VIRUS DISEASES – AUSTRALIA

Third bailout being prepared as $66b injected to help first blows

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 23-Mar-20

The second stage of the federal government’s stimulus package includes the introduction of a welfare wage for workers who lose their jobs due to the coronavirus pandemic. They will be eligible for a fortnightly payment of up to $1,100, while the existing Newstart allowance will be increased and renamed the Jobseeker Payment. Workers who are stood down will also be able to withdraw up to $20,000 from their superannuation fund. Meanwhile, businesses with annual turnover of up to $50m will be eligible for a cash payment of up to $100,000. The government and the nation’s banks will also jointly provide a $40bn loan facility for small and medium enterprises.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

News vow: we won’t miss an edition

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Original article by Leo Shanahan
The Australian – Page: 21 : 23-Mar-20

The coronavirus pandemic has prompted a surge in sales and subscriptions for print and digital newspapers are consumers seek trusted sources of information in an era of ‘fake news’. News Corp Australasia’s executive chairman Michael Miller says the media group’s mastheads will continue to be published during the crisis, and none will miss any editions. Miller has held talks with more than 60 business leaders and advertisers in Australia over the last week, giving assurances that News Corp will continue to support them during the crisis.

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NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

PM looks to nationalise failing firms

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 20-Mar-20

The federal government may be forced to nationalise some companies as part of its response to the economic problems being caused by the coronavirus epidemic. Virgin Australia is cited as one company that the government cannot allow to fail, as having a domestic aviation network essentially dominated by one airline once the worst of the virus has passed would not be considered tolerable. Economist Chris Richardson notes that the government is going to have to spend huge amounts of money to fix the Australian economy "without batting an eyelid".

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VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH

Broadcast deal up in the air for AFL clubs

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Original article by John Ferguson
The Australian – Page: 3 : 18-Mar-20

The Australian Football League is said to be keen to roll over its broadcasting rights, for which the Seven Network and Fox Sports paid $2.5bn under the current five-year deal. The AFL faces a huge financial hit, with the home-and-away season to be reduced to 17 rounds and the initial rounds to be played in empty stadiums. The host broadcasters could also potentially seek a fee reduction under minimum delivery requirements in the current rights deal. On the other hand, the lockdown could result in a TV ratings boom for AFL matches.

CORPORATES
AUSTRALIAN FOOTBALL LEAGUE, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, FOX SPORTS AUSTRALIA PTY LTD

Operation Covid: save jobs

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Original article by Geoff Chambers, Simon Benson, Ewin Hannan, Robyn Ironside, Greg Brown
The Australian – Page: 1 & 6 : 18-Mar-20

The global death toll from the coronavirus has risen to 7,950; more than 197,000 people worldwide have been diagnosed with the respiratory illness, including 452 in Australia. The federal government will respond to the crisis with new measures aimed at supporting businesses and protecting jobs, in addition to the $17.6bn stimulus package that has previously been announced. Council of Small Business Organisations Australia CEO Peter Strong says many businesses could collapse without financial relief, with the potential loss of 500,000 jobs. The government will also provide a $715m financial assistance package for airlines, with Qantas CEO Alan Joyce warning that the virus is the "single biggest shock" the sector has ever seen.

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COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, QANTAS AIRWAYS LIMITED – ASX QAN

Retail, Transport and Manufacturing are the industries least likely to offer working from home

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Original article by Roy Morgan
Market Research Update – Page: Online : 18-Mar-20

The COVID-19 coronavirus outbreak has forced many employers to consider encouraging, or even forcing, their employees to work from home to reduce the possibility of the virus spreading around the community; however, this is not possible for all jobs. The latest in-depth employment data from Roy Morgan shows that 71% of employed Australians do no work from home, down by only 1% from a decade ago. In contrast, 29% of workers do undertake some work from home, up from 28%. Until this year, and the outbreak of the COVID-19 coronavirus, these figures have barely changed in the last 10 years. Importantly, there are several industries for which working from home is simply not an option for all employees. Over three-quarters of employees in the Retail (87%), Transport and Storage (82%), Manufacturing (82%) and Recreation and Personal (77%) do no work from home. There are two industries for which ‘doing some work from home’ is reported by almost half of the workforce including Finance, Property and Business Services (49% have done at least some work from home) and Communications (44%).

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ROY MORGAN LIMITED

Crown, Star close every second pokie to keep punters apart

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Original article by Jared Lynch
The Australian – Page: 19 : 17-Mar-20

Crown Resorts will shut down every second poker machine and electronic gaming table at its Melbourne casino complex. This follows the decision by Victorian Premier Daniel Andrews to declare a state of emergency, in order to try and curtail the spread of the coronavirus. The shutting of poker machines and electronic gaming tables is one of a number of social distancing measures that Crown will adopt at its Melbourne complex, with its social distancing policy being approved by the Victorian Chief Health Officer. Star Entertainment is shutting down half of the poker machines and electronic gaming tables at its Pyrmont casino in Sydney.

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CROWN RESORTS LIMITED – ASX CWN, THE STAR ENTERTAINMENT GROUP LIMITED – ASX SGR

Westpac CEO: banks strong, economy the risk

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 1 & 20 : 16-Mar-20

Westpac’s acting CEO Peter King says the coronavirus crisis represents a ‘real’ economy issue that needs to be dealt with accordingly. He says Westpac and the other big banks can cope with an increase in bad debts and a tightening of credit markets, but helping business customers that have no cash flow to remain operating will be their biggest challenge. King says Westpac is ready to play its part in slowing down the spread of the coronavirus within the community, with appropriate procedures in place if a staff member tests positive.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, MACQUARIE GROUP LIMITED – ASX MQG, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Virus to shatter weak consumer confidence

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Original article by Elias Visontay
The Australian – Page: 18 : 16-Mar-20

KPMG has stated that the coronavirus could result in an 0.9 per cent hit to the Australian economy in 2020, and that up to 36 million work days could be lost. Simon Bligh, the CEO of data analytics company Ilion, notes that there was a big jump in people falling behind in credit card and mortgage repayments in the lead-up to the virus outbreak, while he suggests that consumer confidence could fall to its lowest point since the global financial crisis as a result of the coronavirus. Bligh contends that the $750 payments being made to low-income earners as part of the federal government’s $17.6 billion stimulus program are a "great initiative".

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KPMG AUSTRALIA PTY LTD, ILION TECHNOLOGY CORPORATION

Warning virus could hit 20pc of NSW population

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Original article by Bo Seo Tom McIlroy
The Australian Financial Review – Page: 11 : 13-Mar-20

New South Wales chief medical officer Kerry Chant said on 12 March that COVID-19 could infect up to 20 per cent of the state’s population. Chant’s comments came as the number of COVID-19 cases in Australia rose past 150, with 78 of those being in NSW. International travel has now been banned for all federal MPs, while Prime Minister Scott Morrison has asked the government’s expert panel for advice on whether Australia should follow the US’s lead and ban all travel from Europe. NSW Health Minister Brad Hazzard said there were fears the COVID-19 outbreak could extend into the flu season, and he urged everyone to get their flu shots.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET NEW SOUTH WALES. MINISTRY OF HEALTH