Morning Headlines

Twiggy and Feds combine to increase kits 20-fold

Australia's coronavirus testing capabilities will be increased by almost 20-fold after billionaire Andrew Forrest helped the Federal Government procure 10 million new testing kits. The West

Losses in income to total $60b

The lost income from Australian families and businesses as a result of the coronavirus pandemic will total $60 billion in the next few months, according to new economic modelling. The West

WA mining ‘saved the national economy’

WA’s decision to keep the mining sector running through the coronavirus crisis has saved the national economy from collapse during a financial shock “never seen” before in Australia. The West

Banks’ loan losses could top $35b

Banking analysts fear that if the COVID-19 crisis worsens, the cost to the big four banks of bankrolling ‘‘Team Australia’’ could exceed the $10 billion estimated for this year and $35 billion over three years. The Fin

Budget impact may be lessened by quicker recovery

The federal government is not discounting banking a considerable ‘‘saving’’ on the JobKeeper and JobSeeker packages, amid early indications that all the money allocated for the schemes may not be spent due to an economic recovery that is quicker than anticipated. The Fin

Economic hit outpaces Great Depression

Distressed corporate companies in similar positions to Virgin Australia have sought government assistance to deal with what Treasury says is a faster economic shock than the Great Depression. The Fin

Velocity Rewards joins Virgin’s creditor queue

Velocity Rewards, the owner and operator of Virgin Australia’s Velocity Frequent Flyer program, will pursue the stricken airline as a creditor, arguing it is in the best interests of the loyalty scheme’s members to recoup a $150 million loan extended to Virgin in 2014. The Fin

Bankrupt US drilling contractor sues Beach Energy over rig deal

A bankrupt US oil rig operator is suing Beach Energy for abruptly terminating a $US65 million ($101 million) drilling contract amid the global oil and gas price rout. The Fin

Coles, Woolworths ease curbs on buying

Coles became the first supermarket to announce on Tuesday that it would lift buying restrictions on some consumer staples, including toilet paper and paper towel, introduced in the wake of the coronavirus pandemic. The Aus

AFL hub’s iso-barrier

The McGowan Government and Police Commissioner Chris Dawson are in talks with the AFL about creating a workable western hub for the competition. The West

The Australian Financial Review

Page 1: Banking analysts fear that if the COVID-19 crisis worsens, the cost to the big four banks of bankrolling ‘‘Team Australia’’ could exceed the $10 billion estimated for this year and $35 billion over three years.

Page 2: The federal government is not discounting banking a considerable ‘‘saving’’ on the JobKeeper and JobSeeker packages, amid early indications that all the money allocated for the schemes may not be spent due to an economic recovery that is quicker than anticipated.

Page 3: Community transmission of coronavirus is slowing dramatically in Australia, with just one new confirmed case from an unknown source recorded yesterday.

Page 4: The federal government will withhold $3 billion in fast-tracked funding from non-government schools unless they commit to be back teaching in classrooms by June 1.

More than $12 billion in Chinese student fees could be wiped off university income in the next two years given the ‘‘high probability’’ Beijing will instruct students not to start courses here in 2021, according to China watcher and Sydney University associate professor Salvatore Babones.

Page 6: Agribusiness leader Mark Allison has urged the Morrison government to focus on Australia’s economic recovery and forget about needlessly riling major trading partner China over the COVID-19 pandemic.

Page 8: Distressed corporate companies in similar positions to Virgin Australia have sought government assistance to deal with what Treasury says is a faster economic shock than the Great Depression.

Page 9: Australia’s general insurers want a pause in legislation recommended by the Hayne royal commission until mid-2022, saying the industry cannot cope with major reforms while it struggles with the coronavirus crisis and the worst natural disaster season on record.

Page 10: Westpac Group is set to tighten credit policies for professionals and the self-employed amid warnings the impact of COVID-19 on retail and business customers ‘‘remain highly uncertain’’.

Page 12: Singapore is ramping up testing and rushing to break up migrant worker dormitories as the nation, an early leader in the race to flatten the curve, seeks to shake its more recent and unwelcome incarnation as a COVID-19 hot spot.

Page 14: Westpac will take an additional $1.6 billion hit to its first-half profit after publishing its first tally of the tens of thousands of business borrowers and mortgage holders who may not be able to pay back their loans.

Velocity Rewards, the owner and operator of Virgin Australia’s Velocity Frequent Flyer program, will pursue the stricken airline as a creditor, arguing it is in the best interests of the loyalty scheme’s members to recoup a $150 million loan extended to Virgin in 2014.

Page 16: One of Australia’s biggest gold miners has warned that extra hours and other changes designed to prevent COVID-19 outbreaks are increasing the risk of mental illness among workers.

Page 17: BHP will seek permission to grow iron ore export capacity by 14 per cent despite believing that Chinese steel production is starting to plateau, in a sign the miner may grow its share of the iron ore market.

A bankrupt US oil rig operator is suing Beach Energy for abruptly terminating a $US65 million ($101 million) drilling contract amid the global oil and gas price rout.

The Australian

Page 1: A powerful network of Victorian private schools has demanded the discretion to reopen campuses in regions largely unaffected by the coronavirus, in a direct challenge to Premier Daniel Andrews’s hardline stance on school closures.

The man appointed by the Morrison government to spearhead a revamp of ties with Beijing has quietly resigned his post as diplomatic relations deteriorate and China’s ambassador issues new demands for Australia to stop playing “political games”.

Page 2: Tourism leaders have warned most businesses in the sector are small- to medium-sized enterprises that may not survive if state borders are not reopened in time for spring.

From luxury resort owners to the kingpins of major travel agency networks, the nation’s fragmented tourism operators have united on one front — they expect an unprecedented boom in domestic tourism, both budget and luxury, once the COVID-19 enforced travel restrictions are lifted.

Page 4: A stoush has emerged between Treasury and the massive industry superannuation sector after the department accused Industry Super Australia of inflating the potential impact on retirement savings of withdrawing money under the government’s emergency early release of super scheme.

Page 17: Private equity and venture capital in Australia has a record $13bn in “dry powder” to invest in a growing number of deals expected as companies restructure in the wake of the COVID-19 crisis, according to a report by the Australian Investment Council.

Page 19: Global development and construction giant Lendlease is raising up to $1.15bn in fresh equity, in the biggest move by a property company in response to the coronavirus crisis.

Coles became the first supermarket to announce on Tuesday that it would lift buying restrictions on some consumer staples, including toilet paper and paper towel, introduced in the wake of the coronavirus pandemic.

Page 26: Hearing implant manufacturer Cochlear has super-sized its share purchase plan by $170 million to $220m, citing strong demand from retail investors seeking to gain a slice of the stock on the cheap.

The West Australian

Page 3: The McGowan Government and Police Commissioner Chris Dawson are in talks with the AFL about creating a workable western hub for the competition.

Page 5: Former foreign minister Julie Bishop says it would be “regrettable” for China to stop sending international students to Australia simply because the Federal Government wants to push ahead with an investigation into the origins of COVID-19.

Australia's coronavirus testing capabilities will be increased by almost 20-fold after billionaire Andrew Forrest helped the Federal Government procure 10 million new testing kits.

Page 7: More than half of the State’s under-35s say they will not download the Australian Government’s COVID-19 contact tracing app, highlighting a stark generational divide in attitude between West Australians.

Page 11: Former West Australian of the Year Adrian Fini has turned the spotlight on local government, calling on councils to refocus their agendas and their budgets to help economic recovery.

Business: The lost income from Australian families and businesses as a result of the coronavirus pandemic will total $60 billion in the next few months, according to new economic modelling.

WA will be home to Australia’s biggest fully green hydrogen plant after an initial $300 million investment was secured for its first phase of construction.

Wesfarmers chief executive Rob Scott has backed the easing of the State’s COVID-19 lockdown, saying West Australians have earned the right to relaxed restrictions.

QantasLink has been approached by several of Virgin’s resources customers concerned about its survival.

Superannuation funds are looking out for fraud attempts as hundreds of thousands of battling Australians this week withdraw up to $10,000 to help them through the COVID-19 economic crisis.

Farmers have been enjoying strong grain prices but experts say they won’t last because the coming season’s crop is expected to be bigger than last year’s, plus low oil prices could force grain prices lower.

WA’s decision to keep the mining sector running through the coronavirus crisis has saved the national economy from collapse during a financial shock “never seen” before in Australia.