VIRUS DISEASES – AUSTRALIA

BHP raises spectre of virus compo

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Original article by Peter Ker
The Australian Financial Review – Page: 19 : 7-Apr-20

BHP has conceded that it could face workers’ compensation claims from employees who contract the coronavirus while on the job. Workcover Western Australia has indicated that such claims would be possible, although it notes the difficulty of determining when a person contracted the virus. Its observations have been echoed by Queensland’s WorkCover agency. Hall & Wilcox lawyer Terry Killian says employees would likely have to prove that there was a link between their work duties and contracting the virus.

CORPORATES
BHP GROUP LIMITED – ASX BHP, WORKCOVER WESTERN AUSTRALIA, HALL AND WILCOX, WORKCOVER QUEENSLAND

Covid casuals: money for jam

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Original article by Rosie Lewis, Geoff Chambers, Joe Kelly
The Australian – Page: 1 & 6 : 7-Apr-20

The federal government has reached a compromise with the ACTU regarding the JobKeeper wage subsidy scheme. Industrial Relations Minister Christian Porter negotiated a deal with ACTU ­secretary Sally McManus to address the union movement’s concerns about draft legislation to amend the Fair Work Act. Labor still favours implementing the scheme via the Fair Work Commission, but it intends to vote for the legislation when parliament reconvenes for a one-off sitting on 7 April. Meanwhile, new data suggests that some casual workers may be paid significantly more under the JobKeeper scheme than they earned prior to the pandemic.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS, ACTU, AUSTRALIAN LABOR PARTY

Crown casino inquiry put on ice

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Original article by Eli Greenblat
The Australian – Page: 15 : 6-Apr-20

The New South Wales Independent Liquor & Gaming Authority has advised that its inquiry into casino operator Crown Resorts has been put on hold as a result of the coronavirus pandemic. It says the inquiry will resume when it is considered "safe and practicable" to do so. The focus of the inquiry is the proposed sale of shares in Crown to Lawrence Ho’s Hong Kong-based casino operator Melco Resorts & Entertainment by James Packer’s CPH Crown Holdings.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, MELCO RESORTS AND ENTERTAINMENT LIMITED, CPH CROWN HOLDINGS, NEW SOUTH WALES. INDEPENDENT LIQUOR AND GAMING AUTHORITY, THE STAR ENTERTAINMENT GROUP LIMITED – ASX SGR

Future of FIFO mines is residential, says Pitt

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Original article by Peter Ker
The Australian Financial Review – Page: 7 : 6-Apr-20

More than 50,000 workers in Australia’s resources industry are employed on a fly-in, fly-out basis. However, federal Resources Minister Keith Pitt expects the sector to be much less reliant on FIFO workers once the coronavirus crisis is over. He says they are likely to focus more on using workers who live in close proximity to resources projects. However, he concedes that FIFO workers will still be needed for projects in remote areas. Restrictions on crossing state borders have prompted some mining companies to significantly to increase the shifts of their FIFO workers.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, SCIENCE, ENERGY AND RESOURCES, QUEENSLAND RESOURCES COUNCIL LIMITED

Unions push for reasonable test in JobKeeper compromise deal for casuals

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Original article by Samantha Maiden
The New Daily – Page: Online : 6-Apr-20

Attorney-General Christian Porter has indicated that he is open to a compromise regarding casual workers’ access to the JobKeeper wage subsidy scheme. All eligible employees will be paid $1,500 per fortnight, regardless of their current income; this may include some part-time casuals who earned less than $750 a week prior to the pandemic. ACTU secretary Sally McManus has urged the federal government to introduce a ‘reasonable test’ for casual employees who had expected to work over the next year but had been with their current employer for less than 12 months.

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AUSTRALIA. ATTORNEY-GENERAL’S DEPT, ACTU

Non-banks clamp down on new loans

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Original article by Joyce Moullakis
The Australian – Page: 13 & 14 : 6-Apr-20

Non-bank lender Pepper Australia has increased its home loan interest rates and tightened its credit criteria as it assesses the impact of the coronavirus on its operations. Pepper will stop offering construction loans and will require a bigger deposit for commercial loans, while larger deposits will also be needed for its two types of home loans. Fellow non-bank lender Bluestone has also introduced new credit criteria as well as increasing the rates on all of its loan products by 35 basis points.

CORPORATES
PEPPER AUSTRALIA PTY LTD, BLUESTONE GROUP PTY LTD

Economy to contract almost 4pc in 2020

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Original article by Sarah Turner
The Australian Financial Review – Page: 1 & 23 : 6-Apr-20

The median forecast of economists is that the Australian economy will contract by 3.9 per cent in calendar 2020, and by 1.1 per cent in the year to 30 June. The quarterly survey of economics also shows that the economy is expected to contract by 1.5 per cent in 2020-21, while economic growth is not forecast to rebound from the coronavirus until the end of 2021. Meanwhile, economists generally expect the unemployment rate to peak at 8.5 per cent by the end of June 2020, compared with 5.1 per cent at present. The inflation rate in turn is forecast to be 1.4 per cent in June, falling to 1.25 per cent by the end of the year.

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Social restrictions slowing the spread

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Original article by Paul Garvey
The Australian – Page: 2 : 6-Apr-20

The number of confirmed coronavirus cases in Australia rose by just 139 on 5 April, or 2.5 per cent. The nation’s infection rate was rising by an average of 25 per cent each day just two weeks ago. Chief Health Officer Brendan Murphy says the latest figures show that efforts to contain the virus are continuing to ‘flatten the curve’, and he is optimistic that measures such as lockdowns and social distancing will allow the nation to avoid the large-scale crisis that has hit some countries. However, the nation’s death toll from the virus has risen to 35; three of the four new fatalities in New South Wales had been on the ‘Ruby Princess’ cruise ship.

CORPORATES
AUSTRALIA. OFFICE OF THE CHIEF MEDICAL OFFICER

Bankers ready for GFC-style raising spree

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Original article by Anthony Macdonald, Sarah Thompson
The Australian Financial Review – Page: 15 & 20 : 6-Apr-20

Australian companies are looking to equity funding to assist them through the COVID-19 pandemic, and private equity firms are eager to participate in possible transactions. The ASX has temporarily amended its listing rules to allow companies to raise more funds via non-renounceable rights issues and share placements, while coronavirus-impacted companies that are tipped to undertake equity raisings include Virgin Australia, Sydney Airport and Tabcorp.

CORPORATES
ASX LIMITED – ASX ASX, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, SYDNEY AIRPORT – ASX SYD, TABCORP HOLDINGS LIMITED – ASX TAH, WEBJET LIMITED – ASX WEB, FLIGHT CENTRE TRAVEL GROUP LIMITED – ASX FLT, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, CORPORATE TRAVEL MANAGEMENT LIMITED – ASX CTD, BORAL LIMITED – ASX BLD, JAMES HARDIE INDUSTRIES PLC – ASX JHX, KATHMANDU HOLDINGS LIMITED – ASX KMD, NEXTDC LIMITED – ASX NXT, COCHLEAR LIMITED – ASX COH

Big super warns of cash-in risk

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Original article by Joanna Mather, Tony Boyd, Aleks Vickovich
The Australian Financial Review – Page: 1 & 8 : 3-Apr-20

Treasury has forecast that about $27bn in total will be withdrawn from superannuation funds after the federal government relaxed the rules governing early access for people who have been impacted by the pandemic. AustralianSuper CEO Ian Silk notes that industry estimates suggest that withdrawals could top $50bn. He adds that some super funds may struggle to cope with a big increase in withdrawals, but stresses that it will not be an issue for AustralianSuper. Silk also warns that a surge in withdrawals will affect the super industry’s capacity to invest in and recapitalise businesses when the crisis abates.

CORPORATES
AUSTRALIANSUPER PTY LTD