Recession to be deep, V-shaped
The International Monetary Fund is warning Australia’s economy will shrink a massive 6.7 per cent this year due to coronavirus containment measures slamming business activity and inflicting the world’s worst economic downturn since the Great Depression of the 1930s. The Fin
NRL kicks $250m goal with life-saving British banks deal
The NRL has struck a deal for a $250m lifeline from a group of London banks and financial institutions, giving rugby league both financial breathing space and leverage in its negotiations with broadcaster the Nine Network. The Aus
Employer cleared to cut redundancies
The Fair Work Commission has given a construction business the go-ahead to slash redundancy pay because of the coronavirus crisis but refused to cut pay in another case after raising the possibility of JobKeeper subsidies. The Fin
Government throws $500m lifeline to export businesses
Trade-exposed firms that have lost markets because of the coronavirus will be able to apply for loans of up to $50 million. The Fin
‘Study binge’ plan will cost unis
Universities could lose money if they join the federal government’s new plan to offer six-month online courses for people who want to retrain while they are out of a job during the COVID-19 crisis. The Aus
Online sales give Afterpay ‘firepower’
Afterpay withdrew its customer acquisition guidance amid uncertainty from the coronavirus crisis, but the controversial buy now, pay later pioneer remains optimistic about its ‘‘accelerated growth plans’’ as sales held up despite the global shutdown. The Fin
Sandfire given US go-ahead
Investors have cheered a long-awaited permit for Sandfire Resources to go ahead with its plans to develop the Black Butte copper project in Montana. The West
Middle East food security giant looks to make hay in Australia
A company tasked with providing food security to the United Arab Emirates is on the cusp of trebling hay production capacity in Australia and looking at more acquisitions across the country. The Fin
Grounded airlines hit AusPost’s same-day deliveries
Australia Post is warning of delays of up to a week for delivery of parcels, mail and urgent medical supplies as travel bans force airlines to ground much of their passenger fleet. The Aus
Fishers wary as lobster demand lifts
WA rock lobster fishermen are working their pots again for the first time since the Chinese market collapsed 12 weeks ago as the coronavirus pandemic began to take hold. The West
The Australian Financial Review
Page 1: The International Monetary Fund is warning Australia’s economy will shrink a massive 6.7 per cent this year due to coronavirus containment measures slamming business activity and inflicting the world’s worst economic downturn since the Great Depression of the 1930s.
Page 3: The Fair Work Commission has given a construction business the go-ahead to slash redundancy pay because of the coronavirus crisis but refused to cut pay in another case after raising the possibility of JobKeeper subsidies.
Page 4: Trade-exposed firms that have lost markets because of the coronavirus will be able to apply for loans of up to $50 million.
Page 5: The federal government will use its formidable powers of procurement to rebuild and consolidate the domestic manufacturing of critical products, especially medical supplies.
Page 7: The long-term financial viability of rugby league in Australia will be on the table in talks between the National Rugby League, Nine and Foxtel over the next week, as sports administrators and broadcast partners look to rework the code so it does not find itself in a similar cash-strapped crisis in future.
Page 9: The rules for the federal government’s coronavirus emergency spending should be tweaked to free small businesses left in a ‘‘black hole’’, unable to access either employment or cash flow assistance payments.
University students will get subsidies of more than $12,000 to study new short courses, but higher education experts say the emergency package is not good for the institutions and the new Higher Education Certificate is not officially recognised.
Page 10: New rapid research to better identify people and groups infected by COVID-19 could open the way for Australia to adopt an ‘‘immunity passport’’ to enable parts of the community to return to normal living earlier.
Page 17: Afterpay withdrew its customer acquisition guidance amid uncertainty from the coronavirus crisis, but the controversial buy now, pay later pioneer remains optimistic about its ‘‘accelerated growth plans’’ as sales held up despite the global shutdown.
News Corp has warned the coronavirus pandemic will hit Foxtel and Kayo subscriptions due to the cancellation of most live sports, while weak listing volumes are expected for its property classifieds businesses, REA Group and Move.
Page 20: The pathology sector is on the brink of collapse with collection centres closing, labs shedding staff and sufferers of chronic disorders deferring routine monitoring as all non-COVID-19 testing evaporates.
Page 21: A company tasked with providing food security to the United Arab Emirates is on the cusp of trebling hay production capacity in Australia and looking at more acquisitions across the country.
The Australian
Page 1: The NRL has struck a deal for a $250m lifeline from a group of London banks and financial institutions, giving rugby league both financial breathing space and leverage in its negotiations with broadcaster the Nine Network.
Scott Morrison will turn to social media today to urge parents to send their children back to school, saying the education of students “hangs in the balance”.
Page 3: Australia’s path to unlock social restrictions will focus on wider COVID-19 testing, improved tracing measures and better surveillance of potential outbreaks, as governments work with employers and unions to prepare for a partial return of workers through roster rotations.
Page 4: Tourism, export and education businesses, facing a $9bn-a-month COVID-19 hole in domestic and international visitor trade, will be given access to a $500m loans fund, a lifeline to hundreds of employers.
Page 14: Seven West Media has drafted in advisory firm Grant Samuel to assist with discussions surrounding its debt levels.
Page 15: Australia Post is warning of delays of up to a week for delivery of parcels, mail and urgent medical supplies as travel bans force airlines to ground much of their passenger fleet.
Page 16: Reece Group chief executive Peter Wilson says his company would not have tapped the market to raise $600m to bolster its balance sheet if the outcome was not favourable to its long-supportive retail shareholders.
Australian uranium stocks soared on Tuesday as Canada’s Cameco mothballed a major mine indefinitely, opening up a window of hope that the beleaguered sector may finally be on the cusp of a genuine market recovery.
Page 21: Universities could lose money if they join the federal government’s new plan to offer six-month online courses for people who want to retrain while they are out of a job during the COVID-19 crisis.
The West Australian
Page 1: Australians will be able to upskill during the COVID-19 slowdown from home with thousands of VET courses to be made available online from today.
Page 3: The State Government is putting Opposition Leader Liza Harvey under pressure to back urgent laws to reappoint the State’s top corruption fighter after the formal parliamentary process to keep him in the job hit a roadblock.
Page 4: Workers could be allowed back into the office on a part-time basis or on shifts to ensure social distancing as part of measures being looked at by the Federal Government.
Page 5: Toilet paper — considered the most precious resource in the coronavirus crisis — is no longer flying off supermarket shelves, according to grocery giants which are also lifting purchase limits on some items.
West Australians stuck in Sydney hotels have been told to foot their own bills by the NSW Government — in direct contrast to the generous treatment of Eastern States travellers quarantining in Perth.
Page 7: Aged care providers are lobbying for more than $1 billion in support from the Federal Government as organisations struggle to keep up with extra costs as a result of COVID-19.
Page 8: Just one-third of West Australians think schools should reopen after the Easter holidays, setting the stage for a backlash against a McGowan Government that looks all but certain to keep education facilities operating in some form in term two.
Page 14: About 14 per cent of parents believe their infant is intolerant to cow’s milk — leading many breast-feeding mothers to cut it out of their own diets or switch to giving formula milk.
Page 21: Barely a week after ending his campaign to become the 2020 Democratic presidential candidate, progressive senator Bernie Sanders has endorsed his one-time rival, the presumptive Democratic nominee Joe Biden in a surprise appearance on a video posted to the former vice president’s Twitter feed.
Business: The International Monetary Fund predicts Australia’s unemployment rate will still remain at 8.9 per cent in 2021 despite the Federal Government pumping $320 billion into the economy to save jobs and keep Australian business moving.
WA rock lobster fishermen are working their pots again for the first time since the Chinese market collapsed 12 weeks ago as the coronavirus pandemic began to take hold.
Britain’s coronavirus dairy crisis — where farmers have had to pour away good quality milk after the collapse in demand — is unlikely to be replicated in Australia, according to one of WA’s main processors.
Investors have cheered a long-awaited permit for Sandfire Resources to go ahead with its plans to develop the Black Butte copper project in Montana.
