Thursday, May 14, 2020

Jobless rate surges to 6.2pc in April as coronavirus cuts swathe through economy

Source: Australian Bureau of Statistics

Australia's unemployment rate has posted its steepest monthly rise on record, with 594,300 people losing their jobs in April as restrictions to limit coronavirus shut thousands of businesses and affected many more. 

Unemployment jumped 1 percentage point to 6.2 per cent, which would have been much worse except that many people did not look for work. 

Prime Minister Scott Morrison said Australians should prepare for more bad economic news.

ABC's Peter Ryan says the $130 billion JobKeeper program masks the reality of the jobless rate.


The charts from the ABS and JP Morgan paint a bleak picture of the human and social damage being inflicted on Australia's economy.













Queensland gov't confirms bid for Virgin Australia, but deputy PM says leave it to the market



The Queensland government's rescue bid for the troubled airline Virgin Australia has raised questions about the potential risk to taxpayers given the uncertainties of COVID-19 and the crisis in global aviation. 

Deputy Prime Minister Michael McCormack says governments should stay away and let markets decide. 

Aviation analyst Neil Hansford says the bid appears to be poorly thought out and that the Queensland Investment Corporation will be up against cut throat players experienced in aviation deals.

Here's my analysis from this morning's AM program




Wednesday, May 13, 2020

Commonwealth updates with $1.5b coronavirus hit to bank and risk of 32pc house price fall in "prolonged downturn"

Commonwealth Bank has sets aside a large pile of cash to cover expected COVID-19-related losses, as Australia's biggest home lender warns of a potential 32 per cent house price crash in a worst-case "prolonged" economic downturn. 

Here's my analysis from The World Today


Tuesday, May 12, 2020

Business conditions have plunged to levels not only below the global financial crisis but the last recession in the 1990s. 

A survey by the National Australia Bank for April shows all sectors are "deeply negative" with the exception of mining. 

Premier Investments says it will re-open its stores on May 15, after standing down 9,000 staff when restrictions were first introduced. 

Here's my analysis from The World Today



Alan Jones's retirement will spark mourning or celebration, depending on who you ask


Abrasive, divisive, kind, charitable, loyal, influential, and a very good hater with a long memory.
Perhaps not enough words to sum up shock jock Alan Jones, whose at times caustic broadcast style moulded the minds of his loyal conservative fan base as he aired personal grudges and spoke constantly in favour of climate change deniers. 
So how will Alan Jones be remembered? I depends who you ask.