Coronavirus Australia live news: AstraZeneca effective against UK variant; WA reveals vaccine rollout plan to begin from February 22
An Oxford study finds the Covid-19 vaccine to be 75% effective against the UK variant.
- No jab, no job, Queensland Premier warns
- Victoria records no new cases
- Covid pain ‘still to come’ for economy: APRA
- WA emerges from lockdown, confirms vaccination dates
- Beijing spreading ‘disinformation’: Tudge
- AstraZeneca effective against UK variant
That concludes today’s live coverage of the coronavirus crisis. Here’s how the day unfolded:
A Covid-19 vaccine developed by the University of Oxford and AstraZeneca PLC has been found to be effective against a variant of coronavirus that is spreading rapidly around the world. Prime Minister Scott Morrison revealed his bid to guide Australians through the next phase of the pandemic, the Reserve Bank’s governor warned workers are unlikely to get a significant lift in pay for years to come. It came as the Queensland Premier flagged a ‘no-jab-no-job’ policy for certain workers amid a vaccine rollout for 4 million Australians by mid-April.
WSJ 9.20pm: AstraZeneca vaccine effective against UK strain
A Covid-19 vaccine developed by the University of Oxford and AstraZeneca PLC is effective against a variant of coronavirus that is spreading rapidly in the US and around the world, according to a new study, a reassuring sign for governments banking on mass vaccination to bring the pandemic to an end.
The preliminary findings, published in a study online Friday that hasn’t yet been formally reviewed by other scientists, follow similarly positive results from other manufacturers.
Preliminary studies from Pfizer Inc. and Moderna Inc. found their Covid-19 shots continued to offer protection against new virus variants that have contributed to a fresh surge in cases in the U.K., Europe, South Africa and elsewhere.
Vaccine makers are nevertheless readying new shots that zero in on the new variants more precisely, underlining how mutations in the virus risk morphing the year-old pandemic into a long-running cat-and-mouse game between scientists and a shifting enemy. The virus behind Covid-19 has so far been linked to almost 2.3 million deaths worldwide and more than 100 million cases.
The study published Friday looked at the AstraZeneca vaccine’s effectiveness against a new variant of coronavirus first identified in the U.K. last year.
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WSJ 8.30pm: Covid-19 cases increase in the US
Covid-19 cases in the US rose from a day earlier but deaths fell after spiking on Thursday, when a backlog from Indiana was added to the nation’s total.
There were more than 128,000 cases reported for Friday compared to the 123,118 on Thursday, but down from 142,091 a week earlier.
Deaths fell to 3,523, Johns Hopkins data showed, a day after surging to 5,085.
Hospitalizations in the US remained below 90,000 for a second straight day, with 86,373 as of Friday, according to the Covid Tracking Project.
More than 26.8 million Covid-19 cases have been reported in the US, where the coronavirus has killed more than 459,000 people, according to Johns Hopkins data.
Globally, total infections rose to more than 105 million and deaths neared 2.3 million.
READ MORE: Biden reclaims place on world stage
Courtney Walsh 8.10pm: Intrigue surrounds Nadal’s fitness
Intrigue surrounds the fitness of Spanish superstar Rafael Nadal after he failed to play in the ATP Cup.
The 20-time major winner sat court side cheering on his Spanish teammates in a semi-finals of the team event.
The 2009 Australian Open champion missed all three singles rubbers throughout the event and had not played since an exhibition win over Dominic Thiem in Adelaide eight days ago.
Nadal cited a stiff lower back as the reason for missing the initial match in the event against Australian Alex de Minaur on Tuesday.
Tennis Australia chief executive Craig Tiley said the left-hander has been training but opted to skip the singles through caution as he eyes a record-breaking 21st major title in Melbourne over the next fortnight.
Nadal, who will play Serbian Laslo Djere in the opening round, is the $6.50 third favourite behind Novak Djokovic.
With Nadal absent, Spain was beaten in the semifinals by Italy, which will face Russia in the final on Sunday.
READ MORE: Man of steel smelted after being struck by Covid: ‘It was horrible’
AFP 7.30pm: Yankees stadium becomes vaccination site for poor
Defying the cold and rain, hundreds of people bundled up in thick coats came to get vaccinated on Friday in the famous Yankees baseball stadium in the Bronx, a New York borough that has been particularly badly hit by the coronavirus pandemic.
“It’s like a choice between life and death,” said Ines Figueroa, 64, a Puerto Rican resident of the Bronx, after receiving the shot. Her husband died in January of complications linked to the virus which she too contracted, although without developing any symptoms.
The positivity rate in the Bronx is the highest in all of New York’s five boroughs: it was at 6.67 percent Friday, double the rate in the wealthier area of Manhattan, New York governor Andrew Cuomo said.
That is why the authorities in this traditionally Democratic bastion of the city decided to reserve the vaccinations on offer at the stadium exclusively for residents of the Bronx.
Since the start of the pandemic last March, the death rate in New York’s Black and Latino communities has been double that of their white counterparts.
That same racial disparity has played out across the United States, where more than 453,000 people have died of the disease.
Yet these same minorities have until now received fewer vaccinations than other communities.
In New York, figures released on Sunday show that among the 500,000 doses of vaccine already administered, only 15 percent went to Hispanic people, even though they represent 30 percent of the population of eight million. And 11 percent went to African Americans, who make up 25 percent of the population.
READ MORE: Politicians a plague on Covid rules and common sense
Joe Kelly 6.35pm: PM appoints Gaetjens to help return life to normal
Scott Morrison is preparing the nation for a new phase of the pandemic and has tasked top public servant Philip Gaetjens with devising new strategies to return life to normal as the COVID-19 vaccine is rolled out and emergency support is withdrawn.
The Prime Minister announced the policy taskforce led by Mr Gaetjens after a national cabinet meeting in which deep rifts emerged between the Labor states and the federal government over hotel quarantine and requests made for more information on international arrivals.
After the virtual meeting with state and territory leaders, Mr Morrison declared that Australia’s “risk environment” had shifted and there was hope that COVID-19 could be treated “in a very similar way to other viruses in the community” — although that remained “some way off’’.
It was agreed that Mr Gaetjens, the secretary of the Department of Prime Minister and Cabinet, would work with his state and territory counterparts and report back “as soon as possible” on new COVID-19 policy options that could include different ways of responding to a “break out of a case’’.
Read the full story here.
Staff writers 5.45pm: Beijing spreading ‘disinformation’: Tudge
Federal Education Minister Alan Tudge has accused Beijing of spreading “disinformation” after it warned students against studying in Australia.
China’s Ministry of Education reportedly told students on Friday to make a “full risk assessment” about going to Australia following reports of racism, anti-Chinese attacks and concerns about the coronavirus pandemic.
But Mr Tudge hit back at the claims saying Australia was one of the safest and most welcoming destinations for international students.
“I reject China’s assertions it is unsafe to visit or study in Australia - this is disinformation,” he said.
“Australia holds itself to a far higher standard than most other nations - we don‘t tolerate racism, and we certainly don’t tolerate violence.”
It is the second time in eight months that authorities have told students to carefully consider going to Australia to study due to racism - a move that could worsen the already strained trading relationship.
Chinese state-owned media reported that a “series of vicious attacks on Chinese students” had occurred in Melbourne, Sydney and Canberra on three consecutive days in January.
The Global Times wrote that the incidents posed a “serious threat” to the personal safety of Chinese students, while the coronavirus pandemic made international travel risky.
Read the full story here.
Steve Zemek 4.50pm: Household contacts of quarantine worker negative
All 17 household and primary social contacts of an infected Victorian hotel quarantine worker have tested negative.
Victoria recorded zero new COVID-19 cases on Saturday but health authorities remain wary as they continue to test close contacts of a hotel quarantine worker who is infected with the UK mutant strain of the virus.
Health Minister Martin Foley said that the zero cases had come from 23,277 tests, however it has come with a warning that the state has not escaped another outbreak.
The 26-year-old hotel worker tested positive to the highly infectious UK strain, sparking fears of a cluster could form.
But it has been confirmed that all 17 of the man’s household and primary social contacts had tested negative.
Contact tracing is underway for 1129 primary contracts who have been identified, including 362 close contacts from primary exposure sites, which includes his 17 household and primary social contacts.
Read the full story here.
Staff writer s 4.10pm: Experts hauled into vaccine education sessions
Almost 150 experts have been hauled into coronavirus vaccine education sessions following fears their public commentary could undermine Australian’s confidence to get the jab.
Two government-run webinars have been held in the past month for epidemiologists and infectious diseases experts.
The first was prompted by joint concerns about the efficacy of the AstraZeneca vaccine and calls to stop it from being used in Australia’s immunisation strategy.
The AstraZeneca jab has an efficacy rate of between 62-90 per cent depending on the doses.
Opinions about the coronavirus vaccines and the government’s plan from at least 140 experts that have attended the sessions – the latest which was held on Thursday – are understood to have been diverse.
Read the full story here.
Courtney Walsh 3.45pm: Barty to face Muguruza in Aus Open lead-in final
A major champion in dominant form is the obstacle standing between Ash Barty and her ability to secure a WTA title on her return to the tour after almost a year on the sidelines.
The Australian was training on an outdoor court at Melbourne Park on Saturday as Spanish star Garbine Muguruza continued her romp through the other half of the draw in the Yarra Valley Classic.
The former Roland Garros and Wimbledon champion was a finalist in Melbourne last year and is in particularly ominous form ahead of the Australian Open.
In her four matches to date this week, Muguruza has dropped just ten games in total, with those victories occurring against rivals of significant talent.
Read the full story here.
Damon Kitney 3.25pm: Shopping mall giant strikes back at pandemic
It’s four decades since Peter Allen took to the skies in an F-111 fighter jet during his three-year stint in the Royal Australian Air Force.
Despite the passage of time, the now 59-year-old will never forget the thrill of flying faster than the speed of sound.
“Its very quick! Extremely powerful, extremely fast, and those pilots are amazing in terms of how far ahead you have to think,’’ says the CEO of the $8.5bn Scentre Group, which owns 42 Westfield shopping centres in Australia and New Zealand.
Allen misses his flying days. He still has his pilot’s licence. But he sees parallels between his old jet missions and piloting the Scentre retail behemoth, especially through the COVID storm.
“Being in the air force, it helped me think about when you fly you understand the mission, brief it and if something goes wrong, you are prepared. You complete the mission then debrief. It is interesting in terms of our business doing a debrief. I don’t think enough businesses spend enough time debriefing, saying ‘what can we learn out of this’,” he tells The Weekend Australian.
Read the full story here.
Joseph Lam 3pm: WA emerges from lockdown, confirms vaccination dates
Western Australia has emerged from its five-day lockdown to record no new COVID-19 cases and confirming locations and a start date for its vaccination program.
Premier Mark McGowan said about 10,000 doses — or about four trays — of the Pfizer vaccine are set to arrive on February 22, with quarantine and border workers first in line for the jab.
Vaccines will be administered at six locations across the state including Perth Children’s Hospital, Albany Health Campus, Hedland Health Campus and Kalgoorlie Health Campus.
“Each person requires two doses, three weeks apart,” Health Minister Roger Cook said.
Mr McGowan said the easing of restrictions had been smooth.
“From all accounts so far, the transition overnight was relatively straightforward and shows people have been listening to instructions and follow the basic health advice,” he said.
On the rollout of vaccines, Mr Cook said frontline workers will be prioritised.
“It is anticipated that medical teams from the PCH vaccination hub will vaccinate high risk staff at quarantine hotels and international, the international airport with the first available vaccines,” he said.
“This is to tackle the greatest potential threat head-on.
“We will be protecting our front-line workers from international arrivals, who bring the disease into Western Australia. Those to be offered the state administered vaccine, pending vaccine quantities and supply to be confirmed by the Australian government, including quarantine hotel workers, including hotel staff, police, security and medical support.
“International airport workers are face-to-face contact with travellers, security and clinical staff at the international airport.
“Transport staff involved in flight crew and quarantine hotel transfers, defined staff at seaports who board and spend time on vessels and emergency and ward staff at Fiona Stanley and Royal Perth hospitals who receive and treat the bulk of the international arrivals.
Mr Cook also said disposable masks would be available in schools for children and staff to use from Monday.
The news comes as WA is battered by natural disasters, including major flood warnings and devastating bushfires that have been declared a catastophe.
READ MORE: NAB reboots regional branch closures
Joseph Lam 2.35pm: South Australia records no new cases
South Australia has recorded no new cases of COVID-19 in the past 24 hours, leaving the state total at two active cases.
South Australian COVID-19 update 6/2/21. For more information, go to https://t.co/mYnZsGpayo or contact the South Australian COVID-19 Information Line on 1800 253 787. pic.twitter.com/x21XCoDyre
— SA Health (@SAHealth) February 6, 2021
The Department of Health announced on Saturday that 6423 tests were carried out in the past 24 hours which brings testing totals to just shy of one million tests at 984,710.
The state’s two active cases are among overseas returned travellers.
READ MORE: South Australia, Victoria change border rules after COVID-19 scare
Max Maddison 2.15pm:Four million Australians to be vaccinated by mid-April
The federal government is aiming to vaccinate four million Australians by mid-April, as health authorities begin to ramp up one of the largest logistical challenges in the nation’s history.
With the Pfizer/BioNTech vaccine close to receiving regulatory approval, and vaccinations likely to begin in late-February, Health secretary Brendan Murphy told a parliamentary inquiry he expected millions of doses to be distributed within weeks.
But with concerns about supplies, the government said it had a “low tolerance” for wastage, warning any clinics found to have an “unacceptable” wastage rate could lose their position as a government-sponsored vaccination centre.
Read the full story here.
Agencies 2.05pm: Iconic stadium becomes vaccination site for city’s poor
Defying the cold and rain, hundreds of people bundled up in thick coats came to get vaccinated Friday in the famous Yankees baseball stadium in the Bronx, a New York borough that has been particularly badly hit by the coronavirus pandemic.
“It’s like a choice between life and death,” said Ines Figueroa, 64, a Puerto Rican resident of the Bronx, after receiving the shot. Her husband died in January of complications linked to the virus which she too contracted, although without developing any symptoms.
The positivity rate in the Bronx is the highest in all of New York’s five boroughs: it was at 6.67 percent on Friday, double the rate in the wealthier area of Manhattan, New York governor Andrew Cuomo said.
That is why the authorities in this traditionally Democratic bastion of the city decided to reserve the vaccinations on offer at the stadium exclusively for residents of the Bronx.
Since the start of the pandemic last March, the death rate in New York’s Black and Latino communities has been double that of their white counterparts.
That same racial disparity has played out across the United States, where more than 453,000 people have died of the disease.
Yet these same minorities have until now received fewer vaccinations than other communities.
In New York, figures released on Sunday show that among the 500,000 doses of vaccine already administered, only 15 percent went to Hispanic people, even though they represent 30 percent of the population of eight million. And 11 percent went to African Americans, who make up 25 percent of the population.
READ MORE: Peter van Onselen — Invincible Morrison shows he just can’t be bothered
Joseph Lam 1.45pm: Queensland records one new case
Queensland has recorded one new case of COVID-19 in the past 24 hours bringing the state total to five active cases.
The new case recorded was among an overseas returned traveller.
Coronavirus (#COVID19) case update 06/02
— Queensland Health (@qldhealthnews) February 6, 2021
• 1 new overseas acquired case – detected in hotel quarantine
Detailed information about COVID-19 cases in QLD can be found here: https://t.co/kapyXpSIAP pic.twitter.com/XZxnDwwfmY
A total of 7,663 tests were recorded in the past 24 hours, 3,369 of which were among people.
READ MORE: ‘Multiple flaws’ amid Brisbane hotel quarantine coronavirus outbreak
Joseph Lam 1.15pm: Australia in the climate ‘naughty corner’: Albo
Anthony Albanese has slammed the Morisson government over its refusal to commit to net zero emissions by 2050 calling Australians the “pariahs” on climate change.
It comes as The Weekend Australian today revealed senior Nationals party figures have warned Scott Morrison they want agriculture, mining and manufacturing protected in any Australian policy transition to net zero carbon emissions by 2050 and they will cross the floor to protect regional Australia and their party’s identity.
The Labor leader on Saturday said Labor is determined to hold the government to account over its stance on climate, with a particular focus in the lead up to the election.
“We’re in the naughty corner by ourselves when it comes to action on climate change,” he said. “It’s embarassing.”
“Australia at the moment are pariahs when it comes to climate change.”
Mr Albanese said Australia is in a strong position to advance its climate goals but the government currently stood in the way.
“It is scandal after scandal when it comes to the Morrison government,” he said.
“We need to focus on holding the government to account and putting forward alternatives each and every day. Were in a strong position to advance.”
“When ever Scott Morrison calls the election, we’ll be ready.”
READ MORE: Anthony Albanese ‘backflip’ on Queensland mine visit
Jade Gailberger 12.45pm: Beijing launches fresh attack in trade war
Chinese students have again been warned against studying in Australia in a move that could worsen the already strained relationship with Beijing.
State-owned media has reported that China’s Ministry of Education on Friday told students to make a “full risk assessment” about studying in Australia following reports of racism and concerns about the coronavirus pandemic.
“It noted that a series of vicious attacks on Chinese students that have happened recently in multiple places in Australia have posed a serious threat to their personal safety,” the Global Times wrote.
“The raging pandemic also makes international travel risky.”
Australian universities rely heavily on the Chinese, who make up the largest cohort of international students.
Beijing first cautioned students about racist incidents against Asians and the pandemic in June last year in the midst of Australia’s plans to allow international students to return to the country.
READ MORE: Belt and Road brings China, PNG to our doorstep
Joseph Lam 12.30am: Victorian hotel quarantine rules under scrutiny
Victorian Chief Health Officer Brett Sutton says elements of the state’s hotel quarantine program including PPE, testing and ventilation will be reviewed in light of two possibly airborne transmissions of coronavirus that have emerged this week.
The Andrews government confirmed on Wednesday it was investigating after genomic testing showed a woman in hotel quarantine had caught the highly contagious UK variant of the virus from a family across the corridor, despite no known direct contact.
Hours later, Premier Daniel Andrews called a late-night press conference to announce that a worker at the Australian Open tennis quarantine hotel the Grand Hyatt had tested positive for the virus, five days after testing negative on the day of his last shift, and 11 days after the last known coronavirus cases had left the hotel having had no known contact with the worker.
Read the full story here.
Courtney Walsh 12pm: AusOpen chaos sees champions withdraw
The chaos of the past week in Melbourne has led to several champions withdrawing from the latter stages of several Australian Open lead-in tournaments.
Serena Williams, who withdrew from a semi-final against Ash Barty scheduled for today, was joined on the sidelines by fellow Australian Open winners Naomi Osaka and Victoria Azarenka on Saturday.
Former men’s champion Stan Wawrinka also withdrew from an event on Friday night when deciding it was not worth the risk of playing two matches in a day.
Former men’s champion Stan Wawrinka also withdrew from an event on Friday night when deciding it was not worth the risk of playing two matches in a day.
Read the full story here.
Joseph Lam 11.20am: NSW records two new cases
NSW has recorded two news cases of COVID-19, both among overseas returned travellers.
Among the 12,521 tests had, there were locally-acquired cases of COVID-19 for the 20th day in a row.
In the state there are 49 people being treated with the virus, none of whom are in hotel quarantine.
NSW continues to screen Victorian residents upon arrival in the state.
READ MORE: Chris Kenny — Nation infected by scourge of overreach
Joseph Lam 10.50am: Ventilation review underway in Victoria
Aerosol is being investigated in relation to the spread of a COVID-19 variant in Victoria as health authorities begin a review of ventilation systems.
Victorian Health Minister Lisa Neville said new challenges posed by “mutant” variants of the virus are changing Victoria’s COVID-19 response and actions plans.
“We have employed an occupational physician, a specialist in this area...and they will work with the engineers on looking at each of the hotel ventilation systems,” she said.
“We’ll continue to work with our infection prevention control experts, look at the ventilation, do whatever changes we need to make to ensure we have the safest program we can.”
Chief Health Officer Brett Sutton said while ventilation as a source of spread was not yet confirmed, authorities were leaving no “stone unturned”.
“There is still no international evidence at this stage to suggest ventilation is a spread, and we’re not even sure in these cases,” he said.
“For the Park Royal (case) there was an entire family who were infected. They were in their room, all shedding virus, which would have contributed to a very high kind of viral fog, if you like, that would have been a particular risk. Obviously when you’re outdoors, the risk is much less.”
Ms Neville added a change in personal protective equipment among health staff also came into effect.
“As of Thursday evening, we have now, all our staff are in face shields and the surgical masks,” she said.
READ MORE: Australia’s ventilator stockpile up by 3000
Joseph Lam 10.30am: Victorian ‘buffer’ system takes 140 rooms out of quarantine
Victoria’s new hotel quarantine “buffer” system has seen at least 140 rooms taken out of the state hotel quarantine system.
The new program, launched on Wednesday, will further isolate returned travellers in family groups in a bid reduce the spread of a more virulent strain of COVID-19 in hotel quarantine.
Staggering meal delivery and a review of hotel ventilation systems is also under way amid fears infection may be spreading from opening doors on hotel quarantine floors.
“The Park Royal (positive) case, we believe, is because of viral load from a large family — five people that were infectious,” Health Minister Lisa Neville told a press conference on Saturday.
“We’re also now ensuring that any deliveries or meals are staggered so that you minimise any risk of a door opening at the same time.”
“All of these changes are about acknowledging that this is a changing virus. It is mutating. It’s changing, it’s showing us new things.”
The Andrews government confirmed on Wednesday it was investigating after genomic testing showed a woman in hotel quarantine had caught the highly contagious UK variant of the virus from a family across the corridor, despite no known direct contact.
READ MORE: Hotel quarantine rules under scrutiny
Patrick Commins 10am: Workers won’t see pay rise for years: RBA
Reserve Bank governor Philip Lowe has signalled workers are unlikely to get a meaningful lift in pay until the middle of the decade and warned that businesses and government would need to take the lead in driving prosperity.
Appearing before a parliamentary committee in Canberra, Dr Lowe said the task of pushing wages growth substantially above its current historically low level would require an even tighter labour market than existed before the COVID recession.
“Drawing on the experience before the pandemic, I think we need a low unemployment rate — lower than we got to before the pandemic — to be sustained for a number of years,” he said.
The comments came as the RBA released its latest set of economic forecasts, which outlined a markedly more optimistic outlook than in November.
It now expects the jobless rate to fall from 6.6 per cent to 6 per cent by the end of the year, despite some jobs being lost in the immediate aftermath of the JobKeeper expiry on March 28.
In this “central scenario”, the key jobless measure will return to around pre-pandemic levels of 5.25 per cent by the end of 2023. “Even by mid-2023, the unemployment rate is still likely to be higher than is consistent with a tight labour market and a strong pick-up in wages growth,” the RBA said.
Read the full story here.
Sarah Elks, Robyn Ironside, Michael McKenna 9.30am: No jab, no job, Queensland Premier warns
Queensland Premier Annastacia Palaszczuk says the COVID-19 vaccine may have to be mandatory in high-risk industries that cater to vulnerable Australians, such as aged care.
As the nation prepares for the rollout of the vaccine this month, employers, unions, and governments are closely monitoring a landmark Fair Work Commission unfair dismissal case, sparked by an aged care assistant allegedly sacked after refusing the flu jab for medical reasons.
Ms Palaszczuk said some industries might require mandatory vaccinations, depending on health advice.
“For some industries, it may have to be (mandatory),” she said. “I think the federal government will address …. that because they are the most vulnerable.
“If someone had it, and went into an aged care facility, if they had the UK strain, it would go right through.”
Attorney-General Christian Porter has told unions and employer groups the federal government will not mandate immunisation in the workplace, leaving the decision to states and territories.
Victorian Health Minister Martin Foley said the Andrews government had no plans to make coronavirus vaccination compulsory or a condition of employment in vulnerable settings such as aged care or hotel quarantine.
“This vaccination program stops the disease. It stops people dying. I think that’s a pretty good motivation for people to want to get vaccinated,” Mr Foley said earlier this week.
In the Fair Work case, commissioner Jennifer Hunt said the employee’s role and industry would be important in determining whether an employer’s decision to make the vaccine an “inherent requirement” was lawful.
Read the full story here.
Joseph Lam 9.15am: Victoria records no new cases
Victoria has recorded zero new cases of COVID-19 in the past 24 hours to midnight among the 23,227 tests had.
Yesterday there were 0 new cases reported. 23,227 test results were received - thank you for getting tested. #EveryTestHelps us #StaySafeStayOpen.
— VicGovDH (@VicGovDH) February 5, 2021
More later: https://t.co/lIUrl0ZEco#COVID19Vic #COVID19VicData pic.twitter.com/QxCasDBxCE
The Victorian Department of Health is continuing to remind residents that face masks are mandatory indoors at workplaces as well as on public transport, in ride-share and taxi services, on domestic flights, at airports and when visiting hospital and care facilities.
READ MORE: Victorian hotel rules under scrutiny
David Rogers, Lachlan Moffet Gray 9am: Covid pain ‘still to come’ for economy: APRA
Financial regulators remain on full alert heading into 2021, despite a faster-than-expected rebound in the economy with a rapidly rising housing market and tapering JobKeeper support set to provide risks.
Bank regulator the Australian Prudential Regulation Authority cautioned that the full financial impact of the Covid shock to the economy last year is “still to be felt”.
“And in some ways, 2021 could be just as difficult as 2020,” APRA chair Wayne Byres cautioned on Friday.
His comments come as the banking system is still sitting on more than $52bn of deferred loans – mostly tied up in housing loans – with a little over seven weeks until the end of the JobKeeper scheme.
Meanwhile the Reserve Bank separately on Friday said tapering fiscal policy support from the federal government might complicate the Reserve Bank’s task as it plans to sustain a high degree of monetary policy stimulus to get the economy above its pre-pandemic level to boost wages growth and lower unemployment.
Read the full story here.
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