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Australia passes $130 billion jobs-rescue package
That’s $80B in USD
Australia’s package is subsidizing wages and means the government will pay wage subsidies of A$1500 biweekly. It’s equivalent to 70% of the median wage and can be paid for six months.
Countries have increasingly shifted to plans like this that aim to keep people ’employed’. The thinking is that it will allow people to continue to contribute to their workplace in some way. It will also allow companies to gradually ramp up as the virus subsides.
Total Australian spending on COVID-19 is now A$320B, which is 16.4% of GDP.
RBA has said GDP is down 2.8% so far.
AUDUSD higher on stimulus package
Stalling at swing highs going back to March 27 0.61995 after breaking 0.61827. The high from April 1 and March 30
Resistance 0.6207. High from yesterday’s trade and 0.6213. High from March 31
Australian national cabinet meeting to discuss economy re-opening scheduled Thursday
Federal and State governments to discuss on Thursday 16 Apr 2020
Plans for Australia to exit current scale of lockdown to be discussed
The spread of the virus in Australia has slowed (for global info, check out this link)
The shutdown is estimated (these vary widely) to be costing around $550 million a day in lost GDP
Staged lifting of restrictions will begin with those least likely to rekindle the infection rate.
[b]
Health Minster Greg Hunt:[/b]“The latest data shows that we have had consistent growth in new cases of below 2 per cent a day”
“What that means is that we are now beginning to see a consolidated flattening of the curve.”
“That doesn’t mean we’re out of our challenge. There is still growth and there could, at any time, be outbreaks and spikes. But this is a cause for real hope and real aspiration.”
[b]
NSW hardest hit state but data shows rapid improvement[/b]number of people in intensive care in NSW has fallen to 30
21 on ventilators – which is 2% of currently available ventilators (another 3000 of the machines are on order)
The most popular sport – the NRL Rugby League competition has announced they will recommence on May 28 behind closed doors
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