30 March 2024
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AP/Craig Ruttle

5 things you need to know

Switzer Daily
28 February 2020

1. The impact of the coronavirus on Australia's economy has been predicted to grow over $6 billion. Meanwhile, the S&P/ASX200 on Thursday shed another $15 billion, taking its cumulative loss this week to $145 billion.

2. Thursday was another hit for Wall Street, as the Dow recorded "the worst one-day drop in history", and figures prove it to be one of the worst weeks for the stock market since the global financial crisis.

3. A bill has been proposed in Australian Parliament to ban cash payments over $10,000 and impose a two-year jail sentence on those caught using cash above that limit.

4. All of Australia's foreign aid investment plans are set to expire within the next few months, which has sparked a conversation about the government's commitment to its development program. Australia is still giving foreign aid to a number of countries in a monetary sense, but have not worked on a plan outlining bilateral goals and development achievements with any countries other than Vietnam, Myanmar, Laos and Tuvalu, which are set to expire in July, 2020.

5. Wall Street took a record-breaking plunge on Thursday with the Dow Jones Industrial Index dropping 4.42% to 25,766.64, S&P 500 Index dropping 4.42% to 2,978.76 and NASDAQ Composite Index dropping 4.61% to 8,566.48.

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