Australians are slamming their wallets shut as the coronavirus lockdown drags on, raising the prospect of an ugly second round of economic contagion.
The Commonwealth Bank just published fresh data on spending on its credit and debit cards and it was not good. In the early weeks of the lockdown, it showed Aussies spending up to stock up. We spent more on food as we filled our pantries, we spent a lot on toilet paper, and we loaded up on booze. Cash registers at Coles and Woolworths were overflowing. Read more: https://www.news.com.au/finance/economy/australian-economy/coronavirus-australia-economic-second-wave-could-deepen-recession/news-story/050cc1b60010d4c9ef70d81cba671e05
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The Morrison government needs to urgently consider how it might best help Indonesia manage the economic risks posed by the Covid-19 pandemic. Indonesia faces a perilous outlook. The government is struggling badly to control the virus. Making matters far worse, Indonesia has also been among the hardest hit by the violent rush of money surging out of emerging economies worldwide.
What happens in Indonesia is of special importance to Australia given its size, proximity, and general centrality to our economic, diplomatic, and security interests. Australia should do what it can to help. Read more: https://www.lowyinstitute.org/the-interpreter/australia-should-offer-indonesia-crisis-insurance-quickly Western Australia could wind back tough restrictions in the state amid a low increase of coronavirus cases.
But Premier Mark McGowan isn't about to open the interstate border. "We're going to work on this over coming weeks to see what can be eased and can be tweaked, but I don't want to start ruling things in or out now," he told reporters on Tuesday. Read more: https://www.9news.com.au/national/coronavirus-western-australia-looks-at-winding-back/2e002b98-9c28-4497-a3b1-8eeb5e1f98b9 |
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