{"href":"http://player.captivate.fm/services/oembed?url=http%3A%2F%2Fplayer.captivate.fm%2Fepisode%2Fcc65c62c-2edf-4ee6-9596-c7a250db800b","version":"1.0","provider_name":"Captivate.FM","provider_url":"https://www.captivate.fm","width":600,"height":200,"type":"rich","html":"","title":"Episode 244 \u2013 Coronavirus (COVID-19)","description":"In this episode, we touch elbows on COVID-19.
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\nFacts from the ABC
\nMorrison\u00a0 his poll numbers are up
\nPoliticians love a disaster that they can\u2019t be blamed for. Newspoll shows Morrison is up 3% and Albanese is down 3%. This after a disastrous sports rorts affair. After a 3 day delay so Morrison could watch the Sharkies could play and Hillsong could sing. Fuck me !!!
\nSuddenly, Stimulus is OK
\nBut from The Australia Institute
\nMeanwhile, in his speech, the Prime Minister asserted\u00a0$3 in every $4 dollars of stimulus would go to business — it should be other way round.
\nCommon-sense and recent history tells us that businesses don\u2019t spend when their sales are falling. Instant asset write-offs are only effective if businesses feel secure enough to purchase new investment goods.
\nThe best way to help Australian businesses right now is to get cash through the cash registers.\u00a0Businesses with plenty of customers don\u2019t lay-off staff.
\nStimulus Details
\nIn response to the coronavirus pandemic, the federal government has announced a $17.6bn economic stimulus package, equivalent to 0.9% of GDP.
\nWho gets household stimulus payments?
\nAround 6.5 million lower income Australians will receive a one-off $750 payment aimed at boosting domestic demand in the economy, costing the budget $4.76bn.
\nThe payment will be made to all social security, veteran and other income support recipients and eligible concession card holders. This includes those on Newstart, those who have commonwealth\u00a0seniors health cards, and families receiving family tax benefits.
\nAround half of those that will benefit are pensioners.
\nFull details of which payment recipients are eligible are\u00a0available here.
\nWhen will I get it?
\nThe payment will be made from 31 March this year.
\nWhat if I am an employee and not receiving any social security benefits? Will I get anything?
\nNo. The government has focused most of the package on supporting business, with wage subsidies for small and medium-sized business and support for apprentices.
\nIt has targeted the household stimulus at low-income earners, as they are most likely to spend it.
\nWhat does business get?
\nSmall and medium-sized businesses will receive up to $25,000 to cover the costs of employee wages and salaries, paid by the Australian Taxation Office based on tax withheld.
\nThis measure will cost $6.7bn and will happen automatically based on the business activity statements lodged by business.
\nAbout 690,000 businesses employing around 7.8 million people are expected to be eligible for this payment.
\nFrom the Treasury Website
\nHelping small and medium businesses with aggregated annual turnover under $50\u00a0million to cover the costs of employee wages and salaries equal to 50 per cent of PAYG withheld for businesses that withhold tax, with a minimum of $2,000 and a maximum of $25,000 over six\u00a0months. Businesses that pay salary and wages but are not required to withhold tax will also receive the minimum payment of $2,000. This will be a tax free payment, benefiting around 690,000 businesses\u00a0employing 7.8\u00a0million people.
\nMichael West
\nFrom his blog
\nIt would appear we are destined for the double whammy of a bear market and a recession, the first recession in 30 years.
\nDuring the GFC, exports were stimulated by the exhilarating demand from China. Further,","thumbnail_width":300,"thumbnail_height":300,"thumbnail_url":"https://artwork.captivate.fm/085762e2-797c-4ef4-9b10-434ecde61c07/logo2018v2.jpg"}