RBA warns business might not recover without reforms
RBA governor Philip Lowe will on Tuesday raise further concerns about business investment not rebounding once the COVID-19 crisis abates.
'The worst is still ahead of us,' says WHO
Australia has reached a remarkable turning point in the battle against the spread of COVID-19 with just 11 new cases reported on Monday and no new cases in three states. Follow our live coronavirus blog here.
- Opinion
- Chanticleer
Five lessons from Virgin's collapse
The consequences of Virgin's fall will be a surge in market share for Qantas and a slimmed-down competitor.
Crude oil bloodbath sends Wall St into a slump
The US West Texas Intermediate contract fell 35 per cent to its lowest since 1998 on concerns of oversupply.
Virus forces Virgin collapse
Virgin Australia is set to become the most high-profile casualty of the COVID-19 pandemic with the company's board due to call in administrators putting the future of the airline and its 10,000 staff in doubt.
- Exclusive
- Capital raising
NextDC 'zeroed' hedge funds to bring in new investors
The chief executive of data centre giant NextDC has revealed the company refused to give hedge funds and short sellers stock in its $672 million capital raising.
Turning point raises hopes of lockdown easing
Australia has reached a remarkable turning point in the battle against the spread of COVID-19 with just 8 new cases reported on Monday and no new cases in Queensland, Western Australia and South Australia.
How the coronavirus is changing markets, business and politics.
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![A Chinese banner on a Belgrade street, part of the country's attempt to recast its virus-battered image in Europe.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
China forced onto the defensive as European backlash grows
French politicians, German tabloids, the British public: China's attempt to recast its coronavirus credentials looks to be backfiring across the Continent.
![Shadow Industrial Relations Minister Tony Burke says the opposition will "work constructively" with crossbenchers to overturn the change.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Labor launches Senate push to reverse IR changes
Labor will seek to overturn the government's decision to fast-track changes to pay and conditions in response to the coronavirus, warning it is open to employer abuse.
![XX](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
No reason to abandon Zoom over security, says CIO
Harry Moseley says the company has always valued security and privacy and its 'new' policies are just a re-write of the current ones.
Give contact sports the cold shoulder in winter: disease expert
Cricket has social distancing built into it and would be safer in winter than rugby union and league, so perhaps they should switch seasons, says infectious disease expert Peter Collignon.
Legislation planned to bolster trace app privacy
Legislation to protect the privacy and security of data from a new tracing app is being prepared to help uptake of the app.
Companies
![](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Couche-Tard walks away from $8.8b Caltex bid
Alimentation Couche-Tard may seek to re-engage on a takeover bid once the economic outlook is clearer.
![Sydney Airport has been deserted in April as most flights are grounded.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Sydney Airport ditches dividend, cuts CEO pay 20pc
Sydney Airport CEO Geoff Culbert will forego $73,500 of his pay between April and June to help cut costs.
![Metcash is taking advantage of strong sales growth at IGA stores to raise $330 million.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Metcash eyes bolt-on acquisitions after raising $330m
Metcash is eyeing acquisitions after taking advantage of booming food sales to raise $330 million in new capital.
![afr](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
NAB's profit hit by $1.1b on wealth, software charges
NAB says investors will have to wait until its interim results on May 7 to see the impact of COVID-19 on profits and dividends.
- Analysis
- Future Fund
Future Fund prepares to break its COVID-19 silence
The Future Fund has so far been spared the scrutiny that has befallen the superannuation sector. We should expect a performance update within a week or so.
Pandemic sours taste of AACo beef sales to restaurants
Meat sales to restaurants have dropped amid the coronavirus impact, causing high-end beef giant AACo to push further into other markets and consider selling direct to customers.
'Couple' of suitors for Tassie smelter, says South32
South32 has delayed a decision over the future of its Tasmanian manganese smelter, saying the coronavirus has disrupted a process to sell the asset.
Markets
![Wall Street could retest their lows once more.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
WTI tanks to 21-year low on demand shock and contract expiry
Oil futures for delivery in May expire on Tuesday, with analysts tipping a rebound as the publicly quoted price rolls over, but that didn't stop WTI from breaching the $US15 level.
- Analysis
- Investing
![Coronavirus restrictions have led to job losses and sharp contractions in growth.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Three other curves investors need to watch
As pressure mounts to lift lockdown restrictions, the oil market, yield curve and inflation expectations will provide signposts on the road of recovery.
![The ASX posted modest gains.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
ASX drops 2.5pc after worst session in 3 weeks
The ASX closed 2.5 per cent lower on Monday as concerns about the economic outlook led to a retreat in sentiment from optimism shown in recent weeks.
ASX sinks; Energy sector falls heavily
The Australian sharemarket has closed today's trade lower; WTI crude has tumbled to its lowest level since March 1999; Couche-Tard backs out of $8.8bn Caltex takeover.
- Analysis
- Future Fund
Future Fund prepares to break its COVID-19 silence
The Future Fund has so far been spared the scrutiny that has befallen the superannuation sector. We should expect a performance update within a week or so.
Opinion
Transparency the best disinfectant for China virus
Now that China's response to COVID-19 has been found wanting at huge cost to national economies, the world needs an explanation.
Editorial
Road out leads back to productivity
Australia's economy was in trouble before the shutdown, so we need to end the complacent coasting and tackle reforms to emerge strongly from hibernation.
Columnist
It's luck that has saved us from the pandemic
The flattening curve may not be due to the shutdown but to Australia's strong natural defences against the coronvavirus.
Contributor
Another chapter in Canberra-Beijing trust breakdown
Australia is not the only country critical of China's lack of transparency over the COVID-19 crisis, but our trade dependence complicates the political management of the friction.
Columnist
Why Xi will shelter behind the great wall of secrecy
Beijing will oppose an international investigation into the pandemic because accountability would put the one-party system in the dock.
Columnist
China must be held to account for unleashing a global catastrophe
Scott Morrison hasn't heard from Xi Jinping this year. In the wake of the COVID-19 disaster, the global community must resist Beijing's growing arrogance.
Columnist
Politics
![Mr Combet said funds like Hostplus and REST, which draw many members from the virus-affected hospitality, tourism and retail industries, were well prepared to deal with withdrawal requests.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Industry funds face liquidity 'pressure' but no crisis: Combet
Industry Super Australia chairman Greg Combet says there is no prospect of a liquidity crisis within any of the big industry superannuation funds, including $53 billion hospitality workers' fund Hostplus.
![The diesel excise rebate is worth more than $2 billion a year to miners.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Miners seek assurances on fuel excise rebate
The mining sector is seeking assurances it will continue to receive billions a year in diesel excise rebates as the government starts exploring options to repay debt.
![ACCC boss Rod Sims says the new code will have significant penalties.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Local publishers line up for Big Tech revenue boost
Google and Facebook will face substantial fines if they do not comply with a new mandatory code of conduct for dealing with Australian media companies.
ASIC told to check super fund advertising
The Treasurer has asked the corporate watchdog to keep a close eye on communications from superannuation funds as a million people seek access to their money.
Workers left off employer JobKeeper claims
Workers are reporting that bosses are picking and choosing which eligible staff will receive JobKeeper.
World
![Jacinda Ardern: "All of you have stopped the uncontrolled explosion of COVID-19 in New Zealand and I couldn't be prouder."](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Ardern relaxes shutdown as new virus cases dwindle
New Zealand will lighten its lockdown restrictions from next week after Prime Minister Jacinda Ardern announced she was confident there was no widespread community transmission.
![The People's Bank of China has cut rates for the second time this year.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
China cuts lending rate again to boost economy
The People's Bank of China lowered the one-year loan prime rate by 20 basis points.
![The shelter-in-place orders imposed in India on March 24 halted all but essential services.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
India reports biggest one-day spike as lockdown eased
An additional 1553 cases were reported over 24 hours, raising the national total past 17,000.
China hits back at US over virus lab claims
China has rejected claims coronavirus came from a Wuhan laboratory as tensions with the United States escalate.
Japan to boost stimulus to ease virus pain
The revised spending plan comes less than two weeks after Prime Minister Shinzo Abe's cabinet approved an initial plan to spend ¥108.2 trillion.
Property
- Exclusive
- Retail
![Chemist Warehouse benefited from panic buying during the early weeks of the pandemic](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Discount pharmacies seek rent relief despite virus boost
Australia's biggest pharmacy chains Chemist Warehouse and Priceline have stunned their landlords by proposing massive rent reductions despite being one of the few retail groups to trade strongly during the pandemic, in part due to panic-buying of medicines.
![Artist's render of Mirvac's planned Sky Precinct residential tower at 58 Skyring Terrace in Brisbane's Newstead.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Mirvac eyes its next tower in Brisbane's Newstead
Developer gives little detail about when it plans to build its next 25-storey apartment tower. That may be wise right now.
![Kerry Stokes has gone cold on East Perth as a gallery site and is content to keep using the ACE offices in West Perth as a home for a collection built up over more than 40 years.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Stokes art gallery out, Fortescue in frame for Perth riverside site
Kerry Stokes has gone cold on displaying his priceless art collection at an old power station site in Perth but his redevelopment partner Andrew Forrest might find it a suitable home for his Fortescue Metals Group.
'This is going against our own purchasing rules'
Can't inspect in person? No problem! Facetime and a weak Aussie dollar made one overseas buyer break his own pattern to buy a $6.3 million home.
GPT delves deeper into Parramatta
GPT's appetite for the Parramatta market has offset any concerns over an economic slowdown caused by the COVID-19 pandemic.
Wealth
![New laws should lead to cheaper power for many households.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Everyone is going to have power bill shock this winter
With so many people working and studying at home because of the coronavirus lockdown, a big spike in energy consumption is inevitable.
- Opinion
- Investing
Traders' tips on investing in uncertain times
The first rule of trading is to stay in the game and the corollary for investors is that capital preservation is highly important.
- Opinion
- Sharemarket
How drip-feeding investments can avoid costly mistakes
It's more about circumventing emotionally-led decisions that can harm long-term prospects than avoiding market falls.
Technology
- Opinion
- Tech for the shutdown
![Dell Inspiron 7990](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Working, studying, bingeing from home? Dell's All-In-One has it all
Dell's all-in-one PC could be just the just the thing for anyone needing an affordable-ish extra computer in the house for those sudden work and study demands.
- Exclusive
- Business IT
![Ethan Group CEO Paul Kawtal says the COVID-19 pandemic is highlighting the importance of services it has spent the last 20 years establishing.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Aussie tech quiet achiever booms amid COVID-19 chaos
Ethan Group is one of Australia's less heralded tech success stories, but is enjoying a booming time as its services come under greater demand during the lockdown.
- Opinion
- Healthcare
![Alison Hardacre is helping clinics set up telehealth practices.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Why the telehealth utopia is still a distant dream
For an industry that still uses fax machines, the rapid shift to telehealth was never going to be seamless.
Work & Careers
![One in three workers have been given the opportunity to work part-time or flexible hours during the COVID-19 pandemic, but only 15 per cent have taken advantage.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Anxious workers shun job flexibility
One in three workers have been given the opportunity to work part-time or flexible hours during the COVID-19 pandemic, but only 15 per cent have taken up the opportunity.
- Boss
- Wellbeing
Wellness expert helps build rhythm amid COVID disruption
Wellness manager Jonathan Bush recommends maintaining a routine during the coronavirus pandemic and focusing on the 'smaller' things in life.
Life & Luxury
![Airpods](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Could sound therapy be medicine to your ears?
While research into this practice is still emerging, some say it provides a sense of calm in the midst of panic.
![David Blakers, APAC managing director of software company InMoment.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Why COVID-19 will change the way you think about work
InMoment's David Blakers says the work-from-home model that's been adopted on a massive scale will help ensure the world is better prepared in future.
![Illustration Simon Letch](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
Need a break from virus news?
We've been collecting tips on what to read, watch and do At Home; advice on how to Work in the Shutdown; all the best Tech for the Shutdown, and if you want to see how corporate leaders are spending their working isolation, check out CEOs at home.
![Not quite live: like most musicians, The Teskey Brothers, seen here playing Sydney's Metro Theatre in 2019, are on an enforced break from touring.](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
How musicians are coping with coronavirus closures
With live venues shuttered and touring off the cards, musicians are exploring new ways to connect with their fan base.
!["In those days, gay men were the enemy along with the virus. Now, the enemy is the virus itself, " says Alex Stewart..](/web/20200420173928im_/https://www.afr.com/assets/b4682377.gif)
'Back then we ran scared, now I am calm': AIDS vs COVID-19
Alex Stewart, who has been HIV positive for 38 years, explains why the current pandemic doesn't scare him the way AIDS did.