Source: The New Daily
The COVID blues are once again ravaging Australian retailers after half the country entered a lockdown and forced major brands to shutter stores.
Residents in Sydney, Perth, Brisbane and Darwin are now being forced to stay home to combat a worsening virus outbreak, in what economists are predicting will cost the economy $2.5 billion over just two weeks.
And in a costly case of COVID deja vu, outdoor retail chain Kathmandu warned it will take a $13 million hit from the latest lockdowns on Monday, with 123 stores across Australia forced to close over the past month.
Group chief executive and managing director Michael Daly said the company will also miss its sales targets.
Source: Unsplash/Louis Reed.
The McKell Institute has released new modelling that shows extending the closure of international borders on account of Australia’s slow vaccine rollout rate will cost billions.
The current rate of vaccination is likely to set back the opening of Australia’s borders to the world by an extra 81 days than planned, the report says. Modelling shows that the economic cost of this delay is approximately $16.4 billion.
McKell Institute executive director Michael Buckland said it was important for every Australian to understand how costly the vaccine rollout delay will be, including the punitive impact on struggling industries like aviation.
Superannuation laws before parliament could encourage funds to chase asset bubbles instead of being a stabilising influence on financial markets.
McKell Institute spokesman James Pawluk warns the legislative changes could also make it harder to deal with unpredictable black swan events as the bill is drafted for perfectly behaved markets. The proposed performance benchmarks will make it less viable for funds to adopt a strategy of steering clear of an asset bubble as it s forming, unless they are convinced it will burst or dissipate before the current performance period ends, Mr Pawluk told a parliamentary hearing on Thursday.
Superannuation laws before parliament could encourage funds to chase asset bubbles instead of being a stabilising influence on financial markets (stock image)
Labor’s housing spokesman says allowing young people to use their super to buy a home would drive up house prices, but scrapping stamp duty could help.
Labor MP Jason Clare slams superannuation for first-homes idea, backs axing stamp duty theage.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theage.com.au Daily Mail and Mail on Sunday newspapers.