27 March 2020

• National Cabinet to meet (virtually) this morning
  • Discuss tighter measures, but NSW says looking at infection rates before any shutdown.
  • Rent still a major issue – it is who pays for it
  • the ‘hibernation’ concept gaining currency – businesses protected to get them through
  • speculation around underwriting commercial rents, rates and utility bills
  • Report (DT) that Treasury is also looking at flat-rate wage subsidies (not the UK 80% UK system)
• Albanese flags longer term changes:
  • ‘need to look at casualisation’ and insecurity at work
  • ‘need to look at contracting out the workforce, particularly for public sector jobs’ (gives example of Centrelink)
  • needs to be ‘massive expansion of social housing’
• Liberal backbenchers (Andrew Hastie, Tim Wilson) have raised concerns about foreign investors (chiefly from China) buying distressed Australian assets
• The SMH says Treasurer Frydenberg has ‘privately expressed concern’ about this, and that FIRB is alive to the issue.
• G20 meeting was last night; Australia looking to assist Pacific neighbours
• Some of you may have seen that REIA president suggested there should be no forced evictions for six months  – while strongly suggesting compensation to landlords