7 August 2020
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AP/DAN PELED

5 things you need to know today

Switzer Daily
24 July 2020

1. The Treasurer will announce today a shift from the emergency phase of the crisis and a move toward recovery aimed at growth. Frydenberg is backing changing work environments, changing workplace laws and providing "generous incentives to reverse a 'free fall' in business investment", according to the AFR.

2. Queensland has banned more COVID-19 “hotspots” in Sydney, including the City of Fairfield, where residents will not be allowed to travel to QLD from 1am, Monday 27 July. NSW will enforce new restrictions for for cafes, restaurants and clubs, and weddings and funerals. As of today, all indoor hospitality venues will be subject to cap 10 people per group booking (instead of 20) and all patrons must be seated. Venues will also need to enforce a COVID-safe plan and continue to register patrons contact details.

3. Rating agencies have reaffirmed Australia's AAA credit rating after Thursday's economic update, despite a record deficit of $184.5 billion.

4. Secretary of State, Mike Pompeo has further drilled down the US' opposition to China, saying “the truth is that our policies, and those of other free nations, resurrected China’s failing economy, only to see Beijing bite the international hands that fed it."

5. The ASX is tipped to open lower after the US' jobless rate announcements. The Dow fell 1.31% to 26,652.33, the S&P 500 fell 1.23% to 3,235.66 and the Nasdaq dropped 2.29% to 10,461.42.

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