Today's News - Thursday 21 May 2020
Today's News - Thursday 21 May 2020
Our Backyard (Australian News)
The Morrison government is considering a proposal to allow young Australians to stay on their parents' private health insurance plans until the age of 30, backed by health funds desperate to slow a fall in membership due to the COVID-19 pandemic. Catholic Health Australia, a major private hospital operator, wants the rules changed so that family cover can be used beyond the current age cut-off of 25, as thousands of young people ditch their health insurance amid rising unemployment.
The head of a long-running inquiry into alleged war crimes committed by Australian Special Forces in Afghanistan has warned that the findings will cause "distress" for some soldiers involved. Since 2016, New South Wales Justice Paul Brereton has been assisting the Inspector General of the Australian Defence Force (IGADF) in examining claims elite troops killed unarmed Afghan men and children.
Key points:
- Concerns were raised about the impact of the inquiry on current and former soldiers
- Justice Brereton said the prospect that the report would distress some "cannot be completely avoided''
- Psychological support is expected to be provided to soldiers ahead of the investigations findings
An infant girl (20 month old girl) has tragically died after being hit by a 4WD overnight and a Sydney jogger has been left critically injured in another crash.
ACT Chief Minister Andrew Barr has endorsed a suggestion Canberra residents should be granted a special exemption to travel to Queensland and South Australia for holidays.
It came after Deputy Chief Minister Paul Kelly weighed in on the domestic border debate, saying while it was up to states to decide whether to allow interstate travel, he could not see a medical reason for preventing it.
https://www.abc.net.au/news/2020-05-20/coronavirus-live-news-covid-19-latest-state-borders/12265004
Hundreds of thousands of Australians have lost their jobs during the pandemic. But one group has actually been enjoying a pay rise. Pay rise for under-20s during COVID-19 pandemic.
In other news The number of new homes forecast to commence in NSW next year is around half that in 2019, putting tens of thousands of jobs at risk.
The Housing Industry Association says the shock caused by halting overseas migration, no international students and uncertainty over the domestic economy due to the coronavirus pandemic will trigger a 28 per cent fall in new home starts this financial year and a further 34 per cent in 2020-21.
National Australia Bank is ending its contract to have homebuyers purchase insurance from Genworth Mortgage Insurance Australia, in a further blow to the listed insurer's business as it braces for higher claims sparked by the coronavirus crisis.
Economists say the worst wave of coronavirus recession job losses appears to have passed, with the JobKeeper subsidy resulting in a recent employment bounce in hospitality, recreation and the arts.
Key points:
- The number of employees on payroll fell 7.3pc between the week ending March 14 and the one ending April 18
- NSW's northern coast has seen the biggest fall in employment, along with tourist areas in Qld, SA, Vic and Tas
- CBA predicts that Victoria and NSW will take the biggest economic hit from COVID-19, with WA and the NT faring best
The Federal Government has unveiled its long-awaited "technology investment roadmap" setting out Australia's energy priorities as it seeks to bring down carbon emissions over the next 30 years.
Key points:
- More than 140 technologies including hydrogen, renewables, biofuels and carbon capture and storage were given consideration
- Australia has flexibility in using natural gas energy as the world's largest LNG exporter
- Nuclear power was acknowledged for its potential, but cost and environmental factors had to be considered
State bans on coal seam gas development would be scrapped and the Federal Government would underwrite gas prices and massively subsidise costs and investment for gas companies, under confidential plans for a "gas-led manufacturing recovery" post-COVID-19.
Key points:
- Leaked documents reveal a draft plan calling for massive gas subsidies and public investment
- The interim report also calls for reduced 'green and red tape' and an end to all fracking moratoriums in NSW and Victoria
- The National COVID Coordination Commission has several members with deep links to the gas industry
Regional businesses have warned the NSW Government's "cavalier approach" to easing coronavirus travel restrictions puts communities in danger. NSW Premier Gladys Berejiklian yesterday encouraged people to book a holiday in NSW from June 1, insisting "we intend to keep our borders open".
Key points:
- Travel restrictions will ease from June 1 in NSW
- A tourism boss said it could be too soon and put local communities at risk
- Vendors argued the 10-person dining rule would damage regional tourism
Deputy Chief Medical Officer Paul Kelly says he is ready to meet the WA Premier "any time", after Mark McGowan said he did not know who he was amid an ongoing feud between state premiers over border closures. Mr McGowan hit back at calls from the New South Wales and federal governments for interstate borders to be reopened, saying he would not be "bullied" by a state that allowed the Ruby Princess disaster to unfold.
Key points:
- Paul Kelly says there is no medical reason borders should stay closed
- The WA Premier has refused calls from NSW to reopen borders
- WA, Queensland, SA, the Northern Territory and Tasmania have all closed their borders indefinitely
Sydney will need three square kilometres of car parking if a third of commuters who habitually use public transport start driving to work because of the pandemic, according to new research.
The research by an independent transport consultancy found Sydney's CBD would hit gridlock unless more than 500,000 people who previously used peak hour public transport worked from home, shifted to off-peak travel or cycled and walked.
A University of Queensland (UQ) student has "walked out" of a closed disciplinary hearing to decide whether he should be expelled, calling it a "kangaroo court." In July 2019, philosophy student Drew Pavlou organised a pro-Hong Kong rally at the UQ Brisbane campus, during which protesters and supporters of the Chinese Government clashed and Mr Pavlou was allegedly assaulted.
Key points:
- The University of Queensland has previously faced criticism over its ties to the Chinese Government
- A spokesperson for UQ said the university was "an active defender of freedom of speech"
- The disciplinary board indicated it may make a decision in Mr Pavlou's absence
Shoppers who spent March panic buying tinned food, toilet paper and pasta shut their wallets in April, sending retail sales plunging last month. Preliminary figures from the Australian Bureau of Statistics (ABS) show a 17.9 per cent drop in retail turnover — the steepest monthly fall on record.
Key points:
- Preliminary figures show a 17.9 per cent plunge in retail turnover in April
- Sales of non-perishable groceries dropped by nearly a quarter, as coronavirus stockpiling subsided
- Transaction data shows an improvement in May, but Diana Mousina from AMP Capital says the recovery remains shallow for now
Supermarket giant Woolworths has joined an $8 million funding round for consumer brand builder Eucalyptus, marking the corporate's second-ever private startup investment.
Woolworths, through its venture capital arm W23, invested in Eucalyptus' Series A round alongside Australian venture capital firm Blackbird and a suite of investors, including Comcast Ventures managing director Daniel Gulati who had already participated in earlier funding rounds.
Doors reopened at the Platypus shoe store in the Melbourne Central shopping centre last week, but it wasn't the first time staff had returned to work since it shut in late March.
Key points:
- Australia Post says online shopping has increased by 80 per cent compared to last year
- Footwear retailer Accent Group operated 'dark stores', fulfilling online orders while shops were shut to customers
- "One in three of the consumers we surveyed said that they would continue this behaviour," says Monica Wegner from Boston Consulting Group
A NSW resident is believed to be the first case of a “highly contagious” disease last reported in Australia in 2011, caught from a common animal. Probable case of ‘extremely rare’ disease after woman bitten by possum.
Pauline Hanson calls for shipping baby formula to China to be illegal. Pauline Hanson has called for shipping a product to China to be made illegal after blasting the nation for “putting their tentacles” through Australia.
A majority of university staff union representatives have endorsed wage cuts of up to 15 per cent as part of a national framework for campus negotiations.
Eighty per cent of 107 rank and file National Tertiary Education Union (NTEU) councillors from every university branch around the country supported the proposal.
The Daily Telegraph writes that NSW Premier Gladys Berejiklian has outlined a plan to lift border bans on international students in a bid to save regional universities and towns that rely on the sector for jobs and economic activity. The NSW government estimates international students are worth $13.9 billion to the economy and support 95,000 full-time jobs with the contribution considered even more crucial in the absence of international tourism. “International students are critical to our economy,” Ms Berejiklian said.
World News
Venezuela's central bank is trying to force the Bank of England to hand over $US1.02 billion [$1.5 billion] worth of gold so the country can pay for its coronavirus response.
Key points:
- The Bank of England has delayed the transfer of 31 tonnes of Venezuelan gold since 2018
- Funds raised from the gold would be used for medical supplies, medicine and food, court documents say
- Venezuelan health workers fear its decrepit medical system could be overrun
The World Bank has named former Bear Stearns executive Carmen Reinhart as its vice president and chief economist, tapping an expert on financial crises who also serves on the advisory board of the New York Federal Reserve.
Prime Minister Boris Johnson has flagged new measures to protect British technology in the wake of the coronavirus pandemic, after being urged by a Conservative MP to rethink his decision to allow China's Huawei to build Britain's 5G networks.
Many mosques across Indonesia will allow group prayer for the Eid holiday this weekend, as crowded scenes from malls and other public places highlight the difficulty of implementing social distancing in the world's fourth most populous country.
Key points:
- The Muslim holiday Eid al-Fitr is usually a time for communal prayer and large social gatherings
- Indonesia's largest Muslim groups have urged people to pray at home, but there are fears many won't comply
- Malaysian authorities will allow some group prayer and enforce a 20-person limit on gatherings with the army
Moreover a powerful cyclone slammed into the coastlines of India and Bangladesh, where millions of people have fled to shelters in a frantic evacuation made all the more challenging by the coronavirus pandemic.
Key points:
- 25 emergency services teams have already been deployed in India
- About 300,000 people have been moved to storm shelters in West Bengal
- Bangladeshi officials said the cyclone could set off tidal waves and heavy rainfall, unleashing floods
Australian fossil fuel producers could be facing further financing challenges after the biggest bank in the United States was hit with a major protest vote by shareholders on climate change.
JP Morgan Chase - a significant lender to local resources giants including BHP and Origin Energy - narrowly avoided a push by activist shareholders this week demanding it fully disclose the carbon emissions of companies it loans money to.
The Australian reports that Victoria’s decision to sign-up to China’s Belt and Road Initiative has left the state in a difficult position as it is due to finalise investment negotiations with Beijing, which is worth billions of dollars. Treasurer Tim Pallas criticised the Morrison government’s “vilification” of China over trade and the COVID-19 pandemic, saying “I think I’ve been pretty clear that I’m not a big fan of the way the federal government has managed the relationship with China more generally".
A woman has been charged with the murder of a “bubbly” and “loving” little girl who was stabbed to death in a park on Mother’s Day. Eltiona Skana was held by cops after little Emily Jones was killed as she played in Queen’s Park in Bolton, near Manchester in northwest England, The Sun reports.
US President Donald Trump has defended his use of a controversial malaria drug, while taking aim at "sick" House Speaker Nancy Pelosi, who said he should not take hydroxychloroquine because he was "morbidly obese".
Key points:
- Donald Trump said a study showing hydroxychloroquine was harmful was an "enemy statement"
- This came after he announced he was using the drug to fight coronavirus
- Presumptive Democratic presidential candidate, Joe Biden, chastised the president for being irresponsible
https://www.abc.net.au/news/2020-05-20/donald-trump-backs-drug-use-against-coronavirus/12267834
A man has been accused of sending more than 90 emails to New Zealand PM Jacinda Ardern with intent to make her “fear for her safety”.
Debate has surged in Russia around to what degree coronavirus must exacerbate existing conditions for it to be recorded as the cause of death, and it could be the reason why Russia's death rate is so low.
Key points:
- Thousands of Russian deaths have not been attributed to coronavirus in cases where the deceased suffered other conditions
- Some people, including doctors say the virus should always be logged when it is present in a death
- The World Health Organization says it sees no problem with Russia's approach
https://www.abc.net.au/news/2020-05-21/russia-death-toll-count/12269440
German car company Volkswagen has been forced to pull a social media ad campaign and apologise after an outcry about alleged racist overtones.
Key points:
- The ad ran briefly on Twitter and Instagram before being removed
- It depicts a white hand moving a black person away from a car
- Volkswagen says it will investigate how the ad was approved and "there will be consequences".
A man and his son have been arrested in the US on charges they smuggled Nissan chairman Carlos Ghosn out of Japan in a box while he awaited trial on financial misconduct charges.
Key points:
- Mr Ghosn slipped out of Japan aboard a private jet hidden in a large black case typically used to carry audio gear
- He said he fled to Lebanon to escape what he called a "rigged" justice system in Japan
- Mr Ghosn was fired from Nissan in 2018 over allegations he underreported his income
Covid-19 Update
Sydney's St Ignatius College, Riverview, is closed today after a student tested positive for coronavirus. Staff and students were notified that the school was to be closed midway through lessons on Wednesday, and transport would be arranged immediately to remove day students from the grounds. Boarders remain on site.
A man turned up to choir practice, he had no symptoms. Just 2.5 hours later, 52 of the 61 singing group members were infected with coronavirus. It was a choir practice held in Skagit Valley, Washington, on March 10 – three days before the White House declared a national emergency.
The World Health Organisation has expressed concern about the rising number of new coronavirus cases in poor countries, even as many rich countries have begun emerging from lockdown. The global health body said on Wednesday that 106,000 new cases of infections of the coronavirus had been recorded in the past 24 hours, the most in a single day since the outbreak began.
A top doctor has hit back at pressure to reopen state borders, reminding Australians of the devastating way the virus can spread.
Two studies in monkeys published on Wednesday offer some of the first scientific evidence that surviving COVID-19 may result in immunity from reinfection, a positive sign that vaccines under development may succeed, US researchers said on Wednesday.
Dutch authorities says a farmer likely caught the coronavirus from an infected mink in a rare case of animal-to-human transmission.
Property News
Construction of the controversial Bondi Pavilion redevelopment will begin next month after the influential union backing the preservation of the landmark lifted its strike action.
The Sydney pockets where more units are set to hit the market amid a population slowdown.
Dural: Renovated lifestyle estate sells for $6.2m to a family from the Inner-West
A Strathfield family looking for more space has paid $6.2m for a stunning Dural acreage – the highest price paid in the semirural suburb this year.
In the Markets
However, the ASX 200 index was 0.2 per cent higher at 5,573 at the close. It was a big improvement over its 0.9 per cent loss in the first half-hour of trade. The Australian dollar held its ground at 65.4 US cents.
Key points:
- The ASX 200 closed 0.2pc higher at 5,573 points
- The Australian dollar was buying 65.4 US cents
- Utilities were the worst performing sector on the market
Michael Tran
Director Relationships
Judo Bank