Great news as regional Victoria set to open up

Victorian Premier Daniel Andrews has heralded a "day of hope and optimism" today after regional Victoria met the requirements to enter the next stage in the roadmap to recovery from COVID-19.

Regional Victoria will enter a Third Step easing of restrictions from midnight tomorrow night, including no restrictions on leaving home, the reopening of all retail to include services such as beauty and tattooing, and the reopening of hospitality venues for mostly outdoor seated service only.

However, indoor service venues can be open with a cap of 10 seated patrons per space subject to a one per 4sqm density rule, with a maximum of two subspaces. This means larger venues will be able to have up to 20 people inside.

Meanwhile, there will be a cap of 50 people on outdoor hospitality venues.

Groups of up to 10 will be able to gather outdoors, household bubbles of up to five people will be allowed, and schools will return to on-site learning from Term 4 with safety measures.

The state government was able to take these steps as the average daily number of cases in the last fortnight has been below five, and there have been no new cases in that time with an unknown source.

"Regional Victoria will be opening up in just the next 24 hours or so," Premier Andrews said.

"It's a massive thing. It is such good news - I am so, so pleased and proud of every single regional Victorian who has stayed the course, followed the rules, got tested. They've done an amazing job.

"I know it hasn't been easy because there have been many communities where to the best of our knowledge there has not been the virus."

He said there was no greater evidence than today's news to the people of Melbourne that strategies to get numbers low are possible.

"It is essential. You have no chance of keeping numbers low once you open up if you don't first get them low via the restrictions and the rules we have in place," he said.

The Premier explained restrictions on visitors to businesses would remain, including limits on the number of people, physical distancing and the wearing of masks.

For real estate services outdoor options will be permitted with a limit of 10 people, all community sport will also return for children, and non-contact sport will be allowed for adults.

Gathering limits for weddings will increase to 10 people, funerals will be allowed to have 20 mourners, and religious gatherings will have a limit of 10 people plus one faith leader.

"Tourist accommodation will open for regional Victorians in regional Victoria for them to travel and holiday within regional Victoria," Premier Andrews said.

"Every single business across regional Victoria will be required to have a COVID-safe plan, and those plans will be enforced from 28 September.

Photo: Visit Victoria

Updated at 11:11am AEST on 15 September 2020.

Qantas mulls HQ move as downsizing rolls on

National carrier Qantas (ASX: QAN) has announced further cost cuts to stay airborne during the pandemic, flagging plans to potentially exit its 49,000sqm Mascot, Sydney headquarters as well as Jetstar's head office in Collingwood, Melbourne.

Following last month's announcement the airline would outsource ground staff jobs to save $100 million, the group now aims to reduce its current $40 million annual spend on leased office space.

The company is undertaking a three-month property review of its corporate offices and non-aviation locations, which may result in several facilities being brought together in one state.

Qantas' management claims the review flows from job losses already announced and the need for more efficiencies, although there is no intention to offshore facilities as a result of the review.

Some aviation facilities will also be considered for possible relocation, such as flight simulator centres currently in Sydney and Melbourne as well as Qantas' heavy maintenance facilities in Brisbane; particularly if an opportunity arises to bring some or all of these facilities under the one roof in Australia.

Qantas Group chief financial officer Vanessa Hudson says like most airlines, the ongoing impact of COVID-19 means Qantas will be a much smaller company for a while.

"We're looking right across the organisation for efficiencies, including our $40 million annual spend on leased office space," she says.

"As well as simply rightsizing the amount of space we have, there are opportunities to consolidate some facilities and unlock economies of scale. For instance, we could co-locate the Qantas and Jetstar head offices in a single place rather than splitting them across Sydney and Melbourne.

"Most of our activities and facilities are anchored to the airports we fly to, but anything that can reasonably move without impacting our operations or customers is on the table as part of this review. We'll also be making the new Western Sydney Airport  part of our thinking, given the opportunity this greenfield project represents."

She claims the review will help set up Qantas for the long term with recovery from the COVID-19 crisis, and the group is "open minded" about the outcome.

"It's possible that our HQ stays where it is but becomes a lot smaller, and other facilities consolidate elsewhere," she says.

"Or we could wind up with a single, all-purpose campus that brings together many different parts of the Group. These are all options we need to consider as we look to the future.

"The Qantas Group will remain one of the country's largest employers and a major generator of economic activity, so we're keen to engage with state governments on any potential incentives as part of our decision making."

To assist with the first phase of consolidation, Colliers International has been appointed to sublease about 25,000 square metres of surplus office space across Mascot, Melbourne CBD and Hobart.  A lease on a 230 square metre Sydney CBD office that is due to expire in October will not be renewed.

Updated at 10:44am AEST on 15 September 2020.

Victoria pledges $87m to bring outdoor dining to life

Victorians will be able to enjoy a summer of al fresco drinking and dining once COVID-19 trading restrictions on hospitality businesses are eased, thanks to almost $90 million in government funding.

Announced today, the Victorian Government's 'Outdoor Eating and Entertainment Package' will target funding at hospitality businesses and city councils to make outdoor dining experiences possible under COVID-19 restrictions.

Business will be able to apply for up to $5,000 grants to pay for practicalities needed to make the Government's plans work like umbrellas, furniture, screens and other equipment.

The State Government estimates more than 11,000 eligible businesses will benefit from the $58 million in grants.

Eligible businesses include licenced and unlicenced cafes, restaurants, takeaway food businesses, pubs, taverns, bars and clubs with a payroll of less than $3 million.

They will be able to make the most of the funds from 26 October - the date at which the State Government hopes outdoor dining will be permitted once again when COVID-19 restrictions ease.

"We're the cultural and dining capital of our nation," says Victorian Premier Daniel Andrews.

"That means, when it comes to reimagining what eating and entertainment means under COVID Normal, there's no one better equipped than Melbourne and Victoria.

"It will be our innovation, ideas and creativity that will help us find and maintain our COVID Normal."

Further funding of $29.5 million will be provided to local councils to help them implement permit, enforcement and monitoring processes to support expanded outdoor dining in the 'Third Step' of Victoria's reopening roadmap.

The close to $90 million in funding for outdoor dining experiences follows the State Government's $50 million pledge (matched by the City of Melbourne for a total of $100 million) to assist CBD-based businesses transform.

From that fund, SMEs in Melbourne's CBD will be able apply for $30 million worth of grants to pay for equipment, convert spaces like rooftops and courtyards into hospitality zones and remodel internal layouts to allow for the better flow of patrons.

A further $30 million will support COVID Safe events and cultural activities to attract visitors back to the CBD when it's safe to do so.  Another $40 million will go towards providing physical improvements to the CBD streetscape, which may include wider footpaths, bollards and street planter boxes.

$100m sole trader support package established

To support struggling sole traders the State Government has also established a $100 million support fund, providing eligible entrepreneurs with grants of $3,000.

To be eligible sole trades must demonstrate that they are continuing to be affected by restrictions, like those in media and film production, creative studios, outdoor entertainment, in private museums and galleries, and gym owners.

"While many sole traders have been relying on JobKeeper payments to get by, overheads are adding up and these grants will provide extra support to help these businesses get through until they are back to full operation," says the Victorian Government.

Today's announcements are in addition to yesterday's $3 billion in grants, tax relief and cashflow support for Victorian businesses.

Updated at 4.26pm AEST on 14 September 2020.

City of Melbourne establishes $100m recovery fund

A $100 million recovery fund created by the City of Melbourne and the Victorian Government will be used to reactivate the central city as the state progressively reopens.

The funds will be used to invest in programs and infrastructure to kick-start the economy and attract workers and visitors back to the city.

This will be achieved by extending outdoor trading hours, waiving permit fees, activating vacant shopfronts and increasing marketing, events and entertainment in the City of Melbourne.

The Melbourne City Recovery Fund includes:

• $30 million for small to medium sized businesses to rapidly adapt their operations to be more COVID Safe and comply with health directions.
• $30 million for COVID Safe events and cultural activities to attract visitors back to the central city.
• $40 million on infrastructure works to support the return of people to the central city through making the city more safe, accessible and sustainable.

"This fund will provide support for businesses to trade safely and help encourage customers back into the city once restrictions ease. These businesses are part of the fabric of our city and will be crucial to our recovery," said Lord Mayor Sally Capp.

"Funding to help local businesses become more COVID safe or expand their trade outdoors will be available as part of this package.

"The funding will also be used to tailor events so we can reactivate our city safely and provide a boost for hospitality and retail businesses."

The Fund includes $50 million from the City of Melbourne and $50 million from the Victorian Government.

The Lord Mayor said Melbourne's economy was booming before COVID-19, reaching a record $104 billion last year, which is 24 per cent of Victoria's Gross State Product.

"Economic research shows the pandemic could reduce Gross Local Product by up to $110 billion over the next five years compared to pre COVID-19 projections," said the Lord Mayor.

"I would like to thank the Premier for partnering with us in delivering a jointly funded recovery package for businesses and workers. This is great for kick-starting the economy and safely welcoming people back into our city."

The establishment of this new fund follows the announcement of a $3 billion business support package from the Victorian Government over the weekend comprising cash grants, tax relief and cashflow support.

More than $1.1 billion in cash grants will support SMEs, including $822 million as part of a third round of the Business Support Fund.

A cash grant scheme that has already given $1.47 billion to 108,000 businesses will also be expanded, with the government expecting around 75,000 eligible businesses with payrolls up to $10 million will receive grants of $10,000, $15,000 or $20,000 depending on their size.

Updated at 1.20pm AEST on 14 September 2020.

Starpharma nasal spray found to be effective at preventing COVID-19 infection

Testing of Starpharma's (ASX: SPL) nasal spray has been shown to inactivate more than 99.9 per cent of SARS-CoV-2, the virus that causes COVID-19.

The effectiveness of the treatment depends on its use before or after exposure to the virus.

Emboldened by the positive results, Starpharma has expedited production of the spray to make it market-ready for the first half of 2021.

The announcement comes just weeks after the company announced it had received $1 million in funding to develop the nasal spray called SPL7013.

The findings came from studies conducted in the laboratory of internationally recognised virology researcher Professor Philippe Gallay at the Scripps Research Institute in the US.

"We are delighted to be working with Professor Gallay to expedite the development of this important product," says Starpharma CEO Dr Jackie Fairley.

"These latest data show that at clinically relevant concentrations, SPL7013 inactivates more than 99.9 per cent of SARS-CoV-2, which represents a compelling feature for the product.

"This potent virucidal action is consistent with the activity seen for SPL7013 in other viruses, including HIV and HSV."

Professor Gallay, an expert in HIV (the virus that can cause AIDS) and the hepatitis C virus, says this discovery is an exciting development in the global fight against COVID-19.

"We have been working with Starpharma for a number of months now and are impressed with the antiviral data generated in our lab for SPL7013 against SARS-CoV-2," says Professor Gallay.

"It is particularly exciting to see a product show such a potent and clear virucidal effect against this highly infectious virus, and for its antiviral activity to be present when SPL7013 is added either before or after exposure of the cells to the virus."

Dr Fairley says the nasal spray will be able to hit pharmacy shelves soon and will complement other prevention measures such as PPE and vaccines.

"Starpharma's COVID-19 nasal spray has potential to be an important near-term preventative product, and given it is based on an already marketed active, its path to market is both faster and less complex than a completely new product," says Dr Fairley.

"Another attractive feature of Starpharma's SPL7013 COVID-19 nasal spray is that it is entirely complementary to other prevention measures such as PPE and vaccines.

"It also has a special relevance where social distancing is not possible such as crowded environments and certain workplaces. The importance of multiple preventative product strategies has been highlighted by the recent challenges with some vaccine trials."

Starpharma has already completed reformulation of the drug, pilot product manufacture, selection of device and packaging component, meaning the SPL7013 nasal spray will be expedited into the market.

The company has also commenced commercial discussions across a range of distribution channels and customer groups.

The discovery and subsequent announcement of it to the ASX have seen shares in the pharmaceutical company rise by more than 7 per cent at the time of writing.

Updated at 12.38pm AEST on 14 September 2020.

Victorian restrictions eased overnight: curfew extended, social bubbles introduced

Victorians can now expect more social interaction and extra time outside after the state cautiously eased out of heavy lockdown restrictions at midnight.

The gradual easing of restrictions, part of the 'First Step' of the state's roadmap to reopening, comes as Victoria records just 35 new cases of COVID-19 and seven deaths today.

As part of step one social bubbles are now allowed in Melbourne, meaning those living alone or single parents can have one other person in their home.

The 8pm curfew has been extended by one hour to 9pm as Melbourne moves into the warmer months.

Exercise is permitted for two hours split over a maximum of two sessions per day, and Melburnians are allowed to use that out time outside for social interaction with one other person or the members of their household.

Playgrounds and outdoor fitness equipment have also been reopened, while libraries are able to open for contactless click and collect services.

However, Melbourne is largely still subject to strict Stage 4 restrictions, meaning most businesses are still closed.

RELATED: Victoria announces $3 billion business support package

Meanwhile, regional Victoria moved from Stage 3 restrictions to the second step of the roadmap as of midnight last night, meaning up to five people can gather together in outdoor and public places from a maximum of two households.

Outdoor pools and playgrounds have reopened, and religious services can be conducted outside with a maximum of five people plus a faith leader.

Because regional Victoria's 14-day rolling average of COVID-19 cases is doing so well (currently sitting at 4.1) the state government says areas outside of greater Melbourne could move to the third step of easing within a matter of days.

"I'm so proud of Victorians for the way we are all working together to beat this virus it means we can take our first safe and steady steps towards a COVID Normal tonight," said Victorian Premier Daniel Andrews yesterday.

"What we've seen in regional Victoria should give hope to all Victorians. If we all play our part, we can drive numbers down and get through this together."

Updated at 10.05am AEST on 14 September 2020.

Victoria announces $3 billion business support package

When asked recently about whether the Federal Government would give additional support to Victoria given lockdowns are still in place and JobKeeper amounts will be scaled back, Prime Minister Scott Morrison played hardball, indicating he would wait for Premier Daniel Andrews' (pictured) next move.

Today that move has come in the form of a new $3 billion support package from the Victorian Government comprising cash grants, tax relief and cashflow support, doubling the state's business support to $6 billion.

More than $1.1 billion in cash grants will support SMEs, including $822 million as part of a third round of the Business Support Fund.

A cash grant scheme that has already given $1.47 billion to 108,000 businesses will also be expanded, with the government expecting around 75,000 eligible businesses with payrolls up to $10 million will receive grants of $10,000, $15,000 or $20,000 depending on their size.

Other support measures in the new package include:

• A $251 million dedicated Licenced Venue Fund with grants of between $10,000 and $30,000 for licenced venues, along with the waiving of liquor license fees for 2021;
• $4.3 million worth of $20,000 grants to alpine resorts affected by COVID-19 restrictions;
• Grants of up to $20,000 for local business groups and chambers of commerce to help members adapt and find their feet in a "COVID-normal" world;
• A deferral of payroll tax for businesses with payrolls of up to $10 million in FY21, adding to refunds totalling $540 million to 20,000 businesses to date;
• A further $137 million in waivers and deferrals of charges including liquor licence fees, the congestion levy and increases to the landfill levy;
• The 50 per cent stamp duty discount for commercial and industrial property across all of regional Victoria will be brought forward to 1 January 2021 and the Vacant Residential Land Tax will be waived for properties that are vacant in 2020.
• A $44 million investment in business support to adapt to a COVID-normal environment, including $20 million for small businesses to access off-the-shelf digital programs such as Shopify or Squareonline, training and workshops designed to help businesses adapt to online operations; and
• An additional $8.5 million for the 'Click for Vic' campaign to support the state's food, wine, galleries and homewares, through marketing and advertising as well as expanding the digital platform and its partnerships with third-party e-commerce providers. To date the initiative has already generated 211,000 leads to the businesses featured.

"For our state to recover, we need our businesses to recover too. As we take our first safe and steady steps towards COVID Normal, this support will help make sure we get through this together," says Premier Andrews.

"We'll continue meeting with and listening to businesses, so we can do everything we can to support them and their workers."

"We're helping business to endure during these difficult times, and then to rebuild on the other side. This package comes on the back of extensive consultation with businesses in every sector," adds Minister for Industry Support and Recovery Martin Pakula.

Updated at 2:57pm AEST on 13 September 2020.

Suncorp store closures will lead to 550 job cuts

The Finance Sector Union of Australia (FSU) has today revealed Suncorp's (ASX: SUN) major restructure will involve 550 job losses, following the announcement on Wednesday that 19 stores and one business centre would be closed.

The Brisbane-headquartered banking and insurance group will permanently close several locations across Queensland, New South Wales and Victoria, although most of these stores have been shut already since April when COVID-19 restrictions came into place.

The company explained customers of the stores concerned have moved to online, claiming that their nearest in-person option such as an alternative store or Australia Post outlet was usually within 500 metres or no further than several kilometres.

Suncorp noted affected employees would however be given the opportunity to apply for contact centre roles they can perform from their local communities.

FSU Queensland local executive secretary Wendy Streets argues that as a large financial services company Suncorp should have the capacity to maintain its business operations through the global pandemic and the subsequent recession caused by Covid-19.

"However, instead of valuing the staff it currently employs and planning for playing its part in rebuilding the Australian economy once the pandemic subsides, Suncorp has taken a short-sighted decision to make up to 550 roles redundant," says Streets.

"While Suncorp says 180 new roles will be created, there are no guarantees that any displaced employees will successfully be redeployed into these new roles.

"This is the worst time to be unemployed and we know how difficult it will be for some of these Suncorp workers to find new jobs."

After noting Suncorp recently recorded a statutory profit of $913 million, Streets said it was difficult to see how the loss of so many loyal employees will not affect frontline services to customers.

"Suncorp is a profitable finance company and in these difficult times, with so many Australians out of work, if we can't rely on companies like Suncorp to do the right thing by their employees, who can we rely on?"

In a response today, a Suncorp spokeswoman said the group continued to "align" its teams under an operating model announced on 1 July.

"The new model is designed to deliver on our priorities and ensure we can support the changing needs of our customers through COVID-19," she said.

"This week teams were advised of proposed changes across our business and we are fully committed to consulting with our people and supporting those impacted.

"We expect a number of new roles to be created while it's also likely some people will leave the organisation."

Earlier this week, Suncorp's executive general manager of consumer distribution, Chris Fleming, said many customers had switched to digital banking in 2020 and would likely continue to bank that way beyond COVID-19 and face-to-face transactions will fall further.

He said the number of digital transactions has risen by 10 per cent this year and two-thirds of new accounts have now opened online. At the same time, over-the-counter transactions are down almost 60 per cent since June 2016.

"Suncorp must make changes to our business so we can keep up with our customers' demands and remain a strong alternative to the major banks, which is something our customers also value," Fleming said.

"We can only be a genuine choice over the major banks if we focus on customer needs and keep our bank strong."

Updated at 4:58pm AEST on 11 September 2020.

Federal Government to subsidise business events with $50m in grants

The Federal Government will cover up to half of the costs for Australian businesses involved in conferences and events as part of a $50 million grant program intended to help restart the sector.

Under the Business Events Exhibitor Grants program, Australian businesses exhibiting at an approved business meeting, convention, conference or incentives event in 2021 will be able to apply for upfront grants to cover up to 50 per cent of their costs.

The grants on offer will range from $10,000 to $250,000 per business.

The scheme is aimed at encouraging businesses to attend events, trade shows and conferences, with the government covering the costs associated with exhibiting such as exhibition space hire, the manufacture of displays, travel and accommodation.

Prime Minister Scott Morrison says the funding will support the business events industry that was heavily hit by COVID-19 restrictions, with around 95 per cent of business events for 2020 either cancelled or postponed.

"Getting business events up and running again will be a critical part of the recovery of our tourism industry, but will also have huge flow-on effects through the entire economy," said Prime Minister Morrison.

"This is not only about supporting events companies and venues, but will also be a shot in the arm for a broad range of businesses and the people they employ - whether it's accommodation providers, those who build exhibitions, caterers, cleaners or those offering audio-visual services."

The Business Events Council of Australia (BECA) has welcomed the announcement, hoping the targeted support will drive confidence and create momentum for the sector.

"Australia's business events industry wholehearted welcomes the Federal Government's support through this grants program. Australia's business events industry has left devastated by the COVID-10 pandemic, at a cost to our economy of $35.7 billion, and counting," says chair of the Business Events Council of Australia Dr Vanessa Findlay.

"Today announcement is an important step towards recovery. We can now look to rebuilding business confidence and kick-starting momentum across the entire business events supply chain for meetings, conventions, incentives and exhibitions.

"BECA's goal is to both support the business events industry and maximise the contribution that this makes to the recovery of our wider economy. This support package will be pivotal to that."

BECA notes that last year over 480,000 business events were held in Australia and over 43 million people attended a business event in the form of a meeting, convention, exhibition or incentive event.

In a recent survey conducted by BECA, 67 per cent of businesses said they don't have any business events confirmed for 2020 and 48 per cent of businesses said they don't have any business events confirmed for 2021 either.

More information about the Business Events Exhibitor Grants program can be found here.

Updated at 10.59am AEST on 11 September 2020.

New QLD public health alerts for Westfield Garden City, Orion Springfield Central

Queensland Health has today expanded its list of venues where confirmed cases of COVID-19 cases visited while infectious.

The list now includes two major shopping centres in South East Queensland, including Orion Springfield Central Shopping Centre in Springfield Central and Westfield Garden City in Mount Gravatt.

The public health alerts note the confirmed COVID-19 case visited stores like Big W, City Beach, Woolworths, Pandora and more.

Anyone who has been to these locations at the times specified should monitor for symptoms of COVID-19 and get tested if any present:

The health alerts come as Queensland records two new confirmed cases of COVID-19 today.

Both of the cases are direct contacts of already confirmed cases and have been in home quarantine while infectious.

One is the seventh member of a household to have contracted COVID-19, meaning all members of that household have now had the virus.

There are now 28 active cases of COVID-19 in Queensland, bringing the cumulative number of infections in the state since the pandemic began to 1,145.

Victoria has also confirmed that there are 43 new cases of COVID-19 in the state today, down from 51 yesterday.

The state also recorded nine new deaths from COVID-19 today, bringing the total number of deaths since the pandemic began in Australia to 797.

Updated at 9.43am AEST on 11 September 2020.

Tax on vacant properties waived in Victoria

Owners of vacant land in Victoria will not have to pay tax on their properties this year as part of the state government's sweeping pandemic relief measures.

Announced today by Victorian Treasurer Tim Pallas, the government will waive the Vacant Residential Land Tax for properties that are vacant in 2020.

The state government says the waiver is necessary considering travel restrictions and heavy lockdown measures which make property inspections impossible and leave many properties vacant that would otherwise be occupied.

Additionally, car park owners will have 25 per cent of this year's congestion levy waived by the state government.

Car park owners can also defer any outstanding balances until next year.

"We've listened to the sector and we've acted. These are small changes but they will make a big difference towards getting to the other side of this virus," says Treasurer Tim Pallas.

"These restrictions are keeping us all safe but they come at a devastating economic cost that's why we're providing billions of dollars in support to those who need it most."

Updated at 3.56pm AEST on 10 September 2020.

Inner Melbourne economy to take $23.5 billion hit from COVID-19 in 2020, PwC research shows

Modelling released today shows the City of Melbourne's (CoM) economy is likely to contract by 22 per cent on pre-COVID levels this year, making it the hardest hit region in the country.

PricewaterhouseCoopers (PwC) research commissioned by the CoM estimates a $23.5 billion reduction on last year's record economic output of $104 billion, which accounted for almost a quarter of Victoria's gross state product (GSP).

A total reduction of $49 billion - or 8 per cent - is expected over five years under a scenario in line with the latest government projections, but prolonged public health measures could lead to a $110 billion fall over the period.

Under that worst case scenario considered by PwC, Victorian state-wide economic output would be $327 billion below pre-COVID projections over five years, affecting around 398,000 jobs.

The report also notes co-dependencies for the state and national economy, which have historically been driven by growth in major cities.

Overall, the CoM is expected to bear the brunt of jobs and output decline across Victoria, with the daily population in the city running at 34 per cent of 2019 daily averages.

The report also considered a scenario of a quicker and stronger recovery, under which CoM's economic output over five years would be down $41 billion with GSP down by $74 billion.

"This shows that the difference between a slower and quicker recovery over the five years is $69 billion in CoM economic output," the report stated.

"This highlights the importance of the speed and strength of recovery and cements the importance of the CoM in driving Victoria's response."

Lord Mayor Sally Capp said the city economy was booming before COVID-19, describing it as the economic powerhouse of Australia.

"The scale of the economic shock being felt across the central city is unprecedented," the Lord Mayor said.

"The modelling shows more than 22,000 jobs could be lost in our accommodation and food services sector this year alone. We can't afford to lose our world-class food, café and retail culture."

She said the new data showed Melbourne needed urgent support from the Victorian and Australian Governments to support businesses.

"We are working closely with the State and Federal governments to secure further support for businesses and investment for the city's reactivation when it is safe to do so," she said, adding her council was making a record $50 million investment in rate relief and stimulus packages to help the economy recover as quickly as possible.

A return of international students is one of the critical factors to help ensure a faster recovery, with the report highlighting how the University of Melbourne was the state's largest exporter by value last year.

"The closure of domestic and international borders has forced the deferral of thousands of international student enrolments in 2020, significantly impacting institutions like the University of Melbourne which relies on overseas student fees for 35 per cent of its income," the report stated.

"It will also impact the local economies which house these institutions, with ABS data showing for every $1 lost in university tuition fees, another $1.15 is lost in the broader economy due to student spending."

The report also emphasises inner Melbourne's historic strength in drawing tourists to the state, which received 95.5 million visitors in the year to March 2020.

"The tourism expenditure for these visitors was $31.3 billion, which amounts to spending of approximately $85.6 million per day in the State," the report stated.

"With the exception of visitors from China, the top source markets by overnight visitor spend were visitors from Victoria, New South Wales, Queensland, and South Australia, highlighting the significance of Victoria as a colourful domestic travel destination.

"The Greater Melbourne region drew 39.6 per cent of these visitors to Victoria. For international tourists, who make up only 3 per cent of visitors to Victoria but 26 per cent of tourism expenditure, Melbourne provides a gateway for arriving visitors to explore the rest of the state."

Under a scenario in line with current government projections, the City of Melbourne's accomodation, food services and retail trade is set for a 42 per cent decline in employment, compared to a 30 per cent reduction for the state.

PwC also pointed to inner Melbourne's startup economy as another strong driver of jobs growth and productivity.

"The Life Sciences and Fintech subsectors are the largest contributors to the city's startup economy, with the latter accounting for 80 per cent of key funding investment across Australia in the last financial year.

"These startups thrive in environments, such as that found in CoM, characterised by an abundance of talented founders and employees, strong investment opportunities, proximity to research organisations, universities, and corporate organisations, and a conducive policy environment.

"In aggregate, city workers produce 23 per cent more value add than the average Victorian worker. This is driven, in part, by the concentration of diverse businesses in the Melbourne CBD and Docklands precincts and the associated agglomeration economies for CoM."

Updated at 9:50am AEST on 10 September.

Deloitte reveals scale of hospitality spending slump, but retail rebounds

Divergence in spending across the retail landscape means not all categories are on an equal footing, despite a strong lift in total spending volumes during June and July 2020.

As a result, there has been a wide range of growth across both categories and states, with sectors like recreational goods and liquor performing exceptionally well while spending at cafes, restaurants and catering services has plummeted. 

The findings, from Deloitte's quarterly Retail Forecasts report for the third quarter, demonstrate how overall retail spending is faring better than general consumer spending.

According to Deloitte, retail volumes fell just 3.4 per cent over the June quarter, compared to a 12.1 per cent collapse in household spending.

Looking ahead, the report forecasts this positive momentum will continue into the September quarter, with retail volumes expected to bounce back by 5.4 per cent.

Even on a year-on-year basis retail spending volume are up 7.4 per cent in June compared to the previous year.

However, Deloitte Access Economics partner and the author of the Retail Forecasts report David Rumbens says while the figures look healthy on a first glance, the real story is told when broken down into categories.

"There is an enormous gulf in retail performance by sector. Restrictions have sent cafes, restaurants and catering services into a tailspin, with spending remaining over 20 per cent lower than pre-COVID levels in the month of July," says Rumbens.

"Meanwhile, with more people at home more of the time, spending on recreational goods, alcohol, electrical and electronic goods, and hardware, building and garden supplies have surged, with all posting more than 30 per cent gains in the month of July compared to pre-COVID levels.

Change in nominal retail spending compared to pre-COVID levels (via Deloitte)

"And it's not just categories experiencing a divergence in spend. Victoria's second wave COVID outbreak and Stage 4 restrictions have sent the state back into a spending slump. Meanwhile retailers in Queensland and Western Australia continue to benefit from the easing of restrictions."

According to Rumbens the COVID-induced employment crisis has hurt take home incomes and eroded consumer willingness to spend.

This is despite fiscal stimulus resulting in more cash washing through the economy, adding 2.2 per cent on average to household disposable income.

"Unfortunately, we weren't willing to go out and spend this extra cash, with the savings rate skyrocketing to 19.8 per cent as households prepare for what they expect to be further difficult and uncertain times ahead," says Rumbens.

"Looking forward, some parts of retail are expected to take longer than others to recover. Supermarkets, specialty food and liquor, household goods, and other retailing have already exceeded December's pre-COVID spending levels for spending over a whole quarter.

"However, it is expected to take much longer for department stores, catered food and apparel to reach this benchmark."

Updated at 1.00am AEST on 10 September 2020.

Safety concerns trigger pause of AstraZeneca COVID-19 vaccine trial

Pharmaceutical company AstraZeneca has put its late-stage trial of a potential COVID-19 vaccine on hold after a participant fell ill.

According to the British-Swedish multinational, which is working on the vaccine with Oxford University, the voluntary pause is part of its "standard review process".

The suspension, described as a "routine action", will give the company time to investigate the cause of the illness in the participant.

"This is a routine action which has to happen whenever there is a potentially unexplained illness in one of the trials, while it is investigated, ensuring we maintain the integrity of the trials," says a spokesperson from AstraZeneca.

"In large trials illnesses will happen by chance but must be independently reviewed to check this carefully.

"We are working to expedite the review of the single event to minimise any potential impact on the trial timeline. We are committed to the safety of our participants and the highest standards of conduct in our trials."

The announcement from the pharmaceutical giant comes just two days after biotechnology company CSL (ASX: CSL) announced it would be manufacturing 30 million doses of the AstraZeneca vaccine.

According to CSL, that vaccine is expected to be ready for the Australian public in early 2021. AstraZeneca has not indicated whether this pause will delay that timeline.

CSL also announced on Monday it would be producing 52 million doses of a vaccine developed by the University of Queensland if clinical trials are successful.

Updated at 10.40am AEST on 9 September 2020.

Public health alert issued for China Doll restaurant, Balmain pub shut down

A number of new public health alerts have been issued for venues in New South Wales, including for high-end restaurant China Doll in Woolloomooloo and a golf club in Paramatta.

A pub in Balmain has also been shut down for one week after authorities determined it had repeatedly breached COVID-19 restrictions.

The alerts come after confirmed cases of COVID-19 visited the venues, with NSW Health urging other attendees to isolate for a fortnight and get tested immediately.

NSW Health says an infectious person dined at China Doll on Thursday 3 September, with a small number of patrons and staff considered close contacts. They have been directed to self-isolate and seek testing.

In addition, NSW Health says anyone who attended the following venues at the specific times are considered to be close contacts and must isolate immediately:

• Oatlands Golf Club, 94 Bettington Rd Oatlands, on Friday, 4 September, 6:30-8:45pm. Anyone who attended the Bavarian Night Dinner in the Bistro on Bettington main dining room is a close contact and should isolate and get tested immediately.
• Paperboy Café, 18 Tennyson Rd Concord, Sunday, 6 September, 10am-12pm.

Further, anyone who attended the following venues at the specified times is considered a casual contact and must monitor for symptoms of COVID-19:

• Stanhope Village Shopping Centre, including Kmart Stanhope Gardens, on Monday, 7 September, 8.30am-9.30am
• Clovelly Hotel on Saturday, 5 September,12:45-1:45pm
• Rouse Hill Town Centre, including Target Rouse Hill, on Saturday, 5 September, 12.30pm-1.30pm
• Fitness First Maroubra, 737 Anzac Parade Maroubra, on Saturday, 5 September, 8am 12pm

"NSW Health is working with Fitness First to identify people who attended the Maroubra gym that morning, and will directly advise those who are considered to be close contacts and need to get tested and isolate for 14 days," says NSW Health.

Balmain pub shut down for breaches of COVID-19 restrictions

The Unity Hall Hotel in Balmain is the first venue in NSW to be formally closed for one week after it was found to be breaching public health orders.

Authorities from NSW Liquor & Gaming found the pub was not following COVID-19 safety plan requirements while hosting two birthday parties, just one day after receiving a penalty notice for other breaches.

The venue will be closed for seven days from 5am today in addition to having been fined a total of $10,000 by Liquor & Gaming and NSW Police.

"The venue was fined $5,000 after our inspection on 5 August, where inspectors identified an out of date COVID-19 Safety Plan, inadequate sign in processes relating to not recording times of entry and digitising records, and a lack of physical distancing between chairs and tables," says Liquor & Gaming director of compliance Dimitri Argeres.

Liquor & Gaming says a penalty notice was issued for those offences on 7 August.

When police attended the pub on 8 August in response to a complaint from a member of the public they observed a private function of 32 guests who were dancing, standing and mingling while consuming alcohol.

Police fined the venue $5,000 and then referred the matter to Liquor & Gaming to consider further action.

Liquor & Gaming reviewed the CCTV which corroborated breaches of physical distancing; 10-person limits on bookings; dancing; and staying seated while consuming alcohol.

"This is the risk posed by not following the Public Health Orders and not adequately implementing COVID-safe practices. People in large groups who are known to each other are far more likely to mingle including by dancing and this increases the risk of transmission," says Argeres.

"Each person brings with them a history of interaction with others in the community which means the more people in a group, the more close contacts they are sharing across that group.

"To repeatedly not comply with the Public Health Orders poses a clear and significant risk to public health."

Updated at 9.27am AEST on 9 September 2020.

Business insolvency and bankruptcy protections extended until the end of 2020

Temporary insolvency and bankruptcy protections to assist financially distressed Australian businesses during the COVID-19 pandemic have been extended until 31 December 2020.

The Federal Government will introduce regulations to extend the temporary increase in the threshold at which creditors can issue a statutory demand on a company, as well as the time companies have to respond to demands they receive.

In addition, the changes will extend the temporary relief for directors from any personal liability for trading whilst insolvent.

"The extension of these measures will lessen the threat of actions that could unnecessarily push businesses into insolvency and external administration at a time when they continue to be impacted by health restrictions," Federal Treasurer Josh Frydenberg and Minister for Industrial Relations Christian Porter said in a joint statement.

"These changes will help to prevent a further wave of failures before businesses have had the opportunity to recover.

"As the economy starts to recover, it will be critical that distressed businesses have the necessary flexibility to restructure or to wind down their operations in an orderly manner."

Updated at 12.39pm AEST on 7 September 2020.

CSL to manufacture UQ and Oxford COVID-19 vaccines for Australia

Biotechnology giant CSL (ASX: CSL) will manufacture more than 80 million doses of COVID-19 vaccines for supply in Australia, slated for release in 2021.

The manufacture and supply agreements are contingent on the success of clinical trials at both the University of Queensland and Oxford University where the vaccines are being developed.

Once trials are complete, the deals will see 52 million doses of UQ's vaccine made by CSL for Australia, plus 30 million doses of the Oxford vaccine.

First doses of the UQ vaccines are scheduled for release in mid-2021, while Oxford's would be ready in early 2021.

UQ is currently undertaking Phase 1 clinical studies on its vaccine to assess how safe it is in healthy human volunteers.

"The social and economic impact of the COVID-19 pandemic has brought a high level of urgency to the task of developing a vaccine against the SARS-CoV-2 virus, and to manufacture a successful vaccine at high quality and in sufficient quantities," says CSL CEO and managing director Paul Perreault.

"CSL has been working at pace to respond to the pandemic and has invested significant resources in the rapid development and large-scale manufacture of UQ-CSL V451, along with a number of other therapeutic programs.

"Together with partners including the University of Queensland and Coalition for Epidemic Preparedness (CEPI), our development and manufacturing teams have been working extremely hard to advance this program to ensure the availability of a safe and effective vaccine should clinical studies prove successful."

Perreault says results from the pre-clinical and early clinical studies for UQ's vaccine are promising, but he notes it is impossible to predict the level of success the university will have in late stage trials.

"CSL's focus is to produce a safe and effective vaccine," says Perreault.

"It is important that on completion of clinical trials, the public has confidence in UQ-CSL V451, which makes use of the well-established recombinant protein technology platform, and Seqirus' proprietary adjuvant MF59, which has an extensively safety track record in humans."

Shares in CSL are up 0.30 per cent to $279.89 per share at 10:57am AEST.

Updated at 11.19am AEST on 7 September 2020.

Victorian cases lowest since June

Victoria has today recorded its lowest daily case rate in more than two months at 41, reaching a level in line with conditions for the staged relaxation of restrictions planned for later this month.

The state's Department of Health and Human Services (DHHS) announced the encouraging figures for the past 24 hours this morning, although it also reported nine lives were lost.

The last time Victoria reported a lower daily case rate was on 27 July with 40 new cases, of which 15 were from unknown community sources.

That proportion of unknown sources, which is more worrying for epidemiologists as they attempt to get on top of the virus, was in stark contrast to the last two days when all cases were from known sources.

Premier Daniel Andrews says the fall in numbers shows the strategy is working, and the goal is to drive them down further so that when the state opens up in slow and steady steps, it can stay open.

"To go from 725 cases to 41 cases in a month, that demonstrates to you that this strategy is working. The sacrifices that we are making, all of us, are worth something. I want that to count and that's why we simply can't open up as quickly as everyone would like us to," he said.

"I'm grateful, I'm proud of every single Victorian and the work that they're doing - without that, we simply can't keep driving these numbers down. Please get tested if you've got any symptoms, and please look out for each other. These are difficult times."

It is a cautious approach that Premier Andrews will help give Victorians not just a sense of normality when the state opens up, but one that is lasting and can be defended throughout 2021 until a vaccine is available. 

Victoria currently has 1,781 active cases, with 266 people in hospital of whom 25 are in intensive care, and out of that group 17 are on ventilators. 

Updated at 9:22am AEST on 7 September 2020.

Melbourne Stage 4 lockdown extended by two weeks, easing roadmap unveiled

With new daily cases of COVID-19 still above 60 in Victoria, Stage 4 lockdown restrictions in metropolitan Melbourne will be extended for two weeks before the state cautiously eases into a new normal.

As such, current Stage 4 lockdowns will be in place until 28 September, subject to public health advice.

But after that date Victorians will slowly move out of heavy COVID-19 restrictions, with an aim to reach the final step on the roadmap from 23 November.

According to Premier Daniel Andrews, the decision to extend Stage 4 was made with reference to extensive modelling which demonstrated that a third wave of COVID-19 was inevitable if restrictions were eased too fast.

"This is not a 50/50 choice. The modelling...indicates that if we open up too fast then we have a very high likelihood that we're really opening up at all, we're just beginning a third wave," Andrews said.

"We will be back in and out of restrictions, in and out of lockdown before the end of the year. Indeed, potentially, well before the end of the year.

"We can't run out of lockdown; we have to take steady and safe steps out of lockdown to find that COVID normal."

During the two week extension of Stage 4 in Melbourne restrictions will be changed somewhat to accommodate those living alone.

From 11.59 pm on 13 September the curfew will be expanded to 9pm instead of 8pm in recognition that the days are getting longer as Victoria heads into the warmer months.

Additionally, exercise will be permitted for two hours per day, and social bubbles will be allowed to accommodate those who live on their own and have been socially isolated for a long period of time.

Playgrounds will reopen and public outdoor gatherings of two people will be allowed.

Restrictions to be eased from 28 September

Subject to health advice, and if Melbourne is only recording between 30 to 50 new cases of COVID-19 per day at the time, restrictions will be eased further from 28 September.

At that time public outdoor gatherings can increase to up to five people from two households, and school will return for students in prep, grade 1 and grade 2.

More workplaces will be allowed to reopen at that time (particularly the construction industry), outdoor pools will reopen, outdoor personal training will be allowed, and outdoor religious gatherings of up to five people will be permitted.

From 26 October the 9pm curfew will no longer apply, Melburnians will be able to leave home for any reason and for any distance, and public outdoor gatherings of up to 10 people will be allowed.

Additionally, visitors to homes will be permitted of up to five people from another nominated household.

Retailers and hairdressers will also be allowed to reopen, hospitality will recommence with outdoor seated service, and non-contact adult sport will make a staged return.

The final step of the roadmap will begin from 23 November and will see gathering sizes increase and most of the economy able to operate under COVID-19 guidelines.

As such, public outdoor gatherings will be allowed for up to 50 people, and visitors to the home will be allowed with up to 20 people at a time.

Hospitality services will be mostly back online, with seated indoor service of up to 20 people.

Real estate operations will recommence, and weddings and funerals will be allowed with up to 50 people.

"We would all like to reopen up as quickly as possible. We would all like to find that COVID normal or indeed go back to actual normal as soon as possible, but that is not the nature of this virus," Premier Andrews said.

"You can't run out of lockdown, because all you're doing is running into a third wave and we'll all be locked up again.

"I want a Christmas that is as close to normal as possible, and this is the only way."

Because the state's COVID-19 cases are predominantly being detected in metropolitan Melbourne, regional Victoria will be able to move along the easing roadmap faster.

As such, the state's regions, currently in Stage 3 restrictions, will be able to jump to the second step of reopening from 11.59pm on 13 September.

Today's announcements came as Victoria reported 63 new cases of COVID-19 today and just five deaths attributed to the virus.

There are 283 people in hospital because of COVID-19 in Victoria, with 16 people on a ventilator.

Updated at 1.05pm AEST on 6 September 2020.

All but WA agree to December border opening goal, NZ hotspot plan in the works

The vast majority of Australia's states and territories have today agreed on ambitions to lift border restrictions and reach Stage 3 of the Federal Government's COVID-safe roadmap by December.

In addition, the hotspot approach to facilitating or restricting free movement between states and territories may be expanded to New Zealand, allowing Trans-Tasman tourists to visit Australia.

The agreements were made during today's National Cabinet meeting, which saw every state and territory except Western Australia coming to a consensus; the latter avoiding a set deadline due to its success so far in combatting the virus and avoiding recession. 

Essentially, this means by Christmas every state and territory border would be open (potentially excluding WA's border), gathering sizes would be increased to 100, and more staff would be back in the workplace.

Prime Minister Scott Morrison says the country is in a very different position to where it was back in March when the roadmap was unveiled, but he is hopeful life will soon return to a semblance of normality.

"Now, almost six months later, all the states and territories sit in a different position and they're coming from a different point of risk," Morrison said.

"So we've agreed today, seven out of eight states and territories, that before what you know what you've got to do, you've got to agree where you're going to.

"We said before we wanted to get there in July and the virus prevented us from achieving that, but seven out of eight states wants us to get back to that position in December of this year."

Morrison clarified he understood and respected Western Australia's unique position, emphasising the National Cabinet process meant "the door is always open" should the state change tack.

Therefore, while WA is not joining the rest of the country on agreeing to the December date for open borders, it will engage with the states and territories on a case by case basis at a later time.

WA Premier defends stance, highlighting "gangbusters" economy thanks to hard border 

Following the PM's press conference, WA Premier Mark McGowan has clarified his government and health authorities' rationale for the decision.

He notes the state's ongoing position is supported by the findings of the Federal Court, which ruled in its favour against the hard border challenge brought by Clive Palmer.

The court deemed a hotspot approach would be less effective than Western Australia's hard border measures in preventing the spread of COVID-19.

"Today at National Cabinet we discussed border controls at length. It was a productive discussion but I made it clear that Western Australia would not be agreeing to a hotspot model or hotspot definition which replaces our successful border controls," Premier McGowan says.

"A date will be set when our health advice recommends it, but that might be some time away.

"We've been through this before, and then Victoria happened. Opening and closing borders just causes more confusion, and it isn't a good outcome for the state's economy."

He emphasises WA is not in a recession like the rest of the country, and opening the borders prematurely could lead to "economic devastation", not to mention more deaths from the virus.

"WA does not have border communities so we don't face the associated social disruption seen on the Eastern Coast. In WA we have positive economic activity, business confidence is buzzing, and retail trade is increasing and businesses are hiring," he says.

"WA's housing and construction market is responding well to stimulus measures. It's going gangbusters. Weekly land sales have reported a sharp increase with the introduction of housing grants - more homes are being built, the building pipeline has increased by more than 75 per cent between late April and mid-August.

"Retail figures for July were released today and they show in WA retail trade grew by 3.8 per cent, and by 6.2 per cent in annual average terms; the best result in seven years."

After 146 days with no community transmission cases and just two remaining active cases in the state, McGowan says the "island within an island" approach gives him confidence, but it also brings consequences for families who haven't seen each other for a long time.

"I feel for those people. I also cannot see my mother and father, and my brother in New South Wales, but I want to thank so many people for their understandings and commitment to doing the right thing as we monitor the situation," he says.

Hotspot approach may extend to New Zealand

With all state and territory chief health officers in agreement about what constitutes a 'hotspot' under a broad definition, PM Morrison says he is working to bring New Zealand in on the approach.

This could mean that if New Zealand is not designated as a hotspot, states and territories could allow tourists from our neighbouring island to visit.

"When we're in a position to do so, and when the acting Chief Medical Officer has come to a set of arrangements with New Zealand, then we would be able to have New Zealanders come to Australia," says Morrison.

"That doesn't mean Australians can go to New Zealand - that's a matter for their Prime Minister - but if there's no COVID in Christchurch and there's no COVID in Queensland then there's no reason both of them can't come to Sydney.

"That will mean an important boost for our tourist economy, whether it's in New South Wales or anywhere else."

Further, bringing New Zealand into the program would take the pressure off states like New South Wales in accommodating Australians returning from overseas.

"New South Wales have had to do the heavy lifting on [hotel quarantine]," says the PM.

"The idea that New Zealanders do not have to go into quarantine, because they come in from COVID-free areas, will also free up space.

"Equally, if states are requiring Australians come in from areas where there's not COVID cases like the ACT, and they don't have to go into hotel quarantine places, well that obviously frees up more capacity."

Agriculture Workers Code adopted by most states and territories

Five out of the eight states and territories have agreed to adopt the proposed Agriculture Workers Code, with just QLD, WA, and TAS declining to join.

The code, designed to ensure border closures do not diminish Australia's food production and supply chains, will be immediately put into place in SA, NSW and VIC.

"They will begin immediately to put that prescriptive code in place to facilitate a greater engagement of agricultural workers and other important workers in the agricultural sector, so as not to dislocate what is occurring in the ag sector between those three states and territories," says Morrison.

Updated at 2.27pm AEST on 4 September 2020.

Virgin creditors accept terms ahead of Bain Capital handover

Virgin Australia CEO Paul Scurrah says the airline is closer to exiting administration after a successful second meeting of creditors today, with expectations shares will be transferred to Bain Capital by 31 October.

The US fund is buying out the group for $3.5 billion, and its 10 proposed deeds of company arrangement (DOCAs) covering 41 Virgin Australia-associated entities were approved by creditors in an online meeting.

Deloitte administrators Vaughan Strawbridge, John Greig, Sal Algeri and Richard Hughes have confirmed the DOCAs will be signed, and completed, within 15 business days.

The DOCAs provide for the previously announced partial return of funds to unsecured creditors, in the range 13 and 9 cents in the dollar on claims from funds of $462 million and $612 million.

Once shares have been transferred a proposed creditors' trust is set to be created to adjudicate claims and pay distributions, all undertaken by the Deloitte Restructuring Services partners as trustees.

The timing of the payment of the dividend to creditors has been estimated at between six and nine months from completion of the sale transaction.

The DOCAs also provide for the value of all customer travel credits and prepaid flights provided post-administration; continued employment for the majority of employees and entitlements paid in full, including for those leaving the business; the continuation of the Velocity Frequent Flyer program; the retention of aircraft and equipment; and interim funding and acceptance of economic risk by Bain from 1 July 2020.

"This outcome provides certainty for employees and customers, a return to creditors, opportunities for suppliers and financiers to continue to trade with the Virgin Australia Group as well as maintaining a competitive Australian aviation industry for the benefit of consumers," says joint voluntary administrator Vaughan Strawbridge.

"While the outcome of the meeting today is a significant milestone for both the future of Virgin Australia and Australia's aviation industry more broadly, we also acknowledge those loyal Virgin Australia Group employees who will lose their jobs and the difficulties that this will cause them and their families as well as the numerous suppliers and investors who will not receive all of the monies owed to them.

"The outcome has also been achieved due to the incredible support from Virgin management and staff, unions who have played an important part in securing the future jobs for so many of their members, financiers, service providers, trade suppliers, and other key stakeholders including the federal government."

However, Strawbridge explained there was still a lot of work to do to complete the restructuring of the airline and complete the sale transaction before the business is ready to emerge from Voluntary Administration under Bain Capital's ownership.

Virgin Australia CEO Paul Scurrah says it is vital for the country to have two major airlines for consumer choice, value airfares and to help support the recovery of a robust tourism sector after this crisis is over.

"This is an important outcome for Virgin Australia, which brings us closer to exiting administration and allows us to focus on the future," says Scurrah.

"While we can feel very proud that we have got to this point, the impact of COVID-19 remains very challenging for our business and industry. These are tough times and we must remain focused and adapt to this new environment.

"It's been an incredibly tough journey for our people and they should be commended for how they have handled themselves. I'm pleased today gives us some more certainty around the company's future."

Updated at 2:16pm AEST on 4 September 2020.

Eviction moratorium in VIC extended until March 2021

A moratorium on evictions in Victoria will be extended until 28 March 2021 to give both residential tenants and landlords more certainty as the state emerges from Stage 4 lockdowns.

In addition, eligible residential tenants will now be able to apply for rental relief of up to $3,000, an increase of $1,000 to what was previously announced.

Further, the eligibility criteria for relief, which is essentially an assessment of asset holdings, will be increased to $10,000.

This means families will be able to amass significantly more funds than before to be eligible for relief under the Victorian government's program.

The residential tenancies dispute resolution scheme will be also extended until the 28 March 2021 to enable landlords and tenants to work together in good faith to reach new rental agreements in this current climate.

"Everybody would understand the importance of a home in the current environment, the security of a roof over your head in these difficult times," says Victorian Treasurer Tim Pallas (pictured).

"We've assessed how the virus is presenting, the length of time that we know that people need security and certainty in terms of their residences going forward."

Residential landlords who give tenants relief under the scheme will be entitled to 2021 land tax relief in addition to relief already provided in the 2020 calendar year.

"Once it is recognised and appropriate agreements have been struck, and there is a clear indication of proportionality that appropriate relief has been given to tenants and that landlords should expect similar relief from the state in regard to the land tax obligations," says Pallas.

The announcement comes as Victoria reports 81 new confirmed cases of COVID-19 today.

The state has also attributed 59 more deaths to the coronavirus today, including a number of historical deaths that are the result of the reconciliation of data between private aged care providers, the Commonwealth and Victorian health officials.

Updated at 12:53pm AEST on 4 September 2020.

Sydney: New public health alert issued for Fitness First in Randwick

UPDATE (11:50am, 4 September): New heatlh warnings issued for New Brighton Golf Club, Aldi North Strathfield, Bunnings Padstow.

NSW Health has added new dates to a public health alert for Fitness First in the Sydney suburb of Randwick after confirmed COVID-19 cases attended the gym.

Anyone who attended the gym between Sunday, 23 August and Tuesday, 1 September should monitor for symptoms and get tested if they develop.

The alert follows notification of an additional two cases who attended the gym.

"NSW Health is continuing to work with Fitness First Randwick to identify and notify close contacts," says NSW Health.

In addition, Regents Park Christian School was closed yesterday for deep cleaning after a case of COVID-19 was confirmed late Wednesday night.

NSW Health is contacting people who attended after-school hours care on Monday, 31 August and Tuesday, 1 September, from 3-6pm.

All children and staff who attended at these times are considered close contacts and have been directed to get tested and isolate for 14 days, and stay isolated for the entire period, even if a negative test result is received.

Health alert issued for New Brighton Golf Club

More health warnings were issued later this morning for three Sydney-based venues and businesses.

NSW Health has confirmed a COVID-19 case attended New Brighton Gold Club while infectious on 28 August 2020.

Anyone who was at the club for more than two hours between 6.15pm and 12.30am on that date is considered a close contact must self-isolate and get tested.

Further, anyone who attended the following businesses at the specified times should monitor for symptoms:

• Aldi North Strathfield, 20 George St North Strathfield Tuesday 1 September 2020, 10:00am-10:30am
• Bunnings Padstow, 88 Fairford Rd Padstow Thursday 27 August 2020, 12:00pm-2:00pm

The warnings come as NSW Health has diagnosed eight new cases of COVID-19 in the state, bringing the cumulative total number of confirmed cases since the pandemic began to 3,910.

Of the eight new cases, one is a returned traveller and seven are locally acquired and linked to a known source or cluster.

Of the seven linked to known clusters, three are contacts of cases linked to the CBD cluster, two are contacts linked to the St Pauls Catholic College Greystanes cluster, and two are household contacts of previously reported cases linked to Liverpool Hospital.

Updated at 9.45am AEST on 4 September 2020.

QLD expands border bubble to Moree, records zero new cases

After reporting its first 24-hour period of no new cases in 10 days, the Queensland Government has taken the decision to extend its border travel bubble to Moree in northern NSW.

The move follows complaints from Moree residents who haven't been able to see their children in southern Queensland boarding schools, as well as the recent burning down of the only supermarket in the nearby Queensland border town of Mungindi.

Queensland's Chief Health Officer Dr Jeannette Young told a press conference this morning she had been working very closely with her NSW counterpart, sharing information to help find a solution.

"With that information I'm very confident that Moree is a safe place to add into our border zone that we're looking at for New South Wales," Dr Young said.

"We know that's particularly important. I went and looked into it in great detail because unfortunately when that supermarket burnt down they didn't have a lot of options...the distances, if you look at them, it would be quicker for them to have travelled down into Moree."

She said the decision was made mainly because it was deemed safe to do so, remembering that the extension could potentially change.

"But at this point in time New South Wales does have control of their outbreak and they've been able to limit it to other parts of New South Wales," she said.

"The risk, of course, is that people in those other parts can travel up into the northern part of New South Wales, but I discussed that risk every single day with my counterpart in New South Wales."

Premier Annastacia Palaszczuk's message was "well done Queensland" after reporting zero new cases overnight, but emphasised the state was "not out of the woods yet" with 25 active cases.

The Premier also announced the launch of a special dedicated health unit for residents of northern New South Wales.

"There is a team of eight specialists that will that will involve doctors, nurses, paramedics and also social workers because this is often a distressing time for people," she said.

Dr Young noted 900 New South Wales residents were treated in Queensland hospitals last week.

"We are continuing to provide essential and emergency health care to people who live in northern New South Wales, because we've always done that," she said.

"Traditionally, Queensland provides that care. There has been no change to that."

The Premier added there was currently a team of 80 people working in the unit for exemptions.

Photo: VisitNSW

Updated at 9:47am AEST on 4 September 2020.

Have we just stumbled on the biggest productivity increase of the century?

One of the most striking responses to the COVID-19 pandemic has been the sudden, shift of around half the workforce to working at home.

In many cases, this was combined with an equally sudden shift to home schooling.

Contrary to what might have been expected, working from home was one part of the pandemic response that went remarkably smoothly. Most kinds of office work continued almost as if nothing had changed.

Discussion of the crisis has mostly worked on the assumption that a return to something like the pre-crisis 'normal' is both inevitable and desirable.

But the unplanned experiment we have been forced to undertake suggests we might have stumbled upon a massive opportunity for a microeconomic reform, yielding benefits far greater than those of the hard-fought changes of the late 20th century.

The average worker spends an hour on commuting every work day. Remarkably, this is a figure which has remained more or less stable since Neolithic times, a finding known as Marchetti's Law. (The same observation has been attributed to Bertrand Russell).

If working from home eliminated an hour of commuting, without changing time spent on work or reducing production, the result would be equivalent to a 13% increase in productivity (assuming a 38 hour working work).

If half the workforce achieved such a gain, it would be equivalent to a 6.5% increase in productivity for the labour force as a whole.

For a comparison, let's look at the radical microeconomic reforms of the 1990s, including privatisation, deregulation and national competition policy.

In 1995 the main advocate of these reforms, the Productivity Commission, then called the Industry Commission, estimated they would increase national income by 5.5%.

In retrospect, that estimate appears to have been over-optimistic.

Although there was an upsurge in measured productivity growth in the mid-1990s, the total increase relative to the long term trend was less than 1 percentage point per year above normal and low productivity growth since then has wound back those gains.

These gains are big, compared to those we sweated on

Even so, those reforms were, and to a large extent still are, widely seen as a crucial contributor to economic prosperity.

So, an improvement of 6.5% would be a huge benefit. It would be enough over a few years to offset the economic costs of the lockdown and many other impacts of the pandemic.

But, as in the case of microeconomic reform, this initial estimate may be misleading. And even if there are real benefits on average, it's important to ask who will get them and who, if anyone, will lose.

A study by Harvard and New York University economists finds that people working from home spend around 48 minutes more time per day connected to their offices, leaving an average gain in free time of only 12 minutes per day.

It seems likely however, that at least some of this time is spent on household tasks, especially to the extent that workers had to take on child care and home schooling during the lockdown period. And, as well as saving commuting time, workers also save the monetary costs of commuting and at least some of the time spent getting ready for work.

On balance, it seems clear that on average working from home yields net benefits.

However, workers for whom social contacts at work represent a significant "fringe benefit" will lose that benefit while other workers who value privacy or separating work and social life will gain a benefit.

It'll be harder for managers

Similarly, those who rely on chatting to colleagues to develop ideas will lose something relative to those who prefer more systematic approaches to obtaining information relying on electronic contact.

Another group of workers who might lose from remote working are middle managers.

To the extent that management depends on "presenteeism", that is, physically keeping an eye on workers, remote working presents problems.

Intrusive checking on computer activity is likely to be resisted and evaded. Managers will have to learn to manage by objectively assessing results rather than observing what people do, and to get that evidence accepted further up in the hierarchy.

manageable for employers

For employers, the shift to working from home has had little immediate impact. Workers wages haven't changed, and, at least in the short run, neither has spending on office space.

But in the long run, remote working offers the possibility of much greater flexibility in hiring. Some employers such as Facebook's Mark Zuckerberg have already floated the idea of paying workers less because they can now live in cheaper locations, setting the stage for future conflict.

For the most part, disputes over sharing the benefits of remote office work will be hashed out between employers, workers and unions, in the ordinary workings of the labour market.

But what about the other half of the workforce, who don't have the option of working from home? In particular, what about the mostly low-paid service workers who depend on people coming into offices?

If the productivity gains made possible through remote work are to be shared by the entire community, substantial government action will be needed to make sure it happens.

Most obviously, the higher rate of JobSeeker allowance has helped us get through the pandemic without the upsurge in suicide and other measures of social distress predicted by many. Returning to the poverty-level unemployment benefit (the old Newstart) would be a disaster.

We'll need to change the way we support workers

The pandemic has shown how whole sectors of the economy, such as aged care, rely on casual workers piecing together multiple jobs, with no access to standard conditions like sick leave. Younger workers in particular suffer from underemployment and difficulties in making the transition to permanent full-time work.

What will be needed is both an expansion of publicly funded employment in a wide range of services including aged care and a reversal of trends towards casual and contract employment.

Disastrous though it has been, COVID-19 has taught us a lot about ourselves and about how our economy and society work. If we learn these lessons, we might be able to benefit and mitigate at least some of the harm done by the disaster.

John Quiggin, Professor, School of Economics, The University of Queensland

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Starpharma secures funding to develop COVID-19 nasal spray

Shares in Starpharma (ASX: SPL) are on the rise after the pharmaceutical company announced it has received $1 million in funding to develop its COVID-19 nasal spray.

The company was selected by the Australian Government's Medical Research Future Fund (MRFF) as a recipient of the funding to expedite the development and commercialisation of its novel SPL7013 nasal spray.

The listed pharmaceutical company was selected as one of five recipients of MRFF funding for its project the Fund determined was "capable of achieving substantial and rapid impact in the global response to the COVID-19 pandemic within 12 months".

The spray has demonstrated potential to prevent both acquisition and transmission of COVID-19 due to its broad-spectrum antiviral properties.

While its efficacy to prevent the spread of COVID-19 was at the forefront of the company's mind during development, Starpharma says the spray could also play a role for other respiratory viruses.

Additionally, Starpharma says while its initial focus is on a nasal spray as the most rapid path to market, SPL7013 could also be administered via eye drops, inhalers, or injections.

"Feedback from clinicians and healthcare providers indicates a strong interest in a preventative product for COVID-19 as an additional line of defence, in addition to conventional PPE and vaccines," says Starpharma.

"The product would have application for the general population, including those in the frontline of this crisis, such as doctors, nurses and those exposed to crowded and high-risk environments, such as public transport, airlines and aged care."

The expedited development and commercialisation process to get SPL7013 onto shelves has been ongoing since April.

To date, the company has already identified a manufacturer for the spray with pilot manufacturing already underway.

Further, work has commenced on compiling regulatory documentation in preparation for submission.

"We are very pleased that the SPL7013 COVID-19 nasal spray has been selected for this grant, especially from such a large and competitive field of applicants," says Starpharma CEO Dr Jackie Fairley.

"This is an important initiative aimed at accelerating Australian innovations to address the global COVID-19 pandemic and we thank the Government for continuing to fund programs like these that drive the local development of novel, innovative therapies for patients globally.

"We are proud of our contribution to the Australian biomedical industry response to combat COVID-19."

Receipt of the funding comes hot on the heels of the announcement that Starphrama has created a slow release, water soluble version of COVID-19 treatment remdesivir.

That announcement saw the company's shares hit a record high of $1.90 per share on 1 September.

Today, the company's shares are up 4.91 per cent to $1.71 per share at 2.40pm AEST.

Photo: The concept of the treatment of the common cold at home. Male nose and nasal spray close up by Marco Verch under Creative Commons 2.0

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Churchgoers in isolation after COVID-19 case attended Sydney service

NSW Health has issued a public health warning for visitors of a church service at Life in the Spirit Ministry in Prestons after a confirmed COVID-19 case attended a service.

Those who were at the Preston church on 30 August from 12.30pm to 2.30pm are considered close contacts and must be tested for COVID-19 and self-isolate for 14 days until midnight on 13 September.

The warning comes as 12 new cases of COVID-19 were confirmed today in New South Wales, including three returned travellers in hotel quarantine.

Of the 12, three are locally acquired, including two in a South Western Sydney family and a case in Parkes, with no source of infection identified at this point.

One is linked to a previously reported case in South Eastern Sydney whose source is under investigation, and the remaining five are linked to known cases or clusters.

Among today's new cases is a contact of a previously reported case in a student at St Pauls Catholic College Greystanes and a new case in Girraween Public School, bringing the total linked to the schools to 12.

In addition to the public health warning for Life in the Spirit Ministry, NSW Health has asked anyone who attended the following venues to get tested as they are considered casual contacts of confirmed COVID-19 cases:

• Westfield Chatswood on Thursday, 27 August from 1pm-1.50pm
• Gram Café and Pancakes, Chatswood Station on Thursday, 27 August from 11.10am-12.15pm
• Balmain Community Pharmacy, 273 Darling Street, Balmain, on Monday, 31 August from 11am-11.20am
• God's Power Ministries Heckenberg, 18/7-9 Progress Circuit, Prestons, on Sunday, 30 August from 2.50pm-3.30pm
• Quality Suites Camperdown in the foyer, 108 Parramatta Rd Camperdown on Saturday, 29 August 3.15-4.30pm
• Leaf Café & Co, Lidcombe Shopping Centre on Monday, 31 August from 11.30am-1.30pm

Updated at 12:52pm AEST on 3 September 2020.

Victorian recovery roadmap to be released on Sunday

Victorian Premier Daniel Andrews (pictured) has described a recently leaked roadmap to recovery blueprint as "out of date" and clarified an updated plan will be announced on Sunday, 6 September.

The leaked documents revealed by the Herald Sun signalled an extension of Stage 4 lockdown restrictions for two weeks, followed by an easing from 28 September.

The publication reported that blueprint also entailed changes from 14 September whereby single people could have one visitor at their homes and limited outdoor gatherings would be allowed.

But Premier Andrews said these documents have no status.

"We will on Sunday give people a clear roadmap with as much detail and as much certainty as we can possibly provide," he told a press conference this morning.

"It won't be guided simply by dates on the calendar though. It'll be guided by the science and the data; it'll be guided by how many cases there are in Victoria, and the types of cases.

"There is an enormous amount of modelling going on at the moment. That does take quite some time - literally thousands of scenarios are run through various computers and processors."

The state reported new daily cases above the 100-mark again today at 114 and 15 lives lost.

The Premier emphasised the easing of restrictions would need to be done in a safe way, reiterating that if everything opens up too quickly the COVID-19 case numbers will explode and authorities will have "no sense of control whatsoever".

"It's not something that occurs from the 14th of September. It's not an instant thing...we have to find a COVID-19 normal and lock that in with the aim of those settings remaining in place for 2021, or indeed until we receive a vaccine," he said.

"I know everyone wants to open up tomorrow. I understand that, but if we were to do that these numbers will explode, and we will have a couple of weeks of sunshine and we will be back most likely in an even worse position than we were four or five weeks ago."

Updated at 10:41am AEST on 3 September 2020.

SA declared COVID-19 free

Update: SA has since recorded one new case of COVID-19 on 5 September, its first in nearly two weeks.

With no active cases South Australia has been declared COVID-19 free today by Premier Steven Marshall.

It has been 10 days since SA last reported a positive COVID-19 case, and the state has only recorded 459 positive infections of the coronavirus since the beginning of the pandemic.

However, according to SA Health, a woman in her 40s who returned from interstate has tested positive to COVID-19.

She was a confirmed case interstate but was cleared to enter SA and was not considered infectious while travelling.

The woman is now in hotel quarantine, and the current positive result represents an old infection and does not contribute towards SA's COVID-19 case numbers.

As SA currently has its borders open to visitors from Queensland, SA Health has asked all travellers returning from Brisbane and greater surrounds, Logan, Ipswich, Darling Downs, Toowoomba, and the Gold Coast to closely watch for COVID-19 symptoms on their return to SA and to get tested for COVID-19 if any symptoms develop, even if mild.

Despite the declaration that SA is COVID-free, health authorities are still asking those in the state to practice social distancing, good hygiene, and to stay at home if unwell.

Updated at 5:47pm AEST on 2 September 2020.

AFL Grand Final to be played in Brisbane

AFL chief executive Gillon McLachlan has today confirmed Queensland will be home to the Grand Final this year, with the Adelaide Oval playing understudy to Brisbane's Gabba in case any COVID-19 outbreak disrupts plans.

The match will be held outside Victoria for the first time in 123 years, and will be the played under lights at night for the first time as well in what McLachlan described as an opportunity to make it a "truly unique event".

The game will be held on 24 October although the exact time is yet to be decided.

Speaking from the AFL quarantine hub on the Gold Coast, McLachlan said the decision was by no means a "done deal" from early on, and confirmed Perth was not chosen as the back-up option due Western Australia's very strict border controls.

He said presentations from different states to host the final were "outstanding" and the decision was "extraordinarily difficult". In the end the choice was based on the following criteria:

• Safety in the best environment for all;
• Integrity and the need for uncompromised games in a high-performance environment;
• Fans and the engagement with existing and new supporters;
• Financial support for the game in a year when revenue has been so impacted; and
• The legacy and long-term vision for the game.

Premier Annastacia Palaszczuk has welcomed the decision, claiming the state is honoured and ready.

"I want to thank the AFL, and especially the game's fans in Victoria, for trusting Queensland with their most important event," the Premier said.

"This will be a once-in-a-lifetime opportunity, so we are determined to give everyone a Grand Final they'll never forget."

More than 30,000 fans will be allowed into the stadium under COVID-safe plans that have allowed the season to progress safely this year in Queensland.  However, contingency measures are in place in case there are COVID-19 outbreaks that warrant a reduction in crowd numbers.

Premier Palaszczuk said the AFL Grand Final would be an economic boost for the state and an opportunity to attract new fans.

"Rather than marking the end of a very difficult year I hope it marks the beginning of a whole new era," she said.

"Very few industries have been as hard hit by COVID-19 as our tourism and events businesses, so to be able to host the AFL Grand Final in Queensland for the first time ever is a huge confidence boost," added Tourism Minister Kate Jones.

"This is so much more than a game of footy, this is a chance to show Australia exactly what Queensland offers when it comes to being not only an events destination, but a tourist destination."

The Victorian Government also announced it had agreed to the relocation of the AFL Grand final for one year, with that year to be added to the MCG's decades-long Grand Final contract.

Victorian Minister for Tourism, Sport and Major Events Martin Pakula said the decision to hold the event outside the state was made in the interests of Victorians and all footy fans.

"This is a one-off deal in a one-off year that means the Grand Final can be played in front of supporters, as it should be," he said.

"The pandemic is a life and death battle and we cannot risk our hard-fought gains for the sake of rushing back to crowds before it is safe.

"This agreement secures the Grand Final at the MCG until 2058 and reinforces our position at the heart of Australian football."

McLachlan thanked the Queensland Government for making the relocation possible, with plans underway to help it successfully stage the biggest event on the AFL calendar and share it with the community.

"This is a really exciting opportunity for our code to take our biggest game to new audiences across Queensland and to also provide a lasting legacy for future generations," McLachlan said.

The AFL chief also thanked Pakula and Victorian Premier Daniel Andrews for working with the organisation so the Grand Final could be played in front of a crowd.

"The Victorian Government has been a long-term partner and supporter of our game and a driving force behind the growth of our game," McLachlan said.

"We know this is a tough time for all Victorians and our thoughts are with the Victorian community as we continue to deal with the impacts of this pandemic.

"We look forward to returning our Grand Final to the MCG in 2021."

Melbourne Cricket Club chief executive Stuart Fox said while there was disappointment the beloved Grand Final would not be held at the MCG, "we know this is an important decision to support the health of all Victorians and the AFL".

Updated at 1:50pm AEST on 2 September 2020.