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| Coronavirus Australia update latest: NSW to relax restrictions to allow two adults to visit a household – live news | Coronavirus Australia update latest: NSW to relax restrictions to allow two adults to visit a household – live news |
| (32 minutes later) | |
| Bondi reopens for swimming and surfing but the beach itself remains closed given the area boasts the highest number of Covid-19 cases in Australia. Follow live | Bondi reopens for swimming and surfing but the beach itself remains closed given the area boasts the highest number of Covid-19 cases in Australia. Follow live |
| What we know about east coast schools: | |
| NSW: staggered return from 11 May | |
| Qld: review pupil free school mandate around 15 May | |
| Vic: Pupil free school mandate likely to stay in place until at least June, while increased community testing is carried out. | |
| Meghan Quinn, deputy secretary of the macroeconomic group, told the Covid-19 inquiry that around 160,000 people applied for jobseeker between 21 March and the end of that month. | |
| Labor’s Murray Watt, seizes on that to argue that 160,000 people lost their jobs after restrictions on pubs bars and other businesses and the announcement of jobkeeper, on 30 March.Quinn replied “that’s correct” but argued that jobkeeper has already boosted consumer and business confidence. | |
| Earlier, Jenny Wilkinson defended the month gap between jobkeeper’s announcement on 30 March and the government reimbursing employers on 1 May. | |
| She said it took “two weeks to land the rules and two weeks for employers to apply” which “was in our mind the earliest we could roll out a program like this”. | |
| That exchange finished with this: | |
| Andrew Leigh: Can you see any situation in which a tenant was unable to pay, the landlord claimed on insurance policy and it was then within reasonable community expectations that the insurance company went back and sued the tenant for the unpaid rent? | |
| Robert Whelan: | |
| Over in the insurance committee hearing, Labor’s Andrew Leigh has asked whether insurance agents for landlords will chase tenants who have not paid their rent during the Covid crisis. | |
| The from the Insurance Council’s Head of Risk and Operations Karl Sullivan and council CEO Robert Whelan is not overly reassuring: | |
| Leigh: Now as the crisis passes, the insurers will in legal terms be able to recover the unpaid rent from tenants. Is it your understanding that Insurance Council members will seek to pursue tenants for unpaid rent under these situations? | |
| Sullivan: That is a matter for individual insurers, but they don’t have a relationship necessarily with the tenant. They have a relationship with the landlord, so I imagine that is a discussion they will have with the landlord to determine how much has the landlord been able to recoup and can that be offset against any loss of rent claim that’s been made. | |
| Leigh: Are you encouraging your members to pursue tenants? | |
| Whelan: No, we’re not encouraging them to do so, but it is up to individual insurers to make their own arrangements with their relationship with the landlord. But it’s really again around community expectations as well. But they are contracts at the end of the day that have been entered into, and the insurers are abiding by those contracts and so too the tenants should be as well. | |
| Leigh: It hardly seems in the spirit of things though. There’s a range of rent moratoriums that are being put in place as a result of Covid-19. Landlords are suffering some of that pain, and are then turning to their insurer, and you’re telling me you think it would be alright if the insurer then went back and sued the tenant? | |
| Whelan: No, what I’m saying is they need to take into account the community expectations and the degree to which they’re able to absorb that is really their own individual decisions. That’s something that the company must take onboard themselves and decide themselves. It is down to the individual companies to make those decisions. We encourage and provide information to them, but at the end of the day it’s an individual company decision to make. | |
| Leigh: I think we can be pretty sure about what the community sentiment would be on this. I’m just surprised that the Insurance Council doesn’t have an approach to it, that you’re essentially taking this hands off, ‘it’s up to our members’ approach to what could turn out to be quite a serious problem. | |
| Whelan: Well, I wouldn’t quite characterise it like that. We do monitor the situation and feed back what we believe are the issues that insurers should be taking into account when they are making these sorts of decisions. So it’s not that we’re absent in this discussion. We are participants in it obviously, because we want to make sure that the industry’s reputation is held high. So that’s an expectation on our behalf. And there’s also a code of practise, which they’re expected to abide by, which goes to issues around financial hardship and people in vulnerable positions. And that has some quite strong requirements on those particular companies to be able to abide by that code of practise. And that’s entered into voluntarily by Insurance Council members and they are required to abide by, they are held accountable … | |
| Treasury official, Robert Jeremenko, has had a go at Industry Super Australia for quoting a “significantly larger” estimate of the impact of withdrawing superannuation early than government figures. | |
| Liberal James Paterson said the ISA is advising a 30-year-old withdrawing $20,000 from super will see a $97,000 hit to their retirement income, whereas Asic’s Moneysmart website suggests it is $43,000. | |
| Jeremenko explains the “major reason” for the discrepancy is that ISA has used nominal figures rather than real. | |
| He said: | |
| “Those figures that ISA quote do not use today’s dollars. That is inconsistent with what Asic has told super funds, the advice they have provided to anyone who is making statements about the impact [of super withdrawals].” | |
| Jeremenko said it makes more “intuitive sense” and is more “appropriate” to use “today’s dollars” to estimate the effect of the withdrawal at some point in the future. Jeremenko said using nominal figures “gives a larger [perceived] hit to retirement balances” but doesn’t comment on ISA’s motives. | |
| New Zealanders can once again order takeaway, with the country moving into its level three restrictions – which is essentially what most of Australia is under now. | |
| Jacinda Ardern says 75% of the economy will be back up running again under the lessening of restrictions: | |
| New Zealand has paid out $10bn in wage subsidies. | |
| Jenny Wilkinson said there are a “number of integrity measures” administered by the ATO to prevent rorting of jobkeeper. | |
| One is that employers have to pay employees before they receive payment from the government. Another is the ATO commissioner’s power to declare that a business practice is a “contrived scheme” – allowing them to disqualify a business or require them to refund money to the ATO. The ATO will also check historical GST data to ensure the business meets the revenue downturn test. | |
| Wilkinson says employers are required to pay $1,500 fortnightly to employees, and employees can use a dedicated ATO hotline to complain if they are not being paid the full amount. | |
| Wilkinson also noted that an employer’s decision to participate in jobkeeper “does not remove the need to continue to follow unfair dismissal laws”. | |
| Westpac will take a $2.2bn hit from the coronavirus crisis, the bank has told the stock exchange. | Westpac will take a $2.2bn hit from the coronavirus crisis, the bank has told the stock exchange. |
| The provisions come on top of a $1.4bn hit dealing with a lawsuit against it by financial intelligence agency Austrac and customer refunds, that Westpac announced just a fortnight ago. | The provisions come on top of a $1.4bn hit dealing with a lawsuit against it by financial intelligence agency Austrac and customer refunds, that Westpac announced just a fortnight ago. |
| That brings the total new chief executive Peter King has carved off half-year results due to be announced next week to $3.6bn. | That brings the total new chief executive Peter King has carved off half-year results due to be announced next week to $3.6bn. |
| The move also increases the chances Westpac will follow the lead of fellow big four bank and raise fresh capital at the same time as it brings out the half-year results. | The move also increases the chances Westpac will follow the lead of fellow big four bank and raise fresh capital at the same time as it brings out the half-year results. |
| It’s not unusual for new chief executives to take big hits to the bottom line in their first year in the job – it’s a way of clearing the decks and drawing a line between the new regime and the old. | It’s not unusual for new chief executives to take big hits to the bottom line in their first year in the job – it’s a way of clearing the decks and drawing a line between the new regime and the old. |
| However, the coronavirus crisis has forced King to take a much bigger hit than usual. | However, the coronavirus crisis has forced King to take a much bigger hit than usual. |
| Jenny Wilkinson, the deputy secretary of Treasury’s fiscal group, has told the inquiry that 762,000 Australians have applied for early access to superannuation, 757,000 have been approved and $6.3bn is approved for release. | Jenny Wilkinson, the deputy secretary of Treasury’s fiscal group, has told the inquiry that 762,000 Australians have applied for early access to superannuation, 757,000 have been approved and $6.3bn is approved for release. |
| So doing some quick maths, that means on average people are withdrawing $8,322 (out of a maximum of $10,000 this financial year) from their accounts. | So doing some quick maths, that means on average people are withdrawing $8,322 (out of a maximum of $10,000 this financial year) from their accounts. |
| Wilkinson said that individuals have to tell the ATO the grounds on which they are applying for early release, and they self-identify as eligible. The ATO then applies its “standard audit and assurance processes”, for example if an individual said they are eligible because they’re accessing jobseeker, the ATO would check that. | Wilkinson said that individuals have to tell the ATO the grounds on which they are applying for early release, and they self-identify as eligible. The ATO then applies its “standard audit and assurance processes”, for example if an individual said they are eligible because they’re accessing jobseeker, the ATO would check that. |
| But that checking happens after the fact, not “ahead of providing an indication funds should be released” because “the intention is to provide streamlined, rapid access”, she said. | But that checking happens after the fact, not “ahead of providing an indication funds should be released” because “the intention is to provide streamlined, rapid access”, she said. |
| This is just the first round – eligible people can access up to $10,000 in the next financial year as well. | This is just the first round – eligible people can access up to $10,000 in the next financial year as well. |
| The cost at the back end of this policy, in terms of when people go to retire, does not seem to have been calculated as yet. | The cost at the back end of this policy, in terms of when people go to retire, does not seem to have been calculated as yet. |
| This is the email the Ku-ring-gai chamber of commerce has sent to its members today. It alerts businesses that they can’t coerce people to download the app. But as you’ll see, the chamber is not happy about that. At all. | This is the email the Ku-ring-gai chamber of commerce has sent to its members today. It alerts businesses that they can’t coerce people to download the app. But as you’ll see, the chamber is not happy about that. At all. |
| Westpac has announced about $2bn in writedowns. | Westpac has announced about $2bn in writedowns. |
| Ben Butler will be telling you more about that soon. | Ben Butler will be telling you more about that soon. |
| I had a chat to Peter Vickers from the Ku-ring-gai chamber of commerce this morning, after I was sent this: | I had a chat to Peter Vickers from the Ku-ring-gai chamber of commerce this morning, after I was sent this: |
| He says he has sent another message to businesses alerting them to the determination of the health minister, that no one can be coerced into downloading the Covid tracing app, or denied entry into businesses for not having it on their phone. | He says he has sent another message to businesses alerting them to the determination of the health minister, that no one can be coerced into downloading the Covid tracing app, or denied entry into businesses for not having it on their phone. |
| But he doesn’t seem happy about it, saying that council workers and police are still roaming beaches and parks to ensure social distancing measures are in place, but businesses can’t check on the app. | But he doesn’t seem happy about it, saying that council workers and police are still roaming beaches and parks to ensure social distancing measures are in place, but businesses can’t check on the app. |
| For the record, the app doesn’t mean you don’t have Covid-19 – it is just a way of helping health authorities trace those you may have been in contact with if you do, or if you were in contact with someone who does (if you are with them for longer than 15 minutes) and even with restrictions slowly being relaxed, businesses are still responsible for ensuring physical distance rules apply in their storefronts, which means no more than one person per four square metres. | For the record, the app doesn’t mean you don’t have Covid-19 – it is just a way of helping health authorities trace those you may have been in contact with if you do, or if you were in contact with someone who does (if you are with them for longer than 15 minutes) and even with restrictions slowly being relaxed, businesses are still responsible for ensuring physical distance rules apply in their storefronts, which means no more than one person per four square metres. |
| But no one can make you download the app if you choose not to, and no one can deny you entry to a store if you don’t have the app. | But no one can make you download the app if you choose not to, and no one can deny you entry to a store if you don’t have the app. |
| Treasury officials have revealed that some 540,000 employers have formally registered for the jobkeeper wage subsidy scheme, covering an estimated 3.3m employees. | Treasury officials have revealed that some 540,000 employers have formally registered for the jobkeeper wage subsidy scheme, covering an estimated 3.3m employees. |
| Peter Whish-Wilson questioned why businesses have to stump up the $1,500 fortnightly payments in April before jobkeeper flows in May – was this a practical constraint or an integrity measure. | Peter Whish-Wilson questioned why businesses have to stump up the $1,500 fortnightly payments in April before jobkeeper flows in May – was this a practical constraint or an integrity measure. |
| Kennedy replied: “It’s both.” | Kennedy replied: “It’s both.” |
| Kennedy said the take-up numbers are “broadly on track” with estimates of 6m employees being covered. | Kennedy said the take-up numbers are “broadly on track” with estimates of 6m employees being covered. |
| Other officials note the timeframe for businesses to make payments has been extended to 8 May and a number of changes to expand eligibility were unveiled on Friday. | Other officials note the timeframe for businesses to make payments has been extended to 8 May and a number of changes to expand eligibility were unveiled on Friday. |
| Nationals senator Perin Davey has been asking about trade with China, and whether Australia’s economy will diversify or revert to type in resuming reliance on China. | Nationals senator Perin Davey has been asking about trade with China, and whether Australia’s economy will diversify or revert to type in resuming reliance on China. |
| Kennedy replied: | Kennedy replied: |
| However, Kennedy noted it is “valuable to the Australian economy to be complementary to Chinese growth”, citing the iron ore, metallurgical coal prices and export levels. He concluded Australia will both diversify and continue trade with China. | However, Kennedy noted it is “valuable to the Australian economy to be complementary to Chinese growth”, citing the iron ore, metallurgical coal prices and export levels. He concluded Australia will both diversify and continue trade with China. |
| “There is great economic return to Australia in continuing to support China’s economic development and growth.”Under Greens questioning, Kennedy said Treasury is not currently working on an assistance package for the arts and entertainment industries, and breweries, but he notes that line agencies may be. | “There is great economic return to Australia in continuing to support China’s economic development and growth.”Under Greens questioning, Kennedy said Treasury is not currently working on an assistance package for the arts and entertainment industries, and breweries, but he notes that line agencies may be. |
| The federal parliament will return next month for a “trial” after it was adjourned until August during the beginning of the Covid-19 response. | The federal parliament will return next month for a “trial” after it was adjourned until August during the beginning of the Covid-19 response. |
| With Australia’s suppression rate of the virus ahead of where authorities thought it would be, that could see parliament return, as normal, a lot earlier. The 12 May sitting is one of the first steps towards that. | With Australia’s suppression rate of the virus ahead of where authorities thought it would be, that could see parliament return, as normal, a lot earlier. The 12 May sitting is one of the first steps towards that. |
| The Centre for Public Integrity has written a briefing paper on how parliaments should sit, even if things get dicey again: | The Centre for Public Integrity has written a briefing paper on how parliaments should sit, even if things get dicey again: |
| Constitutional requirements that parliament sit in the “seat of government” could be met by a core group of ministers and MPs sitting in Canberra and hosting others by video conference. | Constitutional requirements that parliament sit in the “seat of government” could be met by a core group of ministers and MPs sitting in Canberra and hosting others by video conference. |
| The quorum of attendance of parliament outlined in the constitution could be adapted by each House to include online attendance. | The quorum of attendance of parliament outlined in the constitution could be adapted by each House to include online attendance. |
| Wales, Scotland and the UK parliaments are holding online questions and statements, and the Welsh assembly and the European Council are trialing online voting. | Wales, Scotland and the UK parliaments are holding online questions and statements, and the Welsh assembly and the European Council are trialing online voting. |
| The UK hybrid model of online and in person attendance could meet Australian constitutional requirements and allow for greater participation of all elected representatives. | The UK hybrid model of online and in person attendance could meet Australian constitutional requirements and allow for greater participation of all elected representatives. |