Big four scramble to assure investors
The banks have rushed to reassure the market they are well positioned after an order from the prudential regulator to slash dividends and credit ratings were downgraded last night.
- Live
- Markets Live
ASX slides as big four banks tumble
The ASX is down 1 per cent in early trade as the major banks are sold off after APRA warned on dividends and Fitch cut ratings.
PM to address parliament; two cases in Sydney hotel quarantine
Parliament will sit this morning to pass legislation related to the $130b JobKeeper payments. A child and an adult family member at the Hilton Hotel in Sydney have tested positive for COVID-19. Follow on our live blog.
PM plans staggered virus exit
Scott Morrison urges restraint over Easter to stop spread and says least-affected states may emerge faster and economically better off.
NSW to review restrictions 'month by 'month'
The NSW government is reviewing tough limits on the movement of people every month and won't wait for a coronavirus vaccine before lifting them, the premier said.
Meet Australia's latest unicorn
The workplace safety platform boasts a $1.35 billion valuation after it completed a mid-pandemic venture round that included Malcolm Turnbull.
- Exclusive
- Coronavirus pandemic
KPMG pay cut scares workers into silence
Firm's decision to cut pay by 20 per cent for four months without reducing hours contrasts with PwC's decision to reduce both by up to 40 per cent.
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coronavirus pandemic
UK rejects Trump's offer to help with Boris Johnson's virus treatment
The UK Prime Minister's spokesman rejected the US president's offer on Tuesday, saying: 'Any treatment he receives is a matter for his doctors.'
What happened overnight: Global deaths top 81,000
Modelling by the IHME points to more than 66,000 UK residents dying in the first wave of the COVID-19 virus.
Jack Dorsey pledges $US1b of Square stake for virus relief
While other billionaires have announced significant donations, Dorsey's pledge is by far the biggest announced so far.
Billionaire writes off 2020 and says worst is yet to come
'A lot of people are underestimating what this is really going to take,' says Enrique Razon, the chairman at port operator International Container Terminal Services.
European death toll to top 150,000: IHME model
The first wave of the virus is expected to kill 151,680 people in Europe by early August, according to modelling by a US health institute.
Companies
It's harder to hit a moving Hostplus
Hostplus can't seem to get its lines straight about its own liquidity.
Herbert Smith Freehills cuts partner pay, freezes salaries
The big six firm has already reduced costs where possible, but staff were told on Tuesday night that the salary measures were need to protect the firm and its people.
Qantas sparks airport conflict with plans to freeze rent payments
The airline has also deferred aeronautical payments for February and March, telling airports it will discuss repayment plans once the coronavirus crisis eases.
BOQ defers interim dividend
BOQ chairman Patrick Allaway said APRA's guidance on Tuesday evening is "a prudent step for the industry".
IAG boss Peter Harmer stands down
Insurance Australia Group chief executive Peter Harmer will retire by the end of 2020 after four and a half years in the job.
Treasury Wines eyes $10b Penfolds de-merger in 2021
Penfolds is worth between $10 billion and $13 billion as a separate entity, Bank of America said last month, with Treasury Wines now considering a de-merger.
Why prudent companies need to take COVID-19 'off the table'
Experts say coronavirus equity issues could reach the $100 billion of the GFC, but may not do so because companies can also raise debt this time.
Markets
- Opinion
- Bonds
Is the RBA worried about the steepening yield curve?
A steeper yield curve is one of the last remaining market disciplines enforced on governments that may start to believe they can borrow near infinite amounts without penalty.
Key S&P 500 technical level in sight: Fundstrat's Tom Lee
The S&P 500 is poised to recoup 50 per cent of its losses since February, a technical sign being closed watched by Fundstrat Global's Tom Lee.
- Opinion
- Coronavirus pandemic
This sharemarket swoon differs from all the others
In modern history, bigger crashes have been associated with far smaller real dividend declines.
What happened in markets overnight
Australian shares are poised to open lower after a rally on Wall Street collapsed and all three major benchmarks finished in negative territory.
Wall Street weighs bringing traders back to office
Goldman has about one in 50 workers at its offices. AtBank of America: it's about one in 20 trading employees. For JPMorgan, it's about one in five in trading.
Opinion
Pell's acquittal is justice served
The High Court decision shows why allegations must be tested by the courts, so that the rights of individuals can be protected.
Editorial
Crisis exposes reality of industry super fund returns
The much-touted superior returns of industry super funds have been driven not by some Warren Buffett-style Midas touch but by 'default' industrial relations awards.
Editorial
Speed of the essence in Asia's new financial corona-contagion
Asian economies are at terrible risk from capital outflows. Australia, China and Japan must step up quickly to organise multilateral financial support for them.
Your phone is watching you, and could be our exit strategy
Intrusive technology may provide one of the paths out of the shutdown and restrictions being experienced by Australian society.
Columnist
Rebuilding post-virus Australia is not a cue for socialism
Labor must not overreach itself with a great shift to the left. But we can still build a much better nation than the one we have now.
Contributor
High Court gives a lesson on reasonable doubt
The court’s message is clear: you can’t hang on to the credibility of a witness when the improbabilities are piling up.
Legal Affairs Editor
Politics
- Exclusive
- Religion
Call for probe into Pell's prosecutors
The High Court decision to uphold George Pell's appeal is expected to kick-off a new front in the culture wars with hurt and bitterness on both sides.
SMEs have two years to pay deferred rent
Small and medium-sized businesses hurt by the coronavirus economic downturn will be exempted from paying part of their rent and given at least two years to catch up.
- Analysis
- Pell verdict
The resurrection of George Pell
At the end of a five-year legal saga, George Pell, who had become the face of clerical abuse of children, is a free man.
We may be at peak infection: modeller
Data from the Doherty Institute has informed the health response to COVID-19 - and the team expects to see a further decline in cases.
'Really busy': Business is booming for some
Pockets of the economy are booming as people confined to their homes turn to do-it-yourself projects, self-care and pets and try to keep kids entertained.
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World
Trump and his allies have a stake in promoting hydroxychloroquine
Several pharmaceutical companies stand to profit from the drug's promotion, including shareholders and senior executives with connections to the president.
Johnson's battle with virus shakes UK as toll mounts
The PM's personal battle with the virus has shaken the British government just as the UK enters what scientists say is likely to be one of the most deadly weeks of the pandemic.
- Opinion
- Coronavirus pandemic
Stiff upper lips tremble at Britain's nationwide bedside vigil
British politics since Brexit has been an extreme sport, a theatre of the absurd. The unthinkable is always thinkable now, and Britain is thinking it.
Austria, Denmark first in Europe to announce easing of lockdowns
Both countries hope they may have already weathered the worst of the first wave of the pandemic.
Wuhan lockdown lifted, but many residents still trapped at home
China formally lifted travel restrictions out of Wuhan on Tuesday night, but tight controls remain in place due to fears about another outbreak.
Property
Can't rule out 30pc fall in house prices
The number of older listings doubled in Sydney, Melbourne and Canberra during March as vendors struggled to strike a deal with anxious buyers.
- Analysis
- Commercial real estate
Retail rent relief deal shares the burden
The new leasing code is mandatory. Its key – proportionality – speaks to the spirit of these terrible times: everybody must share the cost of combating the deadly virus.
SCA seeks $300m to boost balance sheet, hefty writedowns at GPT
Convenience mall owner SCA Property Group is raising $300m to strengthen its balance and have cash available to acquire distressed assets.
Transport union sells Sydney headquarters on a 3pc yield
Almost $180m of office property in Sydney and Canberra has changed hands in the past two weeks as investors seek the security of bricks-and-mortar over shares.
Coronavirus pressure slowing office leasing
There are early signs that leasing activity across the country's office towers is dropping, according to JLL.
Wealth
Funds can't stop people accessing super
Superannuation funds cannot use their trust deeds to override a new law allowing people to access up to $20,000 in retirement savings under coronavirus-related compassionate grounds, lawyers say.
Tax boost for working from home expenses
A rule change for Australians not attending their usual workplace will make it easier to complete annual tax returns.
'Abandoned' SMSFs call on government for help
Dividend flows and rental income from residential and commercial property have reduced to a trickle as COVID-19 disruption spreads through the economy.
Technology
Kogan staff to receive $500 bonus
Kogan.com CEO Ruslan Kogan says there will be no job losses due to the COVID-19 crisis and all staff including casuals will receive a $500 bonus.
- Exclusive
- Coronavirus pandemic
Locked inside, Australians lose interest in their mobile phones
As interest in the NBN is surging, interest in mobile phones appears to be on the wane, at least until Australians get their NBN sorted out.
- Opinion
- Tech for the shutdown
This tech will have you aglow in your new (home) workplace
A fancy new docking station could be the piece de resistance of your Work From Home Little Luxuries.
Work & Careers
Norton Rose slashes hours, partner pay, admin staff
Norton Rose Fulbright is cutting staff hours by up to 20 per cent, slashing partner pay and standing down 2-3 per cent of its workforce in response to the COVID-19 downturn.
- Analysis
- Work in the shutdown
Top 10 rules for keeping your remote staff sane
COVID-19 has created a quandary for employers who are struggling with how to manage staff from a distance. Here are some golden rules to follow.
Life & Luxury
What to read over Easter
Authors David Astle, Heather Rose, Chris Hammer, Miranda Tapsell, Andy Griffiths and James Bradley nominate titles worth your time.
Has our design editor created the ultimate home office?
Stephen Todd recounts two decades of exceptional circumstances that have led him to working from home – and the furniture that makes it a breeze.
Forget positive thinking – try useful thinking instead
Motivational speaker Chris Helder literally wrote the book on 'useful thinking'. What better person to answer our Time In Q&A during the COVID-19 crisis?
- Analysis
- Coronavirus pandemic
Can sport survive the shutdown?
There is optimism in some quarters that the lockdown measures will be a short-term blip to business. But many sports executives believe there will be lasting disruption.
The risks of restaurant takeout and delivery
Here's what to know about the possible dangers of food delivered to your home - and how to minimise them.
