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Australia coronavirus updates live: restrictions on some elective surgery lifted – latest news Coronavirus update live: RBA says Australia faces biggest contraction since Great Depression – latest news
(32 minutes later)
As Australia’s infection rate falls, state and federal leaders will discuss lifting ban on elective surgery at meeting on Tuesday. Follow all the latest news, liveAs Australia’s infection rate falls, state and federal leaders will discuss lifting ban on elective surgery at meeting on Tuesday. Follow all the latest news, live
Asked what sort of reform the RBA has in mind to reinvigorate the economy, Lowe replies:
The RBA governor’s remarks are the clearest, strongest acknowledgement that Australia’s economy is facing unprecedented challenges.
Lowe says the national output and unemployment numbers “are all very large numbers and ones that were inconceivable just a few months ago”.
Lowe is devoting some time to rejecting the idea that because the RBA is buying government bonds in the secondary market, that it is directly financing government spending.He says:
Lowe says the RBA is confident the economy will bounce back and recover, because “all the elements that made Australia a prosperous and successful country will still be there”.Lowe says it’s difficult to be certain, but sketches out some scenarios. If restrictions are eased by mid-year, and most are lifted by year’s end except for the ban on international travel: under this scenario, GDP could grow 6% to 7% in 2021, after shrinking by that amount in 2020. Nevertheless, it is likely unemployment will be 6% or above for several years, and wage growth will be below 2%.The other “scenarios” are a statement of common sense: if restrictions are less lengthy, recovery will be quicker; if they are in place longer, the disruption will be worse.Lowe warns that people’s behaviour could be permanently changed, and result in structural changes in the economy.
He suggests the economy could be reinvigorated if economic reform is pursued to make businesses more likely to expand and invest.
No word on which reforms yet – although I’m sure he’ll be asked shortly.
Phil Lowe, the Reserve Bank governor, is giving an update about the “difficult days ahead” for the Australian economy.Phil Lowe, the Reserve Bank governor, is giving an update about the “difficult days ahead” for the Australian economy.
Lowe said the next few months are going to “be very difficult ones for the Australian economy” because “many normal activities cannot take place for the moment”. Lowe says the next few months are going to “be very difficult ones for the Australian economy” because “many normal activities cannot take place for the moment”.
The RBA expects:The RBA expects:
Australia is likely to experience “the biggest contraction in national output since the 1930s” Australia is likely to experience “the biggest contraction in national output since the 1930s”.
The decline is estimated to be 10% over the first half of 2020, with most of the decline in June quarter.The decline is estimated to be 10% over the first half of 2020, with most of the decline in June quarter.
Total hours work are estimated to decline by 20%, a “staggeringly large number”, Lowe said Total hours work are estimated to decline by 20%, a “staggeringly large number”, Lowe said.
Unemployment is expected to be 10% by June Unemployment is expected to be 10% by June.
The RBA also predicts negative inflation, for the first time since the 1960s The RBA also predicts negative inflation, for the first time since the 1960s.
Lowe sounded a positive note though: “As a country we are up to task ... all arms of public policy are pulling together.” Lowe sounds a positive note though: “As a country we are up to the task ... all arms of public policy are pulling together.”
My colleague Paul Karp reports on the latest Australian Bureau of Statistics job figures, which show almost 800,000 Australians lost their job during the first three weeks of coronavirus restrictions.My colleague Paul Karp reports on the latest Australian Bureau of Statistics job figures, which show almost 800,000 Australians lost their job during the first three weeks of coronavirus restrictions.
That’s about 6% of the workforce.That’s about 6% of the workforce.
The chief executive of private hospital provider St Vincent’s, Toby Hall, says the resumption of some elective surgeries is “a terrific signpost on the road back to normality”.The chief executive of private hospital provider St Vincent’s, Toby Hall, says the resumption of some elective surgeries is “a terrific signpost on the road back to normality”.
Hall says private hospitals will remain in the fight against Covid-19 but given Australia’s relatively low case rates the system had capacity for facilities and personnel to begin working on priority elective surgery cases.Hall says private hospitals will remain in the fight against Covid-19 but given Australia’s relatively low case rates the system had capacity for facilities and personnel to begin working on priority elective surgery cases.
Cook is now commenting on the resumption of elective surgery. He says the state will be reviewing the situation every three weeks.Cook is now commenting on the resumption of elective surgery. He says the state will be reviewing the situation every three weeks.
Roger Cook says the latest numbers in WA are a “terrific result” and that total case numbers have gone down due to eight confirmed recoveries.Roger Cook says the latest numbers in WA are a “terrific result” and that total case numbers have gone down due to eight confirmed recoveries.
The Western Australian health minister, Roger Cook, says the state has had one new case of Covid-19, a female healthcare worker.The Western Australian health minister, Roger Cook, says the state has had one new case of Covid-19, a female healthcare worker.
Good afternoon to everyone from beyond Queensland’s closed borders. Looking forward to being with you for the next couple of hours as we digest some of the day’s events.Good afternoon to everyone from beyond Queensland’s closed borders. Looking forward to being with you for the next couple of hours as we digest some of the day’s events.
And that’s me done for today. I’m going to hand you over to my colleague Ben Smee who will be with you for the rest of the afternoon. Thanks as always for reading.
And that’s Morrison done. Here’s a quick recap of what came out of that press conference:
The government has announced that some elective surgeries, including some dental surgeries, colonoscopies, cancer reconstructive surgeries and IVF, can resume after the Anzac Day long weekend. The resumption will be based on need though, even in the private sector.
In cases where states have restricted all visitors to aged care homes they will be lifted to allow two visits per day by family or support people. Morrison said it was an issue of well-being, and that national cabinet had never recommended a full ban on visits.
On the government’s Covid-19 tracing app, Morrison says the states have given “in-principle support”. He says the app will be released in the “not-too-distant future” and insists no commonwealth agency will have access to its data.
On criticism from Beijing on Australia’s calls for an independent investigation into the spread of Covid-9, Morrison says: “We can respectively have a difference of view.”
On Virgin Australia, Morrison says he’s pleased to hear there have been in excess of 10 expressions of interest in the company after it entered voluntary administration today. He says the government believes “strong commercial viable competition between two carriers in Australia ... is very important”.
Morrison is asked whether the rosier than expected outlook on Covid-19 in Australia means the cost of the jobseeker and jobkeeper programs could be lower than expected. He says it’s too early too tell, then segues into talking about Virgin Australia. He calls the decision to enter voluntary administration “a road out and forward into the future”.
Morrison stonewalls a question about former prime minister Malcolm Turnbull’s interview on the ABC last night.
On privacy concerns raised by the government’s Covid-19 tracing app, Morrison says the government is “moving to make sure they are addressed”.
Morrison says there has been a “slowing” in the increase in the jobless rate since the beginning of Covid-19 restrictions.
“But the levels of claims are still very high they are obviously deeply concerning to me because every one of those half-a-million Australians who has processed for jobseeker claims is an Australian who has lost their livelihood,” he says.
He’s now asked about China’s criticism of foreign minister Marise Payne’s calls for an investigation into the spread of the virus.
Morrison is asked about an increase in racist attacks on Australians of Asian backgrounds in the wake of Covid-19 including what his message is to people who commit them and whether we need a new anti-racism campaign.
Given the low infection rate, Morrison is asked whether other restrictions, including on community sport, will be lifted.
He says not yet.
Chief medical officer Brendan Murphy says the resumption of elective surgery is a “gentle, carful start of normalising” the general healthcare of the community.