30 March 2020

• Wage subsidy will be announced later today, will use existing tax and transfer system, legal obligation to keep employees
• Speculation that wage subsidy:
  • $1500/fortnight, capped at middle income workers
  • concern that a UK 80 per cent system would be inequitable,
  • being referred to as ‘job keeper allowance’.
  • likely to target full time employees over six month period.
  • will need to be legislated
• Eviction moratorium details expected over the next few days (though states already started to take steps – TAS, NSW given powers to amend / suspend clauses in the RTA etc ) and clearly linked to the other initiatives including the deferral of loan repayments. Messaging suggests that limited to financial stress
• Treasurer Frydenberg last night changed FIRB rules to now scrutinise all foreign investment ‘regardless of value or nature of foreign investor’.
• Banks to announce today loan repayments for almost all Australian businesses will be deferred
  • Businesses with loans up to $10m will be able to defer their loan repayments for six months, above that level case-by-case
  • Speculation Government will lift the SME 50 per cent loan guarantee to include big business (Australian)
• Senator Andrew Bragg has criticised industry super for being too reliant on illiquid assets
• Expenditure Review Committee meeting today, will discuss Stimulus Mark III