Aussies have deferred billions in loans since the COVID-19 crisis began, now a deadline could lead to a “cliff edge” for the property market.
Reason Kmart stores still half empty
Supermarket shelves are full but it couldn’t be more different at discount department stores which are facing challenges to return to normal.
China prepares army for war
China has told its military to step up its preparedness for armed combat. It comes as relations with Australia and the US deteriorate.
PM’s new JobMaker plan to save economy
Australia has JobKeeper and JobSeeker to help workers through the coronavirus crisis, and now the PM is about to unveil his next plan – JobMaker.
Air NZ to reveal massive airline changes
As the global aviation industry continues to battle against the tourist fallout from COVID-19, one airline is set to make a significant change today.
PM’s grim warning: ‘Years of pain’
Aussies should brace for up to five years of pain as the economy gets “off the medication” of handouts, the PM will warn in a key speech.
How under-30s have screwed themselves
It was supposed to help struggling Australians get through the COVID-19 crisis – but this controversial policy could harm one particular group.
‘Ridiculous’: Qld cut out of travel bubble
In a radical plan to boost our tourism, Aussies living in NSW and Victoria could be allowed to ski in New Zealand before having a surf in Queensland.
Reason behind $60 billion stuff up
It was meant to be the program that helped Australia through the pandemic, but has led to a $60 billion stuff up. Here’s what doesn’t add up.
Tax letter you won’t get this year
It’s been a tax time staple we’ve all come to expect but countless Aussie workers won’t see this document ever again as it slowly dies out.
Loophole to be paid more for doing less
The government’s plan to help Australians without work in the pandemic has a big loophole that means you can get more cash for doing less.
Coronavirus infections rise sharply
The coronavirus outbreak in Brazil is accelerating, with the country now reporting the second highest number of global cases.
‘Doesn’t make sense’: PM’s plan slammed
A leaked report advises Australia to pin its hopes on one industry to drive growth after the COVID-19 outbreak but experts say “it doesn’t make sense”.
Staggering number can’t support families
The unemployment rate wasn’t as high as many feared but a new study reveals the true cost for Australian households.
Treasurer admits massive JobKeeper error
Treasurer Josh Frydenberg has admitted to a “reporting error” in the $1500 JobKeeper program, halving the number of employees covered by the payments.
China’s ‘extraordinary’ $430b stimulus
China will issue $430 billion in stimulus payments for businesses and households while also abandoning its economic growth target for the first time.
Public transport nightmare looming
New modelling shows hundreds of thousands of Australians are likely to find the imminent return to their workplaces almost impossible.
Graph shows Aussie sectors ‘bleeding out’
Everyone knew April sales would be bad – but no one was prepared for a bloodbath of this magnitude, and the havoc that will follow.
China’s fresh ‘warning’ to Australia
China has ramped up its attack on Australia, sending “another implicit warning to Australia” that could hurt a $63-billion-a-year market.
South Korea’s extreme travel ‘corridor’
As Australia and New Zealand work on creating a “travel bubble”, China and South Korea have already started their own tightly controlled “corridor”.
Virus causing ‘human development crisis’
A startling new report warns the consequences of coronavirus will be felt for years, with a measure of human wellbeing at its worst level ever.
Plan for $50k handout to homebuyers
A generous payment to spur house hunters has been proposed but experts say it may do more harm than good.
Childcare disaster Australia can’t afford
Come June 28, Australia’s “free” childcare arrangement will cease to exist. The result will be “catastrophic” for parents and providers.
Call for answers over China ‘hit list’
Australia’s Trade Minister wants answers from China over reports authorities are preparing a “hit list” of exports to punish Aussie farmers.
How holidays have to drastically change
NSW Premier Gladys Berejiklian has confirmed the state will be open for business from June 1, but taking a holiday comes with a warning.
France told to sell Mona Lisa for $83bn
One of France’s top businessmen has proposed to sell one of the most valuable paintings in the world to help save the country’s economy.
COVID trend impacting young Aussies
Australia’s coronavirus crisis has led to job losses and massive societal shifts, but it’s also sparked an unexpected trend.
Restaurants’ sneaky new charge
A customer went viral after exposing a venue’s “COVID-19 surcharge” recently – but an expert says it’s about to get much more common.
Grim forecast for economic recovery
The IMF initially expected the world’s economy would bounce back quickly next year but it now fears a deeper recession will weigh on growth.
Centres respond to free childcare snap back
As the government prepare to pull back the free childcare package, centres have pleaded with officials for a transition period.
Chinese buyers return to Aussie markets
Foreign investors are back in the property market and it could be bad news for those trying to get on the property ladder. But experts disagree about the impact.
Hidden risk in Australia’s China attack
Australia has taken a risk in its criticism of China – but there’s a hidden threat with far greater consequences than a beef or barley boycott.
China’s Aussie snub: Ignoring phone calls
China appears to be ignoring phone calls from Australia’s Trade Minister Simon Birmingham as fears of a trade war grow.
State sends everyone back to work
Western Australia is back to work tomorrow, with everyone encouraged to return to their offices. It will be a test case for the rest of Australia.
State’s bold move on reopening pubs
After being criticised for lagging behind other states’ relaxing of rules, Victoria is about to kickstart an ambitious plan to reopen pubs, cafes and restaurants.
Truth behind confusing 1 per cent detail
Australia’s “devastating” jobs figures have just been revealed – but one baffling number managed to hide the true extent of the carnage.
Anti-lockdown protesters abuse journalist
The crowd descended into chants about fake news after they spotted a journalist in their midst.
Virgin down to $100m as buyers circle
Even as bidding gets serious for Virgin Australia with backing from some famous names, the airline could exhaust its current cash reserves in just weeks.
Officeworks considers major shake-up
The office supply store chain reveals the surprising item flying off the shelves during the coronavirus pandemic.
Bezos to be world’s first trillionaire
The Amazon founder is cashing in during the coronavirus pandemic and is on track to record a staggering milestone.
‘Australia can’t stay closed forever’
Every day the borders stay closed hits the economy, but reopening could be costlier. NSW Tourism Minister Stuart Ayres says it’s time.
‘We’re in deep s**t’: Warning ignored
A whistleblower doctor has claimed lives were lost in the United States due to a three-month delay in action against coronavirus.
Myer set to reopen just 15 stores
Retail giant Myer is set to reopen just 15 of its stores in a national trial as coronavirus restrictions are wound back.
RBA’s bleak prediction for Aussie jobs
The Reserve Bank has released its three options for Australian unemployment – and even the best case scenario leaves a million out of work.
‘White-anting’: PM in JobKeeper stoush
Scott Morrison clashed with Anthony Albanese in parliament today, accusing the Labor leader of “white-anting” his JobKeeper program.
Postcodes where Aussies are still spending
Residents in one area are cutting back less than other Australians, with almost half not changing their spending at all during the pandemic.
Suburbs most at risk of job losses
Researchers have mapped the Aussie suburbs most at risk of COVID-19 job losses, with more than 12 per cent on “red alert” across the country.
‘Mass exodus’: Graph reveals rent shock
Australians should be negotiating cheaper rent as vacancy rates surge to record levels since the coronavirus. But some say it’s not that simple.
Litres of free beer headed to pubs
Outback pubs and clubs are set to open their doors for the first time and the beer tab will be picked up by one of Queensland’s best breweries.
Surprise prediction for property prices
An expert known for calling real estate booms has tipped what’s going to happen to property markets amid the coronavirus crisis.
Growing fears of China milk ban
There are growing fears of a trade war with China, as Beijing once again lashes out at Australia for pursuing a COVID-19 probe.
‘Trade war’: China bans Australian meat
China’s suspension of meat imports from Australian abattoirs amid rising tensions with Beijing signals the start of a “trade war”, one expert says.
Treasurer’s second coughing fit in a week
Josh Frydenberg gave a key speech on the economic impact of the COVID-19 crisis – but all anyone noticed was his “worrying” cough.
‘It should go’: Calls to end JobKeeper
Liberal MPs are urging Prime Minister Scott Morrison to “turn off” the JobKeeper $1500 payment when children return to school.
Beautician’s X-rated career change
A Queensland beautician saw her income disappear overnight when virus restrictions came in. Now she’s making almost $1000 a week.
Massive Budget deficits forecast
Deloitte is forecasting massive budget deficits over the next few years and a slump in economic growth as a result of the coronavirus pandemic.
Aussies are saving up to $12m a day
It’s an unexpected silver lining of the COVID-19 pandemic — Aussies are saving roughly $12 million a day by avoiding public transport costs.
‘Hard to do sex work from 1.5m away’
Sex workers are concerned the Government has no plans to let them get back to one-on-one work as lockdown restrictions ease. Warning: GRAPHIC.
Nation’s ‘arrogant’ virus response
Sweden’s response to the coronavirus pandemic has caused much controversy with pubs and restaurants still open. This is what life is like there.
‘Not business as usual’: Shoppers warned
Social distancing became impossible to follow yesterday after shoppers packed out shopping centres to get a Mother’s Day gift.
‘Eating ramen’: US jobless rate soars
Unemployment in the US hasn’t been this bad since the Great Depression, with laid-off workers struggling to make ends meet.
Aussie city that could suffer post-COVID
All our cities are set to feel pain as tourists, students and migrant numbers drop massively. But one Australian city will suffer the worst.
Massive cost of pandemic on families
The number of loans being deferred continues to roll on with a total of more than $200 billion now pushed back.
Graph points to ‘unprecedented’ collapse
Thousands of Aussies are out of work – now new data warns things are about to get much worse. And one group will suffer more than others.
‘We’ll do it again’: Trump vows rebuild
Donald Trump says “we built the greatest economy the world has ever seen and we’ll do it again” as he pushes states to end coronavirus lockdowns.
How pubs will change when they re-open
Punters will change how they order their beer and chicken parma as part of suggested measures to get pubs and hotels open again.
Myer opens stores in two states
An easing in social distancing restrictions has allowed the department store to begin planning for post-pandemic operations.
Embattled airline announces big job losses
Virgin Atlantic and Virgin Holidays will cut thousands of jobs, raising questions about what will happen to Australian workers.
Original URL: https://www.news.com.au/world/coronavirus/economy/page/8