Friday, July 24, 2020

Deficits to remain until 2041, debt unpaid until 2061 according to PWC modelling


Confirmation of deepening budget deficits and debt spiralling towards a trillion dollars paint a sobering picture of the economic crisis sparked by the pandemic. 

With hopes of a "back in the black" surplus now a distant memory, the advisory firm PWC warns the budget might not get back until balance for another twenty years and the debt bill unpaid until 2061. 




Thursday, July 23, 2020

"Eyewatering" deficit and debt, but economists say low interest rates means its manageable

Economists say the deepening budget deficit and spiralling debt confirmed in today's budget update is "manageable" because record low interest rates will remain low for years. 

ABC's Peter Ryan says the federal government had no choice to unleash massive emergency measures and impose a recession on the economy to respond the the COVID-19 crisis.


Wednesday, July 22, 2020

Qantas "queen of the skies" becomes "queen of the desert" as final 747 departs Sydney



It's been an emotional day for Qantas and many Australian travellers are the airline farewells the last of its 747 jumbo jets. 

The economic crisis from the pandemic forced Qantas to bring forward the retirement of its 747 fleet and this afternoon QF flight 7474 leaves Australian shores for its new home in the Mohave Desert in the United States. 







Tuesday, July 21, 2020

"A tsunami of insolvencies" - Small Business Ombudsman Kate Carnell warns some businesses won't survive JobKeeper pullback


Small Business Ombudsman Kate Carnell predicts a "tsunami of insolvencies" as emergency measures like JobKeeper are gradually wound back. 

Ms Carnell says some businesses now propped up as "zombie" companies would have crashed in normal circumstances and are only surviving because of the government payments. 

Kate Carnell speaks with ABC's Peter Ryan.


Renewable projects to create 76,000 jobs in post pandemic world - Climate Council report

The Climate Council says a blueprint to blitz renewable energy projects in post COVID19 economy will create 76,000 new jobs.

The proposal comes as the Federal Government prepares Thursday's budget update.

I speak with Climate Council board member Sam Mostyn and Alpha Beta director Andrew Charlton who has done the economic modelling. 


Monday, July 20, 2020

Global debt bubble growing as government weighs JobKeeper future

The economic fallout from the COVID19 crisis has seen corporate and government debt spiral into the trillions of dollars to keep businesses and households afloat during the pandemic. 

How to pay down that massive debt in a post-pandemic world is a major consideration as the federal government puts the finishing touches on Thursday's scheduled budget update. 

ABC's Peter Ryan speaks with Janus Henderson head of fixed interest Jay Sivapalan and ANZ Bank senior economist Cherelle Murphy.