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.

I wrote this analysis shortly after news of his retirement was announced by the man himself on 2GB.

LISTEN: Six of Alan Jones's most infamous on-air tirades, from Julia Gillard to Jacinda Ardern

Jobless rates surges to 10pc, growth slides by 8pc - grim Reserve Bank downgrades forecasts. ME Bank backs down on loan redraw limit controversy

There's been a grim reality check on the economy from the Reserve Bank which see GDP growth going backwards by 8 percent in June as the pandemic locks down the nation. 

The official jobless rate will rise to 10pc in June with inflation turning negative consumers cut their spending.  

Also - ME Bank in backdown on loan redraw shock that damages bank's reputation.

Home office here to stay, hotdesking dead, social distancing new normal, KPMG forecasts

Advisory firm KPMG says remote working is here to stay, big corporates will reduce their city office spaces as workers stay home in the suburbs and high flying executives should say goodbye to international trips. 

KPMG Futures partner James Mabott says there could be an upside and tells ABC's Peter Ryan people are becoming kinder and reflecting on what really matters.

Real estate to suffer ten percent pandemic hit, ANZ warns as incomes tighten and jobless rate spikes

Australian property prices are in for a potential hammering, as the pandemic hits pay packets, and jobless queues grow. 

Research by ANZ Bank sees price falls of 13 percent in Sydney, Melbourne and Hobart as borrowers confront falling incomes and rising unemployment. 

ANZ senior economist Felicty Emmett tells ABC's Peter Ryan the official ABS employment rate masks great uncertainty in the economy. 

ME Bank apologises for loan redraw debacle but CEO Jamie McPhee rejects liquidity concerns in pandemic

ME Bank has been forced to make a humbling apology for raiding the redraw facilities on some mortgage accounts that left customers shocked and bewildered. 

Chief executive Jamie McPhee concedes the bank "messed up" when it changed rules at the height of the pandemic on how borrowers access extra payments already pumped into an account. 

While the bank says there are no concerns about the it's stability during the crisis, complaints from anxious customers have sparked the attention of financial regulators. 

ABC's Peter Ryan with the story.

Qantas extends flight cancellations for two more months, workers stood down until late June

Qantas has underscored the economic damage from the COVID-19 pandemic by extending its flight cancellations for another two months.

The airline will be burning through $40 million a week by next month to maintain operations but says it can withstand the scenario of flights not getting back to normal until December next year. 

Chief executive Alan Joyce flags cheaper flights once the recovery takes hold.

APRA asks ME Bank for "please explain" for tapping mortgage redraw facilities during crisis; deputy chair Helen Rowell says $1.3b in super released in first week of emergency access

The Australian Prudential Regulation Authority says $1.3 billion has so far been released to anxious Australians who have raided their superannuation after the federal government changed hardship provisions during the pandemic. 

APRA deputy chair Helen Rowell says the superannuation sector is acting responsibly in the crisis, but warned the regulator will take action against super funds that are holding back on urgent payouts to struggling Australians. 

Mrs Rowell tells ABC's Peter Ryan that APRA has asked the industry super backed M-E Bank for a "please explain" after the boutique bank tapped the redraw facility in some mortgages at a time of crisis.

Westpac profit dives as COVID19 bites, CEO Peter King pledges not to tap mortgage redraw facilities

Banking giant Westpac has revealed an ugly half-year profit result, which is down 62 percent to $1.2 billion. 

The bank has deferred its dividend to shareholders, and flagged $2.2 billion in charges for bad loans, which includes the potential impact of COVID-19. 

Mr King tells ABC's Peter Ryan that Westpac won't be following action of ME Bank, which has upset borrowers by tapping redraw facilities in mortgages.

Consumers increasingly cautious as pandemic tightens household budgets

Consumer spending is on a slide as COVID-19 pandemic tightens household budgets according to real time data from advisers Illion and AlphaBeta. 

Applications for new finance is down and shoppers are choosing Aldi and Costco over Coles and Woolies. 

ABC's Peter Ryan says initial government spending is starting to fade. 

Europe on brink of deep recession as Australian manufacturing crashes to worst level in 28 years

Europe is on the brink of a deep recession with the Eurozone economy contracting by 4.8 percent in the most recent quarter. 

European Central Bank president Christine Lagarde has warned of worst to come. 

Manufacturing in April crashed to worst level in 28 years according to a survey Australian Industry Group. 

AI Group chief executive Innes Willox tells ABC's Peter Ryan that employment will take years to recover from the economic lockdown. 

ANZ profit halves, flags loan impairments, Board defers dividend payment, CEO Shayne Elliott sees 3-5 years for full employment recovery

The ANZ Bank has become the latest major lender to reveal the impact of the pandemic on its bottom line. 

The bank's half year profit plunged 51 percent to $1.4 billion and the ANZ board has deferred its dividend payment to shareholders to keep cash on the balance sheet. 

Chief executive Shayne Elliott is bracing for profound economic fallout and says it could take 3 to 5 years for employment to fully recover.

Here's my analysis from The World Today

Coles sales surge as households hoard; CEO Steven Cain says restart of economy becoming urgent once COVID-19 is contained

Panic buying in the early phase of the COVID-19 restrictions has resulted in record sales for the Coles supermarket chain given the hoarding of toilet paper and more recently flour to feed a baking craze. 

While the behaviour of anxious shoppers have been great for the Coles bottom line, it's chief executive Steven Cain has become the latest business leader to say the time is getting closer to re-open the economy.

I spoke with Steven Cain after the sales results were released

Westpac reveals $2.2b coronavirus impairments, CEO Peter King says some businesses won't survive

The economic damage from COVID-19 is continuing to cut a swathe through the banking sector. 

Westpac has revealed $2.2 billion in impairments and says $1.6 billion is related to economic fallout from COVID-19. 

CEO Peter King says it's clear that not all businesses will survive.

Here's my report from The World Today

Toilet paper hoarding switches to baking craze as ALDI Australia boss Tom Daunt warns supply chains were initially pressured

From toilet paper and hand sanitizer hoarding - to the soaring demand for flour to feed Australia's home baking craze. 

Supermarket giant ALDI Australia managing director Tom Daunt says supply chains initially faced enormous pressure because of the unusual demand during the COVID-19 pandemic. 

Mr Daunt tells ABC's Peter Ryan he wants to see restrictions eased when the health crisis is contained and is cautiously leaving scrutiny of China's role in the pandemic to politicians.

NAB profit shredded, dividend slashed, as COVID-19 forces $3b capital raising

National Australia Bank has revealed a 51 percent fall in half year profit to $1.3 billion, attributing the plunge directly to fallout from COVID19. 

In the first move by any of the Big Four banks, the NAB will also slash its dividend to shareholders and is seeking to raise $3 billion to strengthen the bank's balance sheet as it confronts the deepest downturn since the Great Depression. 

ABC's Peter Ryan says NAB is predicting the jobless rate will peak at 11.7 percent.

Virgin Australia first creditors meeting to be virtual because of COVID-19 restrictions

What's expected to be a long and complex administration process to restructure Virgin Australia has been complicated by the COVID-19 lockdown. 

Justice John Middleton has approved changes to allow Virgin's first creditors meeting scheduled for next week to be online rather than as the normal physical gathering. 

ABC's Peter Ryan says Justice Middleton declared his interests as a potential creditor including Virgin tickets, frequent flyer points and membership of the Virgin lounge but would not be claiming.
.

Former Virgin high flyer John Thomas says airline can re-emerge as full service competitor to Qantas

One of Virgin Australia's former top executives believes the airline can re-emerge in a leaner meaner incarnation to ensure Qantas isn't handed a monopoly in Australian skies.

John Thomas - who left the embattled airline in 2017 after falling out over strategy- had been a contender to succeed then chief executive John Borghetti. 

Mr Thomas says if Virgin's administrators can find new owners and restructure $5 billion of debt, they should take Qantas on as a full service airline rather than become a budget competitor in the post COVID19 world.

I spoke with John Thomas on this morning's AM program

Sir Rod Eddington backs gov't 1.4 billion loan refusal to Virgin; points to leaner, meaner airline post administration

Virgin Australia is likely to re-emerge as a leaner and meaner airline with the company's administrators confident of selling it to one of ten interested parties within three months. 

Aviation veteran Sir Rod Eddington says the federal government was right to reject Virgin's bid for a $1.4 billion loan. 

ACCC chairman Rod Sims tells ABC's Peter Ryan it's now critical to ensure Qantas does not swamp the market and become a monopoly.

Airline operations industry on brink of collapse, as Swissport calls for $125m government lifeline

Airport logistics company SwissPort is poised to sack 80 percent of its workers unless it gets a $125 million lifeline from the Federal Government. 

Executive vice-president Glenn Rutherford says that without the cash injection to guarantee services like security and checkin, the sector could collapse even if travel restrictions are eased. 

Glenn Rutherford's warning comes as Virgin Australia's administrator is optimistic of restructuring and selling the airline in two to three months. 

ABC's Peter Ryan with the latest.

Virgin Australia boss Paul Scurrah upbeat in face of administration, "disappointed" but diplomatic on PM's rejection of $1.4b lifeline loan

Virgin chief executive Paul Scurrah remains upbeat about the rapid turnaround and sale of the stricken airline with ten potential suitors circling. 

However, Mr Scurrah said he was disappointed that the federal government refused to provide a $1.4 billion loan after eight meetings with the Prime Minister and Treasurer in recent weeks. 

He tells ABC's Peter Ryan that Virgin staff should be encouraged by comments from administrator Vaughan Strawbridge that no redundancies were being planned.

Virgin Australia in administration, but corporate undertaker Deloitte says no job cuts planned

Virgin Australia has entered voluntary administration after the Federal Government rejected its pleas for a $1.4 billion loan as global aviation reels from coronavirus fallout. 

Deloitte administrator Vaughan Strawbridge is cautiously confident the airline can be restructured and says there are no plans to sack staff, confirming the $1500 per fortnight JobKeeper supplement would be paid. 

ABC's Peter Ryan says if Virgin survives, it will be a vastly different airline.

Time up for Virgin Australia as corporate undertakers prepare to move in

Virgin Australia's administrators face the massive task of untangling high levels of debt and staff entitlements in the hope of restructuring the airline as a going concern and competitor to Qantas. 

ABC's Peter Ryan says the insolvency firm Deloitte is expected to be appointed as administrators later today.

Most Australians adhering to social distancing guidelines, official statistics show

Australians appear to be sticking to social distancing guidelines during the COVID-19 crisis, according to the Bureau of Statistics. 

Data for the first week of April shows 98 percent of the thousand people surveyed were social distancing, 88 percent avoiding public places and 87 percent using hand sanitiser more often.

However, the ABS says around 3 percent of people with a job in March didn't have one in April. 

ABC's Peter Ryan explains.

Real jobless rate to smash official forecasts, Grattan Institute warns

 The economic toll from the coronavirus lockdown is now becoming apparent with one prediction that as many as 26 percent of Australians could be out of work in the coming weeks. 

The Grattan Institute says while the federal government's $130 billion JobKeeper program will keep the official jobless rate much lower, there's growing alarm that the reality will be much more brutal. 

ABC's Peter Ryan with this analysis.

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

Negative equity incidence to rise as coronavirus shock hits economy and takes real estate prices down with it

The Reserve Bank's Financial Stability Review says Australia is feeling the full force of "significant strains in the global financial system" and high levels of uncertainty about the size and duration of the economic downturn.

The review signals that Australia's still-hot real estate market will be unable to escape - and negative equity is a risk.

Financial Stability Review, 9 April 2020

Prepare for steep house price falls and negative equity "at margins", warns Bank of Queensland boss George Frazi

Bank of Queensland chief executive George Frazis warns of steep fall on housing prices as coronavirus fallout bites and that, at the margins, there could be some cases of negative equity. 

But Mr Frazis tells AM, the federal government is likely to step in with more stimulus if unemployment goes into double digits to protect distressed borrowers. 

The banking veteran tells ABC's Peter Ryan, the key to any economic recovery is lifting lockdown measures sooner rather than later. 

HSBC Australia confirms potential money laundering breaches as it works with AUSTRAC

Global banking giant HSBC has quietly outed itself to Australia's financial crime agency for potential breaches of anti-money laundering laws by failing to report transfers to foreign banks and institutions. 

HSBC joins other banks including Commonwealth Bank and Westpac which have been implicated in breaches of anti-money laundering laws. 

ABC's Peter Ryan with this analysis for The World Today.

Read the story here

"Helicopter money" to households an option as gov't, RBA confronts coronavirus crisis. I speak with economists Andrew Charlton and Stephen Halmarick

The extreme measure of "helicopter money" is on the table as an option to resuscitate the economy one it begins to crawl out of the coronavirus lockdown. 

Economist Andrew Charlton, who advised Kevin Rudd during the global financial crisis, says the risky strategy where money is printed and pumped to households might have to be considered. 

Commonwealth Bank chief economist Stephen Halmarick agrees the measure would be extreme and says without massive government and Reserve Bank stimulus, the economy would have tipped into a crisis beyond a deep recession. 

Here's my report from this morning's AM program.

Virgin Australia boss says $1.4 billion taxpayer rescue loan now critical for airline's survival

The stakes are getting higher for Virgin Australia as the airline pleads for a $1.4 billion loan from the federal government. 

Virgin's chief executive Paul Scurrah has not set a deadline for assistance but is betting the Prime Minister won't want to hand Qantas a monopoly if Virgin collapses. 

Mr Scurrah has also tapped Virgin's major investors including Singapore Airlines, Etihad and the Chinese group HNA but says they face the same global predicament. 

Paul Scurrah spoke with ABC's Peter Ryan.

News Corp Australia chairman Michael Miller on community print shutdown, cites successive gov't bungling on reining in tech titans Facebook and Google

News Corporation Australia executive chairman Michael Miller speaks with ABC's Peter Ryan on the media giant's decision to suspend hard copy print runs for 60 community newspaper titles.

Mr Millers says the coronavirus has accelerated a rapid deterioration in advertising revenue but that the refuse of the tech titans Google and Facebook to pay for content continues to harming the media industry.

LISTEN TO THE INTERVIEW HERE

Westpac's new chief Peter King on rising jobless - not all borrowers will survive coronavirus emergency

Westpac's newly-appointed chief executive Peter King has warned the risk of spiralling unemployment means not all borrowers will survive the coronavirus emergency.

The Westpac veteran says more than a hundred thousand people are being helped to manage their repayments during the crisis amid expectations of a recession and a jobless rate of ten percent. 

Mr King replaces Brian Hartzer who resigned after last year's money laundering scandal - and he spoke with ABC's Peter Ryan.

Locked down workers swamp internet, new Optus boss Kelly Bayer Rosmarin says coronavirus app usage up as much as 1125 percent

New Optus chief executive Kelly Bayer Rosmarin says demand for high speed internet has surged during the coronavirus lockdown as millions of Australians work from home. 

Data from the telco giant shows online meeting apps are putting extraordinary pressure on networks with the use of the Zoom service up 1125 percent. 

The former Commonwealth Bank senior executive says Optus is hiring as many as 500 recently laid-off staff including some from the airline Virgin Australia. 

Speaking with ABC's Peter Ryan, Ms Bayer Rosmarin backed Scott Morrison's $320 billion emergency package and is confident Australia will come out of the coronavirus crisis stronger.

Coronavirus rescue to push government debt to a trillion dollars, UBS warns. Businessman Graham Bradley backs extraordinary measures, likens crisis to WW2

The looming cost of shielding businesses and households from the worst of the coronavirus is set to push Australia's debt to eye-watering levels. 

Some economists predict the debt bill could eventually exceed a trillion dollars as the Prime Minister does "what it takes" to get Australia to the other side of this crisis. 

But prominent businessman Graham Bradley says all the normal rules have been put aside for now as Australia deals with the biggest challenge since World War 2. 

Mr Bradley speaks with ABC's Peter Ryan.

Economists applaud $130b jobs package but warn deep recession is inevitable. I speak with UBS Australia chief economist George Tharenou

Economists have welcomed the Prime Minister's $130 billion rescue package to keep as many as six million Australians in jobs. 

But UBS Australia chief economist George Tharenou predicts a deep recession with GDP diving ten percent in the second quarter of 2020 with the jobless rate of 10.5 percent. 

Mr Tharenou speaks with ABC's Peter Ryan.

"We'll keep the lights on": AGL boss Brett Redman on energy grid security during COVID-19 crisis

AGL chief executive Brett Redman tells AM despite the risk of workers going down with COVID-19, he's confident about "keeping the lights on". 

With the national energy grid an essential service, he outlines contingency plans AGL has such as special backup accommodation for isolating any infected staff. 

Mr Redman backs the PM's $130 billion wages subsidy scheme and tells ABC's Peter Ryan it will be critical in keeping the wheels of the economy turning. 

Commercial landlords under moral pressure not to evict business tenants as banks extend six month loan holiday - if they "do the right thing"

Major banks have put commercial landlords under moral pressure not to evict tenants or terminate leases. 

Landlords will be extended a six month loan repayment holiday on the condition that they  "do the right thing" and agree to throw distressed tenants a lifeline. 

Australian Banking Association chief executive Anna Bligh tells me despite the measures,  there's more pain to come. 

Also, the Foreign Investment Review Board will now scrutinise all proposals in a tightening of rules to protect Australian assets and distressed companies from potential raids. ABC's Peter Ryan with this analysis.

Flight Centre, Premier Investments latest in coronavirus stand-downs; Virgin boss flags 1000 redundancies

Flight Centre will stand-down 3,800 Australian staff as the coronavirus fallout bites in the economy. 

The retailer Premier Investments is standing down 9,000 staff globally and will closes all its Australian stores after close of business today. 

The Australian Bureau of Statistics says about half of businesses surveyed say they are experiencing an "adverse impact" from the coronavirus. 

ABC's Peter Ryan with this analysis.

US jobless rate set for coronavirus spike as companies lay off workers

Economists predict US weekly jobless claims out this evening could surge by between a million and four million as companies lay off workers. 

Westpac predicts Australia's jobless rate will spike to 11 percent by mid-2020 and that a likely deep recession that will be worse than the global financial crisis a decade ago. 

As government debt spirals, market analyst Russ Mould says future generations will be left with a mind-boggling bill.

Here's my report from this morning's AM

Jobless rate to spike to 11pc; Virgin stands down 8,000 staff

Westpac predicts the unemployment rate will spike to 11 percent by mid-2020 and that Australia will fall into a deep recession that will be worse than the global financial crisis a decade ago. 

At the same time, Virgin Australia to stand down 80 percent of its 10,000 staff as the coronavirus freezes global aviation. 

The airline will cut its flight capacity by 90 percent and ground 125 aircraft. 

Here's my report from The World Today

Jobless rate could spike into double digits as coronavirus derails economy. I speak with Commonwealth Bank head of global economics Stephen Halmarick

 LISTEN

From ABC colleague David Taylor @DaveTaylorNews

Banks to defer loan repayments to small business, NAB extends six month offer to residential borrowers. I speak with NAB boss Ross McEwan

Australia's major banks have announced action to protect households and consumers from the economic fallout from the coronavirus. 

Small businesses will be given a six month deferral on their loan repayments to help get them through the tough months ahead.

The National Australia Bank is going a step further, offering the same relief to residential mortgage customers. 

Chief executive Ross McEwan tells ABC's Peter Ryan Australia is facing a risk that eclipses the global financial crisis a decade ago.

Coronavirus shaping as bigger threat than GFC, warns CBA boss Matt Comyn

Commonwealth Bank chief executive Matt Comyn warns the coronavirus pandemic is shaping up as a much bigger threat than the global financial crisis.

In an interview with ABC colleague Elysse Morgan, Mr Comyn says not all businesses will be saved and direct government payments might be needed.

Reserve Bank to cut cash rate, embark on money printing program to confront cororavirus crisis

The Reserve Bank is tipped to make an emergency interest rate cut to a new low of 0.25 percent today as it unleashes a quantitative easing program to cushion the economy from the coronavirus crisis. 

Also, banks are coming under pressure to offer deferred loan repayments to small and medium businesses as ANZ economists predict a recession and a jobless rate of 7.8 percent. 

ABC's Peter Ryan analyses the latest move by the Reserve Bank.

Coronavirus - coming to you from the ABC's newest home bureau

Virgin Australia grounds all international flights as coronavirus takes airlines to brink

With global travel in lockdown, the airline Virgin Australia will suspend all international flights and halve its domestic services. 

The drastic action comes as Virgin joins others in the aviation industry struggling to survive as the coronavirus pandemic begins to freeze the global economy. 

S&P Global Ratings predicts that world will be unable to avoid a recession with the US and Europe facing a deep downturn. 

ABC's Peter Ryan analyses the developments for The World Today.

Reserve Bank sees rapid coronavirus recovery as “very unlikely” and braces for “significant effect” on economy

The Reserve Bank believes the scenario of a rapid recovery from the coronavirus outbreak is “very unlikely” and that it’s realistic to consider the fallout will have a “significant effect” on Australia’s economy.

The prediction in the minutes from the RBA board’s meeting a fortnight ago comes as panic selling on global markets fuels fears that the world is heading into a deep recession even with emergency rate cuts by central banks.

Board members noted that since it’s previous meeting in February that “it had become increasingly clear that the spread of the novel coronavirus would cause major economic disruption around the world.”

“There was an increasing probability that people would seek to avoid gatherings, including public transport and perhaps workplaces.

“It was too early to predict how persistent these effects would be and at what point economic activity would rebound.”

Effectively looking into a crystal ball, the board acknowledged that COVID-19 had forced some central banks to consider interest rate cuts, accelerating the RBA’s decision to cut rates on March 3 to a new record low of 0.5 percent.

The Reserve Bank is likely to cut the cash rate again to 0.25 percent later this week when RBA governor Dr Philip Lowe issues an unscheduled policy statement that could include the move to buy bonds and assets through quantitative easing.

Since the March meeting, the US Federal Reserve has made two emergency interest rate cuts of 1.5 percentage points after heaving selling on Wall Street saw US shares tumble in volumes not seen since the 1987 sharemarket crash.

At the time of the March meeting, the Board believed international financial markets were “functioning effectively despite the sharp rise in volatility”.

The minutes note that despite a freeze in supply chains from China, its demand for coal had not reduced and iron ore imports had not been significantly affected.

The board believes Australian will benefit in late 2020 when Chinese growth rebounds in a race to make up for lost production.

But reflecting previous public statements, the Board acknowledged that COVD-19 was hurting Australia’s economy particularly in education, transport and tourism.

In addition to the coronavirus impact, the minutes note that bushfires over summer will have damaged growth in both the December and March quarters.

The board said that an extended period of low interest rates would be required and that it was prepared to cut the cash rate again to support Australia’s economy.

The RBA board’s next scheduled meeting is on April 7, but it is becoming likely that the monthly gathering will be pre-empted by an emergency rate cut this week.

Follow Peter Ryan on Twitter @peter_f_ryan

Australian shares plunge again as Dow hits lowest level since 1987 crash; Virgin slashes flights, Flight Centre to close stores

Australian shares have tumbled more than seven percent after Donald Trump's shock travel ban between Europe and the US has exacerbated steep falls on global sharemarkets. 

On Wall St, the Dow Jones Industrial Average ended 9.9 percent lower in the worst single day percentage fall since the 1987 sharemarket crash.  

Virgin Australia has slashed capacity and Flight Centre will close 100 stores. 

ABC's Peter Ryan with the latest.

Trump travel ban prompts market meltdown as Dow hits lowest level since 1987 crash, Federal Reserve pumps US$1.5 trillion into system as fear index surges

Donald Trump's shock travel ban between Europe and the US has exacerbated steep falls on global sharemarkets. 

On Wall St, the Dow Jones Industrial Average ended 9.9 percent lower in the worst single day percentage fall since the 1987 sharemarket crash. 

Fears are rising that fallout from the coronavirus could trigger a new global financial crisis. 

ABC's Peter Ryan with the latest.

Coronavirus stimulus seen as measured, responsible - if households spend rather than save

Economist Warren Hogan says the major challenge for Scott Morrison's emergency stimulus is to ensure households spend the $750 handout rather than use it to pay down debt. 

But Professor Hogan tells ABC's Peter Ryan that the Prime Minister has sent the message that he is in control.

Reserve Bank deputy governor Guy Debelle says economy will bounce back from coronavirus hit

The RBA says lower interest rates as well as the Federal Government's pending stimulus package will cushion the economic impact of coronavirus, and Australia will bounce back quickly once the virus is contained. 

Deputy governor Guy Debelle says iron ore and coal exports are likely to benefit with Chinese authorities expected to unleash massive economic stimulus.

Here's my analysis from The World Today

Uneasy calm in Australia as PM outlines emergency stimulus plans; Qantas cuts more capacity, puts staff on paid leave

An eerie but cautious calm has descended over the Australian sharemarket after the worst global selloff since the depth of the global financial crisis. 

But Australian stocks have so far avoided the steep plunge on Wall Street earlier today but the dual forces of the coronavirus and an oil price shock has investors bracing for more wild swings amid fears of a global recession. 

With nerves taking grip in Australia, the Prime Minister Scott Morrison has urged businesses to do what it takes to keep staff on as Qantas puts workers on paid leave to stave off redundancies.

ABC's Peter Ryan with the latest

Wall Street in 8 percent coronavirus plunge as oil price collapses; former Labor Treasurer Wayne Swan calls for decisive action on emergency stimulus

Global sharemarkets are in the midst of the deepest shock since the financial crisis a decade ago as the coronavirus and an oil price crash strike fear and panic into investors. 

Wall Street has plunged a massive eight percent following similar heavy selling across Europe. 

Prime Minister is outlining his emergency stimulus plan to protect businesses and to keep consumers spending. 

Former Labor Treasurer Wayne Swan tells ABC's Peter Ryan the current government needs to "act decisively".

Golden opportunity - Gerry Harvey says coronavirus stimulus a boost to local business

Businesses are bracing for the impact of a possible global downturn fuelled by the coronavirus and the rising probability of a recession here in Australia later this year. 

With the forecast budget surplus now almost certainly toast, Treasurer Josh Frydenberg is preparing to roll out an emergency stimulus package perhaps this week to keep businesses open and consumers spending. 

But businessmen Gerry Harvey tells ABC's Peter Ryan says the crisis is an opportunity to help revive local companies who've been hurt by cheap imports from China. 

39 million deaths, trillion dollar slice from global economy, as PWC warns on coronavirus toll

There are alarming projections about that human toll from the coronavirus with one warning that as many as 39 million people could die in a pandemic. 

The dire outlook from the advisory firm PriceWaterhouseCoopers warns half the world's population could contract the deadly disease over the next year. 

PWC says a US$1 trillion could be carved from the global economy and $34 billion dollars in Australia where the government's forecast surplus could swing into a heavy deficit not seen since the global financial crisis. 

ABC's Peter Ryan with the latest on the economic fallout.

Reserve Bank warns coronaviris hit puts economy on recession alert, deputy governor Guy Debelle in sombre parliamentary appearance

The Reserve Bank predicts the coronavirus will carve 0.5 percentage points from the economy taking Australia into recession territory after 29 years of unbroken growth. 

Deputy governor Guy Debelle warns the hit to tourism and tertiary education on their own will damage economic growth. 

The International Monetary Fund is the latest global authority to act and will provide U$50 billion in grants and emergency funding. 

ABC's Peter Ryan analyses the latest developments

Australia's economy beats expectations ahead of bushfire, coronavirus impacts. But could the 29 year recession free run soon be at risk?

There's some positive news on Australia's economy with official growth figures for the final three months of last year coming in better than expected. 

But unexpected growth of half a percent in the final quarter of 2019 might be a end of a positive run with the coronavirus and bushfires in south eastern Australia likely to push the economy into recession territory later this year. 

ABC's Peter Ryan analyses the risks.

Emergency rate cut in US fails to calm investors spooked by coronavirus; AMP chief economist Shane Oliver warns of economic contraction later this year

The US Federal Reserve has cut its main interest rate by half a percentage point, in an emergency move to counter the rapidly spreading coronavirus. 

The rate cut underscores the seriousness of the crisis and follows yesterday's 0.25 percentage point reduction by Australia's Reserve Bank. T

The action by America's central bank comes as economists wait on the latest official GDP data out later this morning which is expected to confirm a slowing economy. 

ABC's Peter Ryan analyses the central bank intervention.

Reserve Bank in cash rate cut to confront coronavirus outbreak

Here's my report for a special edition of The World Today

Coronavirus biggest economic danger since GFC, warns OECD; Wall Street surges on central bank intervention, Dow ends up 5.1 percent

The coronavirus is the biggest risk to the world's economy since the global financial crisis more than a decade ago, the OECD has warned. 

Australia's economy has been singled out given the hit to tourism and education along with Japan and South Korea. 

At the same time, Australia's Reserve Bank appears almost certain to cut interest rates to calm nerves about a pandemic.

Here's my analysis from this morning's edition of AM

Woolworths, Virgin on coronavirus alert as ACCC boss Rod Sims warns of scams

Coronavirus fears are continuing to bite into business and the broader economy, with the Treasurer Josh Frydenberg warning Australia won't be immune from any global shock. 

The retail giant Woolworths says its on alert about delays in products sourced in China and its ability to service Chinese supermarket customers. 

Virgin Australia is slashing flights as the coronavirus cuts demand as the airline reported an $88 million half year loss. 

ACCC chairman Rod Sims tells ABC's Peter Ryan he's expecting coronavirus scams.

Coronavirus fears extend Wall Street plunge as economic damage deepens

Wall Street has fallened heavily again as global fears accelerate about the rapid spread of the coronavirus. 

The Dow Jones Industrial Average ended 3.1 percent weaker after the US Centers for Disease Control said American communities should prepare for more cases. 

Treasurer Josh Frydenberg has warned the coronavirus epidemic will take a bigger toll on Australia's economy than the recent bushfires crisis. 

But despite the human and economic damage, Mr Frydenberg is refusing to back away from a forecast budget surplus - one of the government's key election platforms last year.

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

Australian markets rocked on coronavirus fears

Australian shares have dived on fears the the coronavirus has spread beyond China into South Korea and northern Italy. 

On Wall Street, the Dow Jones Industrial Average lost all of the years gains ending down more than 1,000 points or 3.65 percent.  

CMC Markets chief strategist Michael McCarthy tells ABC's Peter Ryan the coronavirus contagion could spark a correction.

Italy the new coronavirus red zone, global markets plunge, Wall St ends down 3.56pc

Global markets have plunged on fears the the coronavirus has spread beyond China into South Korea and northern Italy. 

On Wall Street, the Dow Jones Industrial Average lost all of the years gains ending down more than 1,000 points or 3.65 percent. 

The risk posed to Europe is now ringing alarm bells for investors with villages locked down north of Milan, raising the prospect of border controls across the continent. 

ABC's Peter Ryan analyses the latest chapter in coronavirus contagion.

Energy grid security and stability critical after extreme summer weather, warns Energy Security Board chairman Dr Kerry Schott

The reliability and stability of Australia's power grid is now at a "critical" status according to a report out this morning from the Energy Security Board. 

In its annual health check of the grid, the Board says extreme weather over the summer and strain on ageing coal fired power stations stretched the capacity of the system. 

On the upside, the rapid growth in wind and solar generation could see renewable energy account for 40 percent of consumption by 2040 but that's also posing a threat to keeping the lights on. 

Energy Security Board's chairman Dr Kerry Schott speaks with ABC's Peter Ryan.

Qantas slashes flights to Asia, warns coronavirus outbreak could cost it $150 million

Qantas will slash flights across Asia as the coronavirus crisis continues to damage airlines around the world. 

The airline said a lockdown on travel due to the virus will carve between $100 million to $150 million out of its earnings. With both international and domestic flights cut, Qantas jobs could be in jeopardy with 700 staff being put on paid leave. 

Qantas boss Alan Joyce speaks with ABC's Peter Ryan.

Photo: Peter Ryan, ABC

Coles admits underpaying staff, sets aside $20 million for repayments

Supermarket giant Coles has becomes the latest major retailer to be caught up in a worker underpayment scandal. 

Coles has admitted a $20 million payroll "discrepancy" going back over six years. 

The Coles underpayment comes as the federal government threatens to ratchet up penalties for employers who rip off their workers.

Here's my coverage from The World Today

Toll Group systems recovering after cyber attack and ransom demand

Freight and logistics company Toll Group is recovering from a criminal cyber attacks that took many of its IT systems off line. 

Cyber security experts warn the attack is a wakeup call for companies that have become increasingly exposed to sophisticated cyber gangs based overseas. 

Here's my report from The World Today

Bushfires, climate risk highlight need for long term resilience, insurance adviser AON warns. I speak with Peter Cheesman head of Asia Pacific analytics at AON

Global insurers are continuing to count the cost from the recent bushfires crisis in Australia while calculating the risk of future climate related catastrophes. 

One of the world's biggest insurance consultants AON says the bushfires represent Australia's fifth biggest insurance loss in twenty years. 

Peter Cheesman, AON's head of Asia Pacific analytics tells me the recent Australian economic losses of US$5 billion are enhanced by changing climate conditions that trigger extreme weather events.

Could universal aged pension be answer to complex retirement system? Mercer Consulting partner David Knox wants means testing scrapped

Mercer Consulting has proposed a universal aged pension that would see the currently complex system of means testing wealth and assets scrapped. 

The submission comes as the Federal Government's retirement system review gets under way. 

Mercer Consulting senior partner David Knox tells ABC's Peter Ryan, a universal "pension for all" would stop retirees from using complex scheme to ensure they are eligible for the aged pension.

Coronavirus spread looms as a risk for Commonwealth Bank as profit falls. I speak with CBA boss Matt Comyn.

The spread of the coronavirus is now is significant economic risk on the radar of the Commonwealth Bank.

The CBA's chief executive Matt Comyn expects the coronavirus impact will contribute to a negative quarter of economic growth for the first three months of this year. Mr Comyn also says climate risk is now factored into the bank's decisions including fossil fuel investments.

The two headwinds of bushfires and coronavirus come as the Commonwealth Bank posted a four percent fall in half year cash profit to $4.47 billion. 

Matt Comyn spoke with ABC's Peter Ryan.

JB Hi Fi boss Richard Murray shrugs off coronavirus fears but worries about aggressive interest rate cuts

The electronics retailer JB Hi Fi has shrugged off fears about any immediate impact from the coronavis and is defying forecasts about a "retail recession" in Australia. 

The company has posted a nine percent surge in half year profit to $174 million with sales in the same period up four percent to $4 billion. 

But JB Hi Fi chief executive Richard Murray worries that dramatic interest rate cuts by the Reserve Bank might be sending the wrong message to consumers - and eroding confidence rather than boosting it.

I spoke with Richard Murray on this morning's AM program