Michael is joined by Peter Jennings, Executive director of the Australian Strategic Policy Institute (ASPI), about the coronavirus crisis exposing the need for Australia to be more self-reliant.

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Michael is joined by Adam Creighton, Economics Editor with The Australian, who writes that the coronavirus ‘perks and loopholes’ can’t endure as Australia runs up debt. 

 

‘The young and poor have little say in society but they are incurring the bulk of the costs from the shutdown.’

 

‘The $320bn the government and the Reserve Bank have allocated so far to staunch the self-imposed economic carnage will have to be paid for.’

 

‘The plunge in tax revenues could well be as significant as the increase in outlays, leaving a gap that will test governments’ ability to borrow. There’s already $400 trillion of debt sloshing around the world.’

 

‘And the bill will come long after those whom the younger generations have tried to protect have died.’

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Michael is joined by Warren Hogan, Former ANZ Chief, who says the government’s announcement of a $130 billion dollar 'JobSeeker' plan is the "economic security blanket this country needs" to battle the COVID-19 crisis… as Aussie workers will be able to access a guaranteed paycheck of $1,500 a fortnight as part of a federal government package to help employers keep their workforce on the books..

 

Prime Minister Scott Morrison confirmed yesterday that it will be available to full-time, part-time workers, sole traders, and casuals who have been with their employer for more than 12 months.

 

Professor Hogan said the "innovative policy" will keep workers connected to their workplace, ensuring they are likely to be employed once the danger abates. "The payment is a genuine fiscal stimulus to the economy which is going to help."

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Michael is joined by Russell Zimmerman, Executive Director of the Australian Retailers Association, who says the COVID-19 outbreak has fast become “catastrophic” for retailers, and that it is imperative the government helps save thousands of retail enterprises and hundreds of thousands of jobs.

The turnover of the retail industry in Australia is over $325 billion annually, representing 65% of overall consumer spending, and is responsible for 4.1% of gross domestic product.

The COVID-19 crisis currently gripping Australia has created the most challenging trading conditions ever faced by retailers in our country’s history.

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Michael is joined by Leah Calnan, President of the Real Estate Institute of Victoria, regarding the government addressing potential difficulty tenants will face if they lose their jobs and are unable to pay the rent on their properties.

 

Though intended for the best, it’s also feared that if the government removes the tenant’s obligation to pay their rent, it merely transfers the difficult financial circumstances of the tenant to the landlord who still has expenses such as rates, water, strata fees, maintenance & mortgage repayments… just to name a few.

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