VIRUS DISEASES – AUSTRALIA

IMF jumped the gun with dire forecasts: Frydenberg

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Original article by Patrick Commins
The Australian – Page: 4 : 16-Apr-20

Treasurer Josh Frydenberg has downplayed the International Monetary Fund’s latest economic growth and unemployment forecasts for Australia. He argues that they were made prior to pandemic stimulus measures such as the $130bn JobKeeper scheme. New figures show that more than 838,000 businesses have applied for the wage subsidy to date. The IMF has forecast that the domestic economy will contract by 6.7 per cent in 2020, although Alan Oster of National Australia Bank expects GDP growth to fall by just 4.3 per cent.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, INTERNATIONAL MONETARY FUND, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Trust in most media during the Coronavirus pandemic is brittle

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Original article by Roy Morgan
Market Research Update – Page: Online : 16-Apr-20

Australians need to be able to rely on media for the latest advice and information during the COVID-19 pandemic, yet trust in media outlets remains disappointingly low, as a special media industry distrust risk survey by Roy Morgan has found. Research firm Roy Morgan measures consumer distrust, and the risk it poses to companies, across 25 industries. As a whole, media is the third most distrusted of the 25 industries and it has had the largest increase in distrust of any industry over the past 8 months. The key media brands which buck the trend, those which are highly trusted by Australians, are the ABC, SBS and Netflix, while the most trusted key tech brands, a significant conduit for media content, include Apple and Microsoft. Roy Morgan CEO Michele Levine says amid the first global pandemic in a century, consumer trust is critical for all businesses, but particularly so for media, which is delivering vital information in a rapidly changing environment. Roy Morgan’s ongoing risk monitor shows that levels of trust and distrust for individual companies can change quickly. This variability means regular tracking of the pulse of the community is vital.

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ROY MORGAN LIMITED, AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS), NETFLIX INCORPORATED, APPLE INCORPORATED, MICROSOFT CORPORATION

News Corp warns of hit to Foxtel, Kayo and real estate classifieds

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Original article by Max Mason
The Australian Financial Review – Page: 17 : 15-Apr-20

News Corp expects to lose more Foxtel and Kayo Sports subscribers due to the impact of the coronavirus pandemic on live sports events. Foxtel’s broadcast and commercial subscriber base fell to 2.268 million in the December quarter, compared with 2.326 million in the September quarter, while its churn rate rose from 14.4 per cent to 16 per cent. Meanwhile, Kayo boasted 402,000 paid subscribers in early November, but this had fallen to around 370,000 by early February. News Corp also expects its property listings businesses in Australia and the US to be hit by the pandemic.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, FOXTEL MANAGEMENT PTY LTD, KAYO SPORTS, REA GROUP LIMITED – ASX REA, MOVE INCORPORATED

Catalano’s Australian Community Media to suspend some print titles

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Original article by Zoe Samios
The Sydney Morning Herald – Page: Online : 15-Apr-20

Australian Community Media has responded to the coronavirus-induced downturn in the advertising market by suspending publication of some non-daily regional print newspapers. Four of its printing facilities will also be closed until late June. ACM’s joint owner Antony Catalano says he recently approached Communications Minister Paul Fletcher about financial support for regional media groups. Catalano contends that consolidation in the regional media sector is necessary.

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AUSTRALIAN COMMUNITY MEDIA

‘We’re winning but we’ll never get rid of it’

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Original article by Rachel Baxendale, David Tanner
The Australian – Page: 5 : 14-Apr-20

The global death toll from the coronavirus has risen to 125,896; more than 1,990,000 people worldwide have been diagnosed with the respiratory illness. There are 6,400 confirmed cases of the coronavirus in Australia, and the nation’s death toll has risen to 62. However, the coronavirus curve continues to flatten, with only 36 new cases reported nationwide on 15 April. Microbiologist Peter Collignon warns that the virus is unlikely to be completed eradicated in Australia, and that some lockdown restrictions may need to remain in place until at least the end of winter. Meanwhile, the death toll in the US has risen to 25,830 after an additional 2,190 deaths were reported in the last day.

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AUSTRALIAN NATIONAL UNIVERSITY

Worst year since Great Depression

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Original article by Patrick Commins
The Australian – Page: 1 & 4 : 15-Apr-20

The International Monetary Fund has forecast that the Australian economy will contract by 6.7 per cent in 2020 due to the coronavirus lockdown. However, the IMF expects the domestic economy to rebound by 6.1 per cent in 2021, assuming that measures to contain the virus are successful. The IMF’s latest World Economic Outlook also forecasts that global GDP growth will fall by three per cent in 2020, compared with just 0.1 per cent during the global financial crisis. The IMF has warned of the potential for a second wave of the coronavirus if a vaccine is not developed.

CORPORATES
INTERNATIONAL MONETARY FUND

Australia set to emerge with V-shaped recovery

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Original article by Luke Housego
The Australian Financial Review – Page: 30 : 15-Apr-20

Tim Toohey of Yarra Capital forecasts that the majority of developed economies will record a 3-5 per cent decline in GDP growth for 2020. A recent quarterly survey of economists found that the median forecast is for a 3.9 per cent decline in Australia’s GDP growth for the year. Toohey says the domestic economy is likely to experience a V-shaped recovery when it eventually comes. He adds that the "biggest unknown" is just how long the coronavirus lockdown restrictions will remain in place.

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YARRA CAPITAL PARTNERS PTY LTD

Slightly more Britons (68%) than Australians (65%) now say their Government is handling COVID-19 well

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-Apr-20

Over two-third of Britons (68%) say the UK Government is handling COVID-19 well, up 19% since March 18-20. This is slightly higher than the 65% of Australians who say the Australian Government is handling COVID-19 well – an increase of 22% from a week earlier, according to a Roy Morgan survey in early April. In addition, nine-in-ten Britons (89%) agree the UK Government guidance on social distancing is clear and easy to understand, compared to only 9% that disagree. Surveying in the UK was conducted by ORB International, the UK Member of the Gallup International Association and affiliated with Roy Morgan.

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ROY MORGAN LIMITED, ORB INTERNATIONAL, GALLUP INTERNATIONAL

Virgin CEO in Canberra bailout pitch

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Original article by Robyn Ironside, Bridget Carter
The Australian – Page: 13 & 16 : 14-Apr-20

The federal government is believed to be considering additional financial support for the nation’s airlines, to ensure that passenger and freight services continue on essential domestic routes. Virgin Australia CEO Paul Scurrah has been lobbying government ministers and Labor frontbenchers to secure support for a proposed $1.4bn loan facility for the struggling carrier. Virgin could opt for a creditor’s scheme of arrangement if government support is not forthcoming; this could result in a debt-for-equity swap, which would have to be approved by shareholders and a court. Labor has backed calls for the government to provide more financial support for Virgin.

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VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Crisis cabinet to outlive virus

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Original article by Geoff Chambers, Paige Taylor, Joe Kelly, Richard Ferguson
The Australian – Page: 1 & 4 : 14-Apr-20

Prime Minister Scott Morrison has praised the high level of federal and state co-operation since the national cabinet was established in mid-March. He has flagged the possibility that the national cabinet model could be retained when the coronavirus crisis is over. Western Australian Premier Mark McGowan has called for the national cabinet to permanently replace the Council of Australian Governments, which typically meets twice a year. The 13th meeting of the national cabinet will be held on 16 April.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, COUNCIL OF AUSTRALIAN GOVERNMENTS