Morning Headlines

Private hospitals join ranks to fight virus

Healthscope, one of the country’s largest private hospital operators, has pledged its resources to the fight against the coronavirus, saying its efforts will be done at cost, with no profit. The Fin

Cash-strapped firms seek debt protection

Cash-strapped companies that miss out on the $130 billion JobKeeper wage subsidy could still be wound up by major banks and debtors, a coalition of the country’s leading finance and treasury executives warns. The Fin

$110m to international trade

The Morrison government will spend $110 million to get international trade moving by helping organise hundreds of cargo flights carrying agricultural and seafood products to overseas markets. The Fin

Hope after WA’s best day so far

WA might be ready to kickstart its economy in a few weeks if the number of new coronavirus cases continues to fall and fizzle out. The West

Train & bus timetables cut

Public transport services in Perth will be dramatically cut after a reduction of about 80 per cent in patronage owing to the coronavirus pandemic. The West

Cormann coy on Virgin $1.4b bailout appeal

The federal government looks set to reject Virgin Australia’s initial request for a $1.4 billion bailout loan, as Qantas pressures its debt-laden rival by insisting any government assistance be proportional and tensions between the two airlines reach new heights. The Fin

Energy companies in crossfire of Russian and Saudi oil war

Energy companies are preparing to swim for their lives from today as Saudi and Russian oil starts flooding world markets in defiance of OPEC production caps. The West

Care units battling shortage of nurses

Concerns are growing that hospitals may be unable to staff thousands of extra intensive care beds being made available for coronavirus patients, amid a lack of nurses trained in critical care. The Aus

ACCC clears big Bunnings acquisition    

The Australian Competition and Consumer Commission says it will scrutinise every acquisition proposed by Bunnings because of its dominant market position, as it finally gave the green light for the hardware giant to acquire Adelaide Tools. The Fin

Fly-in, fly-out changes unlikely to affect Fortescue guidance

Major changes to the fly-in fly-out (FIFO) workforce that underpins Australia’s mining and energy sector do not have to mean weaker production nor higher unit costs, says Fortescue chief executive Elizabeth Gaines. The Fin

Test temp of shoppers

Independent supermarkets want shoppers to be temperature-tested before entering stores and the number of people allowed to enter at any one time to be cut in a bid to protect customers and workers from contracting COVID-19. The West

The Australian Financial Review

Page 1: The Morrison government says it will proceed with hundreds of billions of dollars in legislated income tax cuts and defence spending, as economists estimate the impact of the coronavirus will create a budget deficit of up to $200 billion and see debt blow out by twice as much.

Cash-strapped companies that miss out on the $130 billion JobKeeper wage subsidy could still be wound up by major banks and debtors, a coalition of the country’s leading finance and treasury executives warns.

Page 2: The Morrison government will spend $110 million to get international trade moving by helping organise hundreds of cargo flights carrying agricultural and seafood products to overseas markets.

Page 3: Healthscope, one of the country’s largest private hospital operators, has pledged its resources to the fight against the coronavirus, saying its efforts will be done at cost, with no profit.

Page 4: Technology start-up founders say the government’s JobKeeper payments will keep them in business and save many jobs, but fear many early-stage companies won’t qualify.

Page 7: SPC Ardmona has urged the Morrison government to make food security a priority as the fallout from the spread of COVID-19 grows.

Page 8: Unemployment could still rise to between 7.5 per cent and 10.5 per cent this year despite the Morrison government’s latest $130 billion wage subsidy.

Page 10: China’s economic growth will fall to zero this year and six developing countries in the region will slump into a deep recession, according to new figures released by the World Bank.

Page 14: The federal government looks set to reject Virgin Australia’s initial request for a $1.4 billion bailout loan, as Qantas pressures its debt-laden rival by insisting any government assistance be proportional and tensions between the two airlines reach new heights.

Page 16: The Australian Competition and Consumer Commission says it will scrutinise every acquisition proposed by Bunnings because of its dominant market position, as it finally gave the green light for the hardware giant to acquire Adelaide Tools.

Page 17: Taxi operators and ride-sharing firms such as Uber are taking a big hit from the coronavirus pandemic, with demand plunging as much as 70 per cent as airports are deserted, CBDs become ghost towns and pubs and restaurants temporarily shut.

Page 19: Major changes to the fly-in fly-out (FIFO) workforce that underpins Australia’s mining and energy sector do not have to mean weaker production nor higher unit costs, says Fortescue chief executive Elizabeth Gaines.

The Australian

Page 1: The COVID-19 pandemic will force the federal and state governments into their highest levels of debt since the post-World War II years, with expensive stimulus measures and a plunge in tax receipts to push public debt to $1.5 trillion next year.

Page 4: Concerns are growing that hospitals may be unable to staff thousands of extra intensive care beds being made available for coronavirus patients, amid a lack of nurses trained in critical care.

Page 5: Mounting concerns about the civil liberties implications of a nationwide crackdown on public gatherings and other measures to combat the spread of COVID-19 have not deterred state governments from introducing further restrictions.

Page 9: US Secretary of State Mike Pompeo has lauded the role of Australia and other members of the Five Eyes intelligence alliance in helping the response to the coronavirus pandemic.

Page 10: Nursing homes in Australia need a $750m federal funding injection over the next three months or residents will be short of the staff, personal protective equipment and test kits they need for protection from COVID-19, a report has warned.

Page 18: Wesfarmers’ move to sell a $1.06bn stake in Coles is more about building a cash buffer than amassing an acquisition war chest, Credit Suisse analysts say.

Page 19: Senior Australia Post executives, including CEO Christine Holgate, will take 20 per cent pay cuts and forgo bonuses as the national mail service slashes its costs amid the coronavirus pandemic.

Page 21: Air New Zealand has outlined plans to cut 3500 jobs and says it will probably emerge from the COVID-19 pandemic crisis 30 per cent smaller, and a predominantly domestic carrier.

The West Australian

Page 5: The coronavirus-riddled Artania cruise ship with 500 foreign crew aboard was last night waiting for medical supplies before making its expected departure from Fremantle.

Page 7: WA might be ready to kickstart its economy in a few weeks if the number of new coronavirus cases continues to fall and fizzle out.

Page 8: Thousands of workers have been stood down after 450 stores in Australia — including all Bonds, Bras N Things, Champion and Sheridan outlets — shut up shop.

A four-month pause on payroll tax that will benefit more than 10,500 small and medium-sized businesses is a key part of the State Government’s $1 billion economic and health package.

Independent supermarkets want shoppers to be temperature-tested before entering stores and the number of people allowed to enter at any one time to be cut in a bid to protect customers and workers from contracting COVID-19.

Page 16: Public transport services in Perth will be dramatically cut after a reduction of about 80 per cent in patronage owing to the coronavirus pandemic.

Page 18: The price of petrol has plummeted to a 15-year low at some Perth service stations, with motorists filling up for less than 90¢ a litre yesterday.

Business: Positive manufacturing data from China and steady iron ore prices have renewed hopes WA can mitigate the impact of the global COVID-19 downturn.

Energy companies are preparing to swim for their lives from today as Saudi and Russian oil starts flooding world markets in defiance of OPEC production caps.

Austal boss David Singleton has opened up for the first time about the cyber attack on the WA shipbuilder, which happened almost 18 months ago, describing it as a “difficult time” for the company.

Blackham Resources’ small shareholders have spurned the company’s $26 million rights issue, leaving underwriters linked to the gold miner’s biggest shareholder to pick up a hefty shortfall.

One of Perth’s biggest projects — the $3.8 billion Belmont Park — is among several major commercial property projects put on ice amid the coronavirus crisis.