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National Cabinet devises toolkit for reopening as 'compounding effect' bites

National Cabinet devises toolkit for reopening as 'compounding effect' bites

Prime Minister Scott Morrison has today highlighted the disproportionate impact of COVID-19 on jobs in some sectors, as the National Cabinet rapidly prepares a COVID-19 toolkit that could guide safe business reopenings. The PM pointed to the fact that out of the 11 per cent drop in economic activity, the hospitality sector (accommodation ...

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How to future-proof for a decade of disruption

How to future-proof for a decade of disruption

The future came knocking faster than anyone could have imagined with the outbreak of COVID-19, thrusting many businesses headfirst into completely digital models and prompting a rethink of their modus operandi. How the new economy will evolve during and after the pandemic is uncertain, but there is a strong likelihood that trends around r...

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Works begin on $1 billion Gold Coast road project

Works begin on $1 billion Gold Coast road project

A $1 billion upgrade to the M1 Pacific Motorway on the Gold Coast has been fast-tracked to start now in a bid to bust congestion and create a jobs pipeline during the COVID-19 recovery. The upgrade will boost the capacity of the M1 from Varsity Lakes to Tugun, meaning there will be at least six lanes from Brisbane almost to the NSW b...

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Berejiklian encourages NSW retailers to reopen with precaution

Berejiklian encourages NSW retailers to reopen with precaution

Premier Gladys Berejiklian has encouraged retailers in New South Wales to "have a go" at reopening within COVID-19 gathering and health guidelines where possible. The tentative green light to retailers comes as the state has noticed increased activity in NSW with the population begining to feel comfortable to get out and about y...

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National Storage to go window shopping after $330m equity raise

National Storage to go window shopping after $330m equity raise

While many ASX-listed companies are raising capital to hunker down during the COVID-19 pandemic, National Storage REIT (ASX: NSR) is bulking up its cash reserves to make acquisitions as they arise. The storage giant has announced a $300 million institutional placement and a non-underwritten security purchase plan (SPP) to raise a further ...

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Victorian businesses to receive $491m in tax relief

Victorian businesses to receive $491m in tax relief

The Victorian Government is adding to its $1.7 billion stimulus package with a further $491 million tax relief program, including exemptions from payroll tax and the WorkCover levy on JobKeeper payments to employees who aren't working. State Treasurer Tim Pallas announced this morning that his government would pick up the bill for for...

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Dexus to prioritise SME tenants on road to recovery

Dexus to prioritise SME tenants on road to recovery

The commercial Code of Conduct will guide real estate investment trust Dexus' (ASX: DXS) negotiations with SME customers as the fallout from COVID-19 restrictions continues to impact both landlords and tenants. Dexus says it is well placed to support its customers to survive the COVID-19 financial crisis, with a focus on assisting SME...

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Qantas claims it could endure current conditions until December 2021

Qantas claims it could endure current conditions until December 2021

Australia's leading airline Qantas (ASX: QAN) has extended flight cancellations and offered three more Boeing 787-9 aircraft as collateral to build up enough funding for 19 months of turbulence. With dramatically reduced capacity and the costs of employee stand downs, the company expects to reach a net cash burn rate of $40 million pe...

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Afterpay spikes as market reacts to Tencent investment

Afterpay spikes as market reacts to Tencent investment

Shares in buy-now pay-later group Afterpay (ASX: APT) have spiked this morning on the news that Chinese tech giant Tencent has become a substantial shareholder in the company. APT opened this morning at $38 per share as shareholders reacted to an announcement released on Friday evening that the company which owns WeChat acquired five per ...

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Adairs finds comfort online during shutdown period

Adairs finds comfort online during shutdown period

Ahead of reopening a number of large-format stores this coming Thursday Adairs (ASX: ADH) has revealed online retail was the key to surviving April. The bedding and interiors retailer closed its stores in Australia and New Zealand on March 27 in response to the threat of COVID-19 to the health and safety of its staff and customers. Si...

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Slater & Gordon takes aim at airlines over disadvantageous travel voucher schemes

Slater & Gordon takes aim at airlines over disadvantageous travel voucher schemes

A class action is on the table for customers who have been strong-armed into accepting travel vouchers instead of refunds for travel plans disrupted by COVID-19. According to class action law firm Slater & Gordon there are thousands of Australians that have been short-changed by major airlines, travel agents and tour companies that im...

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Flight Centre sales drop by 95 per cent in April

Flight Centre sales drop by 95 per cent in April

Sales at travel agency group Flight Centre (ASX: FLT) dropped to just five to 10 per cent of normal levels during April due to COVID-19 travel restrictions. The small amount of sales the company is processing are coming from China according to managing director Graham Turner. "There has been some ongoing activity in most countrie...

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Westpac defers dividend as earnings dive 70 per cent

Westpac defers dividend as earnings dive 70 per cent

Westpac (ASX: WBC) is the latest Australian bank to defer its dividend due to COVID-19 uncertainty as its cash earnings and profit tumble. At the end of 1H20 the bank has reported impairment charges of $2.2 billion, up $1.9 billion because of COVID-19 impacts. Statutory net profit for the half is down 62 per cent to $1.2 billion, and ...

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Three things to consider before accessing your super

Three things to consider before accessing your super

There have so far been more than 950,000 applications from people who want to access their superannuation due to COVID-19 pandemic hardship. Australians can access up to $10,000 of their superannuation this financial year under the Federal Government's coronavirus assistance scheme. But there are drawbacks. Associate Professor Pau...

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Queensland NRL teams to resume training

Queensland NRL teams to resume training

Queensland Premier Annastacia Palaszczuk has given teams in the state the green light to resume training ahead of a pencilled in season reopener on 28 May. The Premier has told NRL chairman Peter V'Landys and the CEOs of the Broncos, Cowboys and Titans that they can get back onto the training ground. "I said I was as keen as ...

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Victorian business support grants expanded to companies below payroll tax threshold

Victorian business support grants expanded to companies below payroll tax threshold

The Victorian Government has today announced its $10,000 Business Support Fund grants will be expanded to smaller companies than before, although sole traders covered by JobKeeper still won't be eligible. The $500 million fund was announced on 23 March as part of a $1.7 billion stimulus package, and to date more than $150 million...

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Maurice Blackburn serves Treasury Wine Estates with class action

Maurice Blackburn serves Treasury Wine Estates with class action

Treasury Wine Estates (ASX: TWE) has been officially served with a second class action in the Supreme Court of Victoria today. The statement of claim filed by law firm Maurice Blackburn on behalf of shareholders includes allegations that the winemaker contravened continuous disclosure obligations under the Corporations Act and claims that...

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Government to make early decision on relaxing restrictions

Government to make early decision on relaxing restrictions

Australians have "earned an early mark" in the battle to contain COVID-19 according to Prime Minister Scott Morrison, with plans to make a decision on 8 May about easing restrictions. "Today the National cabinet agreed to bring forward our consideration of the decision on relaxing decisions to next Friday," the PM said...

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More than 1,800 NSW businesses step up to fill medical supply chain

More than 1,800 NSW businesses step up to fill medical supply chain

The New South Wales Government's call for assistance from local businesses to fill the medical supply chain and build a personal protective equipment (PPE) stockpile has received a resounding response. More than 1,800 businesses from across NSW have put their hands up to help protect vulnerable workers and produce critical PPE items d...

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How will COVID-19 affect Australia-China business relations?

How will COVID-19 affect Australia-China business relations?

Four leading China experts agree Australia's commercial ties with China are likely to remain strong after the COVID-19 pandemic has passed, although they will remain intertwined to the sometimes fraught political and diplomatic relationship. China is Australia's largest trading partner; two-way trade between the countries is worth...

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Bauer Media completes Pacific Magazines acquisition

Bauer Media completes Pacific Magazines acquisition

Bauer Media has finalised its $40 million purchase of magazine publisher Pacific Magazines from Seven West Media (ASX: SWM) today. The confirmation of the sale brings to a close a six-month process during which the transaction attracted the attention of the Australian Competition and Consumer Commission for anti-competitive potential. ...

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Helloworld sales plummet 95 per cent

Helloworld sales plummet 95 per cent

After losing almost $400 million in market capitalisation since the start of the year, tourism deal provider Helloworld (ASX: HLO) has today revealed a clearer picture of the damage wrought to its business by COVID-19. The massive hit of border closures and social distancing have meant revenues from travel sales and operations are no...

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Retailers and workers develop COVID-19 retail recovery protocol

Retailers and workers develop COVID-19 retail recovery protocol

The same organisations that pioneered the commercial tenancies code have today announced a Retail Recovery Protocol for COVID-19, with backing from the country's largest private sector trade union. The protocol is designed to give confidence to the community that retailers and shopping centres will continue to follow stringe...

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iSignthis fails to block ASX from revealing alleged breaches of listing rules

iSignthis fails to block ASX from revealing alleged breaches of listing rules

Payment identity verifier iSignthis (ASX: ISX) has failed in its bid to injunct the Australian Stock Exchange (ASX: ASX) from revealing alleged breaches of ASX listing rules in the Federal Court yesterday afternoon. The company brought the lawsuit against the ASX to protect itself from "reputational damage" by hindering the ASX ...

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Southern Cross Austereo raise falls short by $6.5 million

Southern Cross Austereo raise falls short by $6.5 million

Southern Cross Media Group (ASX: SXL) has missed the mark by $6.5 million today in its $19.5 million retail entitlement offer. The offer, forming part of the group's major capital raising program designed to enhance liquidity, raised approximately $13 million before transaction costs. The parent company of national radio broa...

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Ingenia will raise $175m to capitalise on market dislocation

Ingenia will raise $175m to capitalise on market dislocation

Retirement village and holiday parks company Ingenia Communities Group (ASX: INA) wants to pounce on bargain deals arising from the COVID-19 crisis, so much so that it is willing to dilute almost one fifth of the current ownership. The group announced today it would be undertaking a $150 million placement at $3.45 per share, representing ...

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NT to relax gathering restrictions from Friday, sets date for restaurant reopenings

NT to relax gathering restrictions from Friday, sets date for restaurant reopenings

Some gathering restrictions are set to be relaxed in the Northern Territory over the next two months, with the first stage of adjustments to come into play from Friday 1 May. The move by the NT Government makes the Territory the first jurisdiction in Australia to commence relaxing restrictions. From noon this Friday stage one set of a...

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Active COVID-19 cases fall to zero in ACT

Active COVID-19 cases fall to zero in ACT

The Australian Capital Territory (ACT) has achieved a national milestone today after announcing it no longer has any known active cases of COVID-19. Since the pandemic began the territory has had three deaths from the coronavirus, but the remaining 103 people who tested positive have now recovered and have been released from self-isolatio...

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Newcrest to raise $1.1 billion for Ecuadorian gold and new developments

Newcrest to raise $1.1 billion for Ecuadorian gold and new developments

After gold prices recently reached their highest levels in 7.5 years, Australia's largest gold miner is seeking extra liquidity to boost its exposure to the precious metal. Newcrest Mining (ASX: NWC) has announced a $1.1 billion capital raising today of which the majority will fund the acquisition of the gold prepay, stream facilities...

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Mesoblast ramps up trials for COVID-19 treatment

Mesoblast ramps up trials for COVID-19 treatment

A regenerative medicine company from Melbourne was in the limelight last week after its treatment addressing the leading cause of death from COVID-19 infections led to a "remarkable" reduction in mortality amongst a small group of patients in New York.  Mesoblast's (ASX: MSB) stem cell treatment from bone marrow as...

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