Morning Headlines

Welfare wage to rescue jobless

Hundreds of thousands of workers who face losing their jobs because of the coronavirus crisis will be given fast access to a new, temporary wage that will be set at a higher rate than the dole. The Fin

Big banks join business bailout

The big banks are negotiating a multi-billion-dollar business rescue package with the Morrison government that could see taxpayers underwrite loans to small and medium-sized firms facing collapse, in a bid to avoid mass job losses and a deep recession. The Aus

1-in-5 kids pulled from our schools by parents

Nervous parents are ignoring the pleas of the PM and Premier to keep sending their children to school, with up to 20 per cent of students being kept home this week. The West

Bunnings buoyed as house-bound turn to DIY

Bunnings chief executive Michael Schneider is eyeing off the hundreds of thousands of workers who have suddenly found themselves working from their living rooms and dining tables, hoping as they cast their eyes over their homes and gardens they notice DIY jobs that require a quick trip to their local Bunnings store. The Aus

Scarborough’s price check

Woodside has been urged to think creatively about its $US11 billion ($18.5b) Scarborough LNG project after oil prices plunged to a 16-year low this week. The West

Chevron lashed over supplier payment rort

US energy giant Chevron is charging its Australian suppliers to fasttrack invoice payments as small and medium-sized businesses battle an unprecedented cash-flow crunch and the economy teeters on a coronavirus-fuelled recession. The Aus

Reserve Bank’s historic QE to target credit cost blowout

The Reserve Bank of Australia will cut the cash rate to a record low of 0.25 per cent and target four-year government bonds in the country’s first major quantitative easing package worth a speculated $50 billion, all designed to contain a blowout in borrowing costs for companies and the federal government. The Fin

Afterpay hit as ASX falls below 5000

The Australian sharemarket closed below the 5000 points level for the first time since April 2016 and Afterpay shares suffered a 30 per cent wipeout, in a return of the harrowing sell-off that has dominated shares as COVID-19 tips the economy into inevitable recession. The Fin

‘Solid’ Couche-Tard ready for acquisitions

Caltex Australia’s suitor, Alimentation Couche-Tard, has emphasised how its strong financial position places it well for acquisitions while refraining from clarifying its appetite to pursue the proposed $8.8 billion takeover in the current market upheaval. The Fin

Next boost needs to be $78b: BIS Oxford

The federal government’s next fiscal stimulus needs to be 4 per cent of gross domestic product or about $78 billion, if only to avoid recession. The Fin

Aviation sector may need more, much more

Virgin Australia boss Paul Scurrah says the federal government may have to dip its hand in taxpayers’ pockets again to bail out the aviation industry, a day after it announced a $715 million support package. The Fin

The Australian Financial Review

Page 1: Hundreds of thousands of workers who face losing their jobs because of the coronavirus crisis will be given fast access to a new, temporary wage that will be set at a higher rate than the dole.

The Reserve Bank of Australia will cut the cash rate to a record low of 0.25 per cent and target four-year government bonds in the country’s first major quantitative easing package worth a speculated $50 billion, all designed to contain a blowout in borrowing costs for companies and the federal government.

The Australian sharemarket closed below the 5000 points level for the first time since April 2016 and Afterpay shares suffered a 30 per cent wipeout, in a return of the harrowing sell-off that has dominated shares as COVID-19 tips the economy into inevitable recession.

Page 3: A dramatic increase in the number of Australians being tested for COVID-19 is needed to stem the virus’ growth trajectory, with a leading public health expert warning the country is on track for thousands of deaths.

Vodafone Hutchison Australia is reporting a surge in the number of Australians rushing to activate NBN connections, in preparation for months of being forced to work from home.

Page 4: Australia has adopted strict measures minimising social contact to reduce the spread of coronavirus while avoiding some of the more draconian steps overseas that have put cities into lockdown.

Page 5: The federal government’s next fiscal stimulus needs to be 4 per cent of gross domestic product or about $78 billion, if only to avoid recession.

Federal Energy Minister Angus Taylor says energy regulators and big power companies will have to put in place contingency plans to ensure the electricity grid does not fail during the coronavirus pandemic.

Page 10: House prices could drop by up to 20 per cent in the worst-case scenario where the pandemic drags on through to September and ends up infecting 16 per cent of the global population at higher fatality rates, investment bank UBS says.

Page 12: Hungry Jack’s first national workplace agreement is facing a likely death after the Fair Work commissioner who approved it released a statement three months later disagreeing with his own decision.

Page 15: China has withdrawn the media credentials of American journalists at three US newspapers, intensifying a bitter fight between the world’s top two economies over the spread of the coronavirus and press freedoms.

Page 16: While international auction houses are closing offices and postponing sales to safeguard against the coronavirus, local firms are pushing ahead with their schedules and closely monitoring the swiftly changing situation.

Page 17: Virgin Australia boss Paul Scurrah says the federal government may have to dip its hand in taxpayers’ pockets again to bail out the aviation industry, a day after it announced a $715 million support package.

Papua New Guinea-focused Oil Search is at risk of becoming a takeover target after an announcement of plans to slash spending by 40 per cent failed to stem a savage sell-off in its shares amid worries about keeping within its debt covenants.

Page 19: Food and grocery supplies could return to normal if Australian shoppers stop panic buying and buy only what they need, Woolworths CEO Brad Banducci says.

Page 20: Caltex Australia’s suitor, Alimentation Couche-Tard, has emphasised how its strong financial position places it well for acquisitions while refraining from clarifying its appetite to pursue the proposed $8.8 billion takeover in the current market upheaval.

Page 21: Investors have bemoaned a technical malfunction and long delays on Commonwealth Bank’s online securities trading platform as the local sharemarket plummeted more than 6 per cent yesterday amid the escalating COVID-19 crisis.

The Australian

Page 1: The big banks are negotiating a multi-billion-dollar business rescue package with the Morrison government that could see taxpayers underwrite loans to small and medium-sized firms facing collapse, in a bid to avoid mass job losses and a deep recession.

Page 3: Scott Morrison has lashed out at “un-Australian” shoppers “hoarding” food supplies, warning that the government could impose limits if panic-buying continues.

The ABC has delayed the announcement of its five-year plan and job cuts, which was slated for the end of the month, as it focuses on staff welfare and news reporting on the coronavirus pandemic.

Page 5: Experts are warning that Australia is on track to see an explosion of coronavirus cases similar to that being experienced in Europe, with new research revealing the vast majority of COVID-19 cases may be undetected in the community.

Page 7: The Trump administration will send cheques directly to Americans within weeks as part of a $1 trillion emergency stimulus package proposal to prop up the world’s largest economy.

Page 8: Farmers have been the biggest winners from Tony Abbott’s “direct action” climate change plan, receiving $100m a year mostly for letting bush grow back.

Page 15: Bunnings chief executive Michael Schneider is eyeing off the hundreds of thousands of workers who have suddenly found themselves working from their living rooms and dining tables, hoping as they cast their eyes over their homes and gardens they notice DIY jobs that require a quick trip to their local Bunnings store.

Page 17: US energy giant Chevron is charging its Australian suppliers to fast-track invoice payments as small and medium-sized businesses battle an unprecedented cash-flow crunch and the economy teeters on a coronavirus-fuelled recession.

The West Australian

Page 1: Nervous parents are ignoring the pleas of the PM and Premier to keep sending their children to school, with up to 20 per cent of students being kept home this week.

Page 3: WA’s own celebratory day has been canned as the list of cancelled events in the State stretches to dozens.

Page 4: WA’s free flu vaccination scheme will be expanded to older children to reduce the impact of the coronavirus pandemic colliding with the influenza season.

Page 5: Police will patrol the aisles for people “acting like jerks, drongos and bloody idiots” as supermarkets — including the State’s first Costco — brace for a fresh round of shopageddon today.

Page 7: A surgeon at St John of God Subiaco Hospital has tested positive for COVID-19 after returning to Perth from the United States.

Perth retailers are in the fight of their lives, offering afterhours private shopping visits and free “contactless” delivery in a desperate bid to survive the coronavirus slowdown.

Page 11: An increasing number of Perth couples are cancelling or postponing their weddings indefinitely in the wake of the coronavirus epidemic, sparking fears for reception centres and suppliers who say bookings are already drying up.

Business: A WA business owner has had to use his own savings to pay to keep his staff as the impact of the coronavirus continues to hit companies across the State.

Australia’s biggest parks accommodation business may be one of the few winners from the coronavirus outbreak as holidaymakers are forced by overseas travel bans to stay closer to home.

Woodside has been urged to think creatively about its $US11 billion ($18.5b) Scarborough LNG project after oil prices plunged to a 16-year low this week.

Butchers say meat sales have at least doubled in recent days as panic buyers turn to hoarding food staples for the freezer in preparation for a coronavirus lockdown.

President Donald Trump’s plan to send $US1000 ($1685) to every American, part of emergency stimulus of as much as $US1.2 trillion to contain the economic hit from the coronavirus, is unlikely to stop a US recession.

Walt Disney delayed the release of the Marvel movie Black Widow and two other May films as it copes with the shutdown of US theatres, making an already tough year for Hollywood’s biggest studio even more challenging.

Colourful businessman Clive Palmer is about to expand his business interests in WA by setting up an investment banking arm in Perth.

Aristocrat Leisure, Kathmandu, Ramsay Health, Mirvac and others yesterday scrapped earnings guidance while troubled theme park operator Ardent Leisure will close its US venues as the COVID-19 pandemic clouds the global economic outlook.