1. Another $4 billion to the rescue
What will the four week extension to the NSW lockdown cost — try $4 billion! That’s right, following the PM announcing bigger disaster payments yesterday, the Federal government is now contributing $750 million a week to save NSW workers, while the state government slams in $325 million. Lose 20 or more hours a week and the disaster payment is $750 a week, up from $600. Lose between eight and 20 hours and you’ll receive $450 a week, up from $375.
2. What will businesses get from new package?
Businesses with turnovers between $75,000 and $250 million that experience a revenue drop of more than 30% compared with the corresponding period in 2019 will be eligible for payments between $1,500 and $100,000. The payment is based on 40% of a business’s payroll bill and the $10,000 maximum cap has been removed.
3. Lockdowns good for stocks
Locked up Australia might be bad for small businesses and many employees, but a top fund manager says it good for stocks!With the share market at record highs, Emma Fisher, a portfolio manager at the Airlie Australian Share Fund says Fortress Australia is bad for business and workers but it keeps interest rates low and gets government to spend big time, which drives stock prices higher. And this feeds into good super returns.
4. US arts and craft chain ordered to forfeit $2.3 million ancient tablet
Hobby Lobby, the operator of over 900 arts and craft stores in the United States, has forfeited a 3,500-year-old clay tablet that the company purchased for US$1.67 million ($2.28 million) in 2014. The 'Gilgamesh Dream Tablet' was found to have been transported into the US illegally and will now be returned to Iraq where it originates.
5. Nasdaq moves higher as the Dow falls
On Wednesday in the US, the Nasdaq rose by 102.01 points or 0.70% to 14,762.58, the S&P 500 fell 0.82 points or 0.02% to 4,400.64 and the Dow Jones dropped 127.59 points or 0.36% to 34,930.93.