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Australian economy

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Workers hundreds of dollars a week out of pocket during lockdown
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Construction

Workers hundreds of dollars a week out of pocket during lockdown

State lockdowns to stop the spread of coronavirus will leave workers hundreds of dollars out of pocket even after government payments, with those in Sydney’s south-west and retail staff across Melbourne among the worst affected.

  • by Jennifer Duke

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‘The market is insane’: Many voters fear home ownership is out of reach for young Australians

‘The market is insane’: Many voters fear home ownership is out of reach for young Australians

Only 18 per cent of voters think many young people in their area will be able to buy their own homes, according to a new survey that challenges government assurances about a boost to confidence from higher prices.

  • by David Crowe
Job market softening even before tougher lockdowns hit the economy

Job market softening even before tougher lockdowns hit the economy

Treasurer Josh Frydenberg says lockdowns across the country are costing the nation’s economy $300 million a day.

  • by Shane Wright
Prime Minister warns of ‘heavy blow’ to economy in September quarter

Prime Minister warns of ‘heavy blow’ to economy in September quarter

Scott Morrison has warned the damage from lockdowns will be significant but anticipates a sharp recovery before Christmas.

  • by Jennifer Duke and Nick Bonyhady
Pandemic will deliver pay packet pain for years: RBA

Pandemic will deliver pay packet pain for years: RBA

Workers will not make up for the lost wage growth caused by the pandemic, the RBA has warned as the economic fallout from recent lockdowns grows.

  • by Shane Wright
Economy set for $10b lockdown hit

Economy set for $10b lockdown hit

KPMG estimates the lockdown in Sydney will cost about $220 million a day while in Victoria the cost will be closer to $150 million a day.

  • by Shane Wright
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Call for more lockdown insolvency protections after rise in business closures
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Insolvency

Call for more lockdown insolvency protections after rise in business closures

There was a 75 per cent rise in business administrations in the last week of June, prompting warnings this will continue if the government does not reintroduce safe harbour rules for companies.

  • by Jennifer Duke
‘Amazing’ jobs figure overshadowed by Sydney and Victoria lockdowns

‘Amazing’ jobs figure overshadowed by Sydney and Victoria lockdowns

Today on Please Explain, economics correspondent Jennifer Duke joins Tory Maguire to discuss Australia’s economic recovery amid the latest round of lockdowns.

  • by Tory Maguire
Economic ‘pothole’: Banks, economists warn Sydney lockdown will hit GDP, employment

Economic ‘pothole’: Banks, economists warn Sydney lockdown will hit GDP, employment

Analysts are warning the Sydney lockdown will shrink the national economy and could leave thousands more unemployed, with some predicting the restrictions will be extended further.

  • by Jennifer Duke
NSW workers to receive cash boost under new lockdown support model

NSW workers to receive cash boost under new lockdown support model

PM Scott Morrison and Premier Gladys Berejiklian have also announced support payments of up to $10,000 for thousands of companies forced to close during Sydney’s lockdown.

  • by David Crowe
Federal government could reprise cash flow scheme for businesses to save jobs

Federal government could reprise cash flow scheme for businesses to save jobs

A cash flow boost could be offered to small business owners in a federal plan to help companies survive extended lockdowns, reprising a scheme from last year.

  • by David Crowe