1st April
- Exporters rescue package to be announced today. $110m for organising freight; $50m for Export Markets Development Grants programme; $10m in commercial fishing fees waived. Michael Byrne (ex-Toll) has been made International Freight Co-ordinator General.
- Some emerging criticisms of wage subsidy plan:
- the required declines in turnover
- how workforces are structured
- some workers on lower pay now leapfrogging others
- Increasing deficit speculation:
- Grattan Institute says gross debt would double in next three years to $1 trillion
- Warren Hogan UTS says Budget deficits of $300b in next two years
- RBC Su-Lin Ong says deficits of $100b over this year and next
- Treasurer and Assistant Treasurer say tax cuts will go ahead, and Cormann says submarine purchases will go ahead (AFR). (Albanese has said he reserves position on Stage 3 of tax cuts)
- Moody’s says Australia can maintain AAA rating if economic slump is temporary
- Finance & Treasurers Association (executives from top-200 companies) have written to govt seeking further protections such as a debt moratorium (AFR)
- G20 Finance Ministers meeting last night – Treasurer urged a ‘fiscal support tart=get, and keep supply chains open.
- Gladys Berejiklian is calling for businesses to ‘retool’ to help supply equipment
- Paul Kelly gives a ‘tick-tock’ on the development of the wage subsidy policy (as briefed – one presumes – by JF):
- Discussions began in earnest straight after second package
- Thursday 26 March – principles developed at dinner – PM, Frydenberg, Cormann, Treasury Sec Kennedy and Dep Sec Jenny Wilkinson
- Frydenberg convos with four business people Richard Murray (JB Hifi), Rob Scott (Wesfarmers), Justin Hemmes (Merivale), and Solomon Lew.
- Greg Combet tasked with engaging with ACTU
- Frydenberg spoke with Tim Reed (BCA chief, MYOB) re payroll systems
- Friday 27 March – Treasury, Frydenberg and Kennedy refining scheme, JF takes proposal to Morrison.
- Saturday 28 March – Treasury updates costings. Treasury tells JF that ATO is good and that scheme can also apply to sole traders
- Sunday 29 March – Expenditure Review Committee discusses, ATO Commissioner Jordan says ‘we can deliver this’
- Monday 30 March – ERC oks, then full Cabinet oks, then announced at 4pm