Working from home takes both to the next levelIf Queensland hosts the AFL grand final it will look very different: Here's what we knowLive: Cormann distances Government from Abbott's coronavirus commentsThe Catholic school system that takes from the poor to give to the richTwo new cases of coronavirus recorded in QueenslandEdward was 'sickened' when he realised the driver's licence in a story about a data breach was hisVictoria records third consecutive day of fewer than 100 cases'We don't have any words for the orange man': Trump shunned by family of Jacob Blake during Kenosha tourThe Catholic school system that takes from the poor to give to the richEdward was 'sickened' when he realised the driver's licence in a story about a data breach was hisLive: Cormann distances Government from Abbott's coronavirus commentsVictoria records third consecutive day of fewer than 100 casesTwo new cases of coronavirus recorded in QueenslandDepression pandemic: Inside Victoria's coronavirus mental health crisisHoneybee venom rapidly kills aggressive breast cancer cells, Australian research findsTony Abbott says governments need to face 'uncomfortable questions' about economy over livesAsset or eyesore? "We are in extraordinary times, and we are prepared to do whatever is necessary to make sure … the supply of credit is there for Australian businesses and households," he said. We began this with a healthier budget than almost any other rich nation in the world.”The health-based cause means the current financial crisis and looming recession is unique, Dr Oliver said, and therefore should by nature be temporary.“Once that disruption is removed and the virus has run its course, things will rebound a lot faster than we saw out of the GFC or past recessions,” the leading economist said.“But if things are allowed to get too bad then companies might start going bust and households might start defaulting on their loans.” "I'm really looking forward to those days," he said.Dr Lowe hoped that by the end of the year anyone who had lost their job during this crisis would get that job back. Picture: AAP Image/Mick TsikasThe RBA move would mirror the Federal Reserve in the US and its New Zealand counterpart and follows its decision to embark on buying government bonds and quantitative easing —– effectively encouraging consumer spending by printing more money and pumping it into the economy.NAB released a market research note on Monday detailing the urgency for the RBA stepping in as the national and global economy continues to “rapidly deteriorate”.“There seems little point in waiting three weeks to deliver further support to the Australian economy on the interest rate front,” the economy watch note says.AMP chief economist Shane Oliver said the volatility plaguing global markets reflected the “huge uncertainty” the pandemic had created for investors.“They’re just trying to work out how long the virus will continue to impact economic activity and by how much,” he told news.com.au.“And at the same time, they’re also having to allow for the policy stimulus which might not offset the flow-on from the virus — it’s not going to stop people getting sick or staying at home, but it might stop companies going bust and households defaulting on their loans.Deloitte Access Economics partner Chris Richardson said given the actions taken by economic policymakers in other countries, the RBA “can’t be seen to be sitting on the sidelines”.“This is definitely a pedal to the metal moment,” he told news.com.au.“The difference between Australia and other nations won’t be interest rates, it will be the ability to use government budgets to pitch in on this fight. The central bank is poised to pull an unprecedented emergency trigger today in a desperate bid to ease the economic blow of coronavirus.All sectors finished deep in the red with consumer staples stocks the least affected. So is being made redundant. "We are clearly living in extraordinary and challenging times," he said. If it turns out not be the case, there are other measures we can consider. The RBA’s decision to hold the cash rate at 0.25 per cent means interest rates on loans will remain stable, which will help many households and businesses manage their cash flow.
The RBA has now cut interest rates four times within the past year Coronavirus could wipe anywhere from 0.3 to 7.9 per cent from Australian GDP depending on the outbreak's severity, analysts warn Industrials, energy and banking stocks recorded the worst falls.Australia’s central bank could slash rates in an emergency meeting. Picture: AAP Image/Joel CarrettThe Reserve Bank of Australia will “almost certainly” pull the trigger on an emergency rate cut this afternoon to ease the financial burden of the coronavirus pandemic.The move will see interest rates tumble to 0.25 per cent as the spread of the deadly virus continues to cripple the economy and shuts down supply chains.IG market analyst Kyle Rodda said investors will be eager to dissect the explanation from the RBA governor Philip Lowe and what other levers are pulled to help stimulate the spluttering economy.“We’re going to see an interest rate cut today almost certainly and probably an announcement of the quantitative easing program,” he told news.com.au.“The RBA has already flagged that but the devil will be in the detail, so how big this program is going to be, whether they’ll have other measures to try and support the financial system and stimulate economic growth.“The impacts will reverberate through the market once we know that outcome.”The central bank wasn’t scheduled to meet until the first Tuesday of April.If it does cut rates later today, it will mean a fresh historic low for the country. This is similar to an initiative announced by the Bank of England last week.It came as the Morrison Government announced an investment of up to $15 billion to enable smaller lenders to continue supporting Australian consumers and small businesses.Treasurer Josh Frydenberg said it would "enable customers of smaller lenders to continue to access affordable credit" and would complement the RBA's $90 billion term funding facility.Mr Frydenberg said the Government's debt agency, the Australian Office of Financial Management, would provide the $15 billion through wholesale funding markets used by small banks and non-bank lenders.Enabling legislation would be introduced into Parliament next week.The RBA is moving in the footsteps of other world central banks, including the US Federal Reserve, in buying up government bonds and encouraging consumer spending by printing more money and pumping it into the economy.Dr Lowe said the scale of job losses would depend on the ability of businesses to keep workers on.The coronavirus outbreak is expected to cost the Australian economy billions, with the second-order impact to be felt across supply chains, as many factories remain closed in China.