Virgin boss Paul Scurrah urges aviation industry to "link arms" as he pleads for $1.4b taxpayer loan or bailout to avert national crisis

Virgin Australia chief executive Paul Scurrah says a $1.4b taxpayer loan is necessary to prevent the airline's collapse and a national aviation crisis. 

Speaking at an industry summit, former Labor Treasurer Wayne Swan says the lessons from the global financial crisis do not appear to have been learned and that consumers are frightened about Australia's economic future.

ABC's Peter Ryan listened in to the online summit

Jobless rates ticks slightly higher but economists warn of calm before the storm; ATO prepares for deluge as applications open for $130 billion JobKeeper program

Australia's official jobless rate ticked slightly higher to 5.2 percent in March, below estimates for 5.5 percent. 

But economists warn coming months will confirm a surge in unemployment with Treasury estimating a 10 percent jobless rate by mid-year. 

Applications for the $130 billion JobKeeper program open next week and will be administered by the Australian Taxation Office. 

Deputy commissioner James O'Halloran tells ABC's Peter Ryan the ATO will have strict checks and balances to ensure eligible workers get the money without delay. 

Business leaders begin lockdown debate as IMF warns economic damage will rival Great Depression; Kevin Rudd predicts "W" shaped recovery

Business leaders are questioning the economic damage from the coronavirus lockdown as the International Monetary Funds warns of the worst downturn since the Great Depression.

Former Prime Minister Kevin Rudd is sceptical of the IMF's forecast 6.1 percent bounce for Australia's economy in 2021, saying a "V" shaped recovery could become a volatile "W" shaped turnaround. 

Westpac's closely watched consumer confidence survey collapses with the biggest decline in its 47 year history exceeding the 1990s recession.

Peter Ryan analyses the latest for The World Today

Great Lockdown to rival Great Depression as global growth tanks, IMF warns

Australia will be swept up in the worst global downturn since the Great Depression with economic growth contracting sharply because of the coronavirus pandemic, the International Monetary Fund is warning. 

In its latest World Economic Outlook, the IMF predicts Australia's economy will shrink by 6.7 percent this year with unemployment surging to 7.6 percent and 8.9 percent in 2021. 

However, the IMF forecasts Australia will bounce back with 6.1 percent growth in 2021 if the pandemic is contained and restrictions ease, referring to a "swift and sizable" fiscal response. 

I speak with Ernst & Young chief economist Jo Masters who says Australia's economy might never be the same even in the best case scenario.

Young to be saddled with coronavirus debt bill without major tax reform, ANU tax expert Professor Robert Bruenig warns

Does the $320 billion coronavirus debt bill create an opportunity for big tax reform? 

Australian National University tax expert Professor Robert Bruenig says the family home should be in aged pension assets test, the goods and services tax should be raised, death duties considered, and state stamp duty replaced by land tax. 

ABC's Peter Ryan says tax reform is risky and potentially toxic for both major parties.

Jobless rate set to rise to 5.5pc in March with worse coronaviris fallout ahead

Australia's official jobless rate is expected to have risen to 5.5 percent in March with around 50,000 jobs disappearing. 

The update from the Australian Bureau of Statistics scheduled for Thursday will reflect the economic fallout from the coronavirus lockdown. 

The Reserve Bank is warning of potential falls in real estate values with the risk of "negative equity" for some borrowers as an outstanding loan exceeds the value of a property.

ABC's Peter Ryan with the latest