Morning Headlines

Virgin could be allowed to crash for new airline

The federal government is likely to facilitate the entry of a new carrier into the domestic market, rather than bail out Virgin Australia, should the struggling airline not survive the coronavirus crisis. The Fin

Stalled deal could be a lost opportunity for WA businesses

The coronavirus crisis could stall the historic trade deal between Indonesia and Australia and experts warn that WA businesses will miss out on opportunities if talks “go back to square one”. The West

Australia’s virus test rate leading world

Australia’s extensive coronavirus testing – the leading per capita rate in the world – has been a key factor in lowering the growth rate of new cases, amid early signs of the flattening of the curve. The Fin

RBA rides shotgun, protecting Canberra against vigilantes

David Murray says his recommendation in 2014 for an ‘‘unquestionably strong’’ banking system has ‘‘worked nicely’’ in the COVID-19 crisis but warns of a potential moral hazard from providing industry superannuation funds with emergency liquidity. The Fin

16,000 fly out after PM's call to stay put               

About 16,000 Australians flew out of the country in the fortnight after Scott Morrison told everyone not to go overseas, triggering calls for defiant international travellers to foot the bill for their forced quarantine when they return home. The Aus

Rent relief nears after lease threat

Commercial tenants struggling from the coronavirus economic downturn are set to be offered a combination of part deferrals and part waivers on their rents under a package being prepared for Friday’s meeting of the national cabinet. The Fin

Juniors plead for market fee relief

Cash-strapped junior resources companies are hitting up regulators for relief from tens of thousands of dollars in annual fees as they seek to ride out the coronavirus. The West

Skills at risk with online learning

Extended school closures could lead to significant declines in literacy and numeracy skills, with experts warning online learning is no replacement for the classroom. The Aus

News Corp slams big tech as closures loom

News Corp Australia blamed Google and Facebook for undermining the profitability of Australian media outlets, including 60 of the company’s local newspapers that may publish for the last time next week. The Fin

Jobs gone but no benefits in JobKeeper

The loss of almost 60 jobs at department store chain Harris Scarfe has highlighted shortcomings in the Morrison government’s $130 billion wage subsidy scheme. The Fin

Coles, Woolies push back on supplier price increases

Food and grocery sales are booming because of the COVID-19 crisis but suppliers face a squeeze on margins after a 13 per cent fall in the Australian dollar. The Fin

The Australian Financial Review

Page 1: The federal government is likely to facilitate the entry of a new carrier into the domestic market, rather than bail out Virgin Australia, should the struggling airline not survive the coronavirus crisis.

David Murray says his recommendation in 2014 for an ‘‘unquestionably strong’’ banking system has ‘‘worked nicely’’ in the COVID-19 crisis but warns of a potential moral hazard from providing industry superannuation funds with emergency liquidity.

Page 2: The Morrison government will need the support of the Reserve Bank of Australia to tame so-called bond vigilantes, as it seeks to raise the billions of dollars required to finance the economic response to the COVID-19 crisis.

Page 3: Australia’s extensive coronavirus testing – the leading per capita rate in the world – has been a key factor in lowering the growth rate of new cases, amid early signs of the flattening of the curve.

The CSIRO has begun first-stage testing of two vaccine candidates for COVID-19 on ferrets housed at the Australian Animal Health Laboratory in Geelong.

Page 4: Commercial tenants struggling from the coronavirus economic downturn are set to be offered a combination of part deferrals and part waivers on their rents under a package being prepared for Friday’s meeting of the national cabinet.

Page 8: Boots and outdoor clothing maker R. M. Williams is temporarily shutting its factory at Salisbury in northern Adelaide because of the coronavirus pandemic, with 709 staff to be stood down.

Page 10: Unions are lobbying the federal government to help disembark 11,000 crew members stuck on 11 cruise ships – many of which are drifting off the country’s coastline, but staying in international waters, rendering Australia powerless to order them to leave.

Page 13: News Corp Australia blamed Google and Facebook for undermining the profitability of Australian media outlets, including 60 of the company’s local newspapers that may publish for the last time next week.

Page 17: Transurban chief executive Scott Charlton has warned a permanent shift to more people working at home following the COVID-19 outbreak could have a ‘‘detrimental’’ impact on the toll road group after revealing traffic plunged on its roads in late March.

Virgin Australia will burn through its cash reserves in as little as three months, unless the airline secures additional capital, while rival Qantas could last for up to 11 months.

Page 19: The loss of almost 60 jobs at department store chain Harris Scarfe has highlighted shortcomings in the Morrison government’s $130 billion wage subsidy scheme.

Food and grocery sales are booming because of the COVID-19 crisis but suppliers face a squeeze on margins after a 13 per cent fall in the Australian dollar.

Page 20: CIMIC, Australia’s biggest construction company, has defended its use of supply chain finance schemes to delay paying suppliers despite other companies speeding up bill payments to help small businesses during the COVID-19 outbreak.

New Toll Group chief executive Thomas Knudsen will take a 40 per cent pay cut for the next six months and move some staff to a four-day week, as the logistics group struggles with the loss of business from big retailers shutting down stores.

Struggling Syrah Resources says a full halt to production at its Balama graphite mine will not trigger a default on loans from Australia’s biggest superannuation fund, as short sellers moved to finalise their long and successful bets against the company.

The Australian

Page 1: About 16,000 Australians flew out of the country in the fortnight after Scott Morrison told everyone not to go overseas, triggering calls for defiant international travellers to foot the bill for their forced quarantine when they return home.

Page 3: A slowdown in house price growth last month that delivered the weakest result since mid-last year is forecast to worsen as the coronavirus puts the ice on the market.

Extended school closures could lead to significant declines in literacy and numeracy skills, with experts warning online learning is no replacement for the classroom.

Page 13: Financial regulators have told the nation’s superannuation funds to come clean over the health of their investments as unlisted assets such as toll roads, airports and infrastructure take a beating amid an expanding government shutdown of the global economy.

Page 15: Airports around the country are slowly being transformed from busy gateways to aircraft parking lots as airlines ground the majority of their fleets in response to the coronavirus crisis.

Japanese department store Uniqlo has decided to close all its 22 stores in Australia, standing down the majority of its more than 1500 staff and adding to the woes of the retail sector in the midst of the coronavirus pandemic.

The West Australian

Page 1: Mining billionaire Andrew Forrest says WA’s economic recovery from the coronavirus pandemic is poised to be among the fastest in the world.

Page 2: Parents of a three-week-old boy are awaiting COVID-19 test results after their son was potentially exposed to an infected doctor at Perth Children’s Hospital.

Page 3: An anticipated deluge of sick people with breathing difficulties presenting at hospital emergency departments has not materialised.

Page 4: The Morrison Government is trying to organise “mercy flights” to take home many of the crew of the coronavirus-infested Artania cruise liner.

Page 7: One of the State’s most elite schools has slashed its fees next term as the economic impact of the coronavirus starts to bite.

Five Kimberley health workers have tested positive to COVID-19, sparking fresh concerns about the possibility of widespread outbreaks in vulnerable indigenous communities.

Page 8: There were martial law-like scenes on WA roads yesterday as thousands of drivers were stopped and questioned at vehicle checkpoints on the first day of the McGowan Government’s regional travel ban.

Page 9: WA is evaluating a mobile phone app that keeps a digital record of a person’s close contacts to help track the spread of COVID-19.

Business: The coronavirus crisis could stall the historic trade deal between Indonesia and Australia and experts warn that WA businesses will miss out on opportunities if talks “go back to square one”.

Airlines are facing a $57 billion ticket refund black hole that could put them in a perilous situation as flying grinds to a halt.

The coronavirus pandemic has frozen the Chinese gold market, torpedoing demand at a time when investors elsewhere in the world are clamouring for the safety of bullion.

Cash-strapped junior resources companies are hitting up regulators for relief from tens of thousands of dollars in annual fees as they seek to ride out the coronavirus.

WA start-ups are calling for financial support to weather the COVID-19 storm with many not covered under the Federal Government’s stimulus package.

Chris Ellison’s Mineral Resources has widened its iron ore footprint in the Pilbara with a series of deals with BCI Minerals that include buying the Buckland deposit for up to $20 million.

The competition watchdog will not oppose Japanese beverage giant Asahi’s $16 billion purchase of Victoria Bitter owner Carlton & United Breweries after Asahi agreed to sell some brands.