Economic implications of a SARS/Coronavirus outbreak

[satanoperca]

Now that he's added to the block list, it is apparent that he clearly does not understand that if I spend one post to save more than one of his, there's a net benefit.

Benefit to who?
Not the discussion.
You need to reread his posts carefully, take your time, they are clear and concise and 100% on topic about the economics at play.

 

[basilio]

As COVID has exploded in Europe France , Germany and probably other countries are going into lock down to control the spread of the disease before their hospitals and medical facilities are overrun.
Stock markets have responded accordingly The US and OZ will no doubt follow suit.

Markets fall as prospect of winter lockdowns in Europe triggers sell-offs

Fears that strict curbs will also mean halt to region’s fragile recovery prompt ‘avalanche’ of selling

www.theguardian.com

 

[Sdajii]

Now that he's added to the block list, it is apparent that he clearly does not understand that if I spend one post to save more than one of his, there's a net benefit.

He is either deliberately misinterpreting what I'm saying, or literally cannot understand the concept of net rather than gross difference.

Of course, the irony remains that he has avoided nothing and made multiple posts ostensibly to avoid posting or something, which he couldn't help but continue with, ultimately resorting to the cowardly act of eliminating his ability to see what's going on because his willpower was insufficient, and continually being shown to be irrational was too painful.

 

[satanoperca]

79878 doctor certified deaths occurred between 1 January 2020 and 28 July 2020. ABS

So we locked down a country and Victoria, for what exactly, 0.01% of the deaths are Covid related. 380 people a day anyway, I wonder if we locked everything down, could we get that number down to <10 a day.

 

[Smurf1976]

So we locked down a country and Victoria, for what exactly, 0.01% of the deaths are Covid related.

Completely missing the point that the restrictions are a cause of the low death rate not the reverse.

 

[sptrawler]

Interesting thing happened today, I had cause to pick up some fine thread 10mm nuts, Bunninfs only sell coarse thread, anyway back to the story.
The lady behind the counter was spewing, apparently she withdrew money from her super and now she was having to work because she no longer qualified for jobseeker.
Ah lifes a bitch.

 

[qldfrog]

Completely missing the point that the restrictions are a cause of the low death rate not the reverse.

Low death with Covid-19 or low death from covid19.
A fine difference which is voluntarily blurred at the very least in Europe.

 

[Dona Ferentes]

It appears that workers in traditional white collar jobs are facing the toughest challenge when it comes to resuming their home loan payments.

According to Westpac, 27 per cent of these deferred mortgages – worth just over $5 billion – are held by people working in professional services, including the legal, information technology, business administration and consulting industries. A further 11 per cent of its deferred home loans – worth just over $2 billion – are mortgages taken out by people who work in finance and insurance. The communication sector has also been hard-hit by the pandemic, with people working in this industry accounting for 9 per cent of Westpac's deferred home loans – worth around $1.7 billion.

In contrast, borrowers working in what Westpac classifies as "high-risk industries" – retail trade, accommodation, cafes and restaurants, transport and storage, culture and recreational services – together account for 19 per cent of the deferred mortgages.

Westpac's deferred mortgages – many of which have been taken out by dual-income professional couples – also tend to be larger in size.
According to Westpac's figures, 18 per cent of its deferred mortgages consist of home loans in excess of $1 million, while 11 per cent are for home loans between $750,000 and $1 million. In contrast, only 23 per cent of Westpac's overall home loan book consists of mortgages larger than $750,000.

As of October 19, the average size of deferred mortgages was $401,000, which is significantly higher than the $275,000 average loan size across Westpac's mortgage book.

Westpac's well-heeled customers hit by COVID-19

Westpac's full-year profit result highlights the unexpected demographic that is now struggling to resume home loan payments.

www.afr.com

 

[qldfrog]

It appears that workers in traditional white collar jobs are facing the toughest challenge when it comes to resuming their home loan payments.

According to Westpac, 27 per cent of these deferred mortgages – worth just over $5 billion – are held by people working in professional services, including the legal, information technology, business administration and consulting industries. A further 11 per cent of its deferred home loans – worth just over $2 billion – are mortgages taken out by people who work in finance and insurance. The communication sector has also been hard-hit by the pandemic, with people working in this industry accounting for 9 per cent of Westpac's deferred home loans – worth around $1.7 billion.

In contrast, borrowers working in what Westpac classifies as "high-risk industries" – retail trade, accommodation, cafes and restaurants, transport and storage, culture and recreational services – together account for 19 per cent of the deferred mortgages.

Westpac's deferred mortgages – many of which have been taken out by dual-income professional couples – also tend to be larger in size.
According to Westpac's figures, 18 per cent of its deferred mortgages consist of home loans in excess of $1 million, while 11 per cent are for home loans between $750,000 and $1 million. In contrast, only 23 per cent of Westpac's overall home loan book consists of mortgages larger than $750,000.

As of October 19, the average size of deferred mortgages was $401,000, which is significantly higher than the $275,000 average loan size across Westpac's mortgage book.

Westpac's well-heeled customers hit by COVID-19

Westpac's full-year profit result highlights the unexpected demographic that is now struggling to resume home loan payments.

www.afr.com

that's very interesting data, could it be that this covid created economic assault is actually targetting the fake jobs in our society, all these no adding values in PR etc most job which can be iether culled altogether or just sent offshore as they are easily "remotable"

 

[sptrawler]

It appears that workers in traditional white collar jobs are facing the toughest challenge when it comes to resuming their home loan payments.

According to Westpac, 27 per cent of these deferred mortgages – worth just over $5 billion – are held by people working in professional services, including the legal, information technology, business administration and consulting industries. A further 11 per cent of its deferred home loans – worth just over $2 billion – are mortgages taken out by people who work in finance and insurance. The communication sector has also been hard-hit by the pandemic, with people working in this industry accounting for 9 per cent of Westpac's deferred home loans – worth around $1.7 billion.

In contrast, borrowers working in what Westpac classifies as "high-risk industries" – retail trade, accommodation, cafes and restaurants, transport and storage, culture and recreational services – together account for 19 per cent of the deferred mortgages.

Westpac's deferred mortgages – many of which have been taken out by dual-income professional couples – also tend to be larger in size.
According to Westpac's figures, 18 per cent of its deferred mortgages consist of home loans in excess of $1 million, while 11 per cent are for home loans between $750,000 and $1 million. In contrast, only 23 per cent of Westpac's overall home loan book consists of mortgages larger than $750,000.

As of October 19, the average size of deferred mortgages was $401,000, which is significantly higher than the $275,000 average loan size across Westpac's mortgage book.

Westpac's well-heeled customers hit by COVID-19

Westpac's full-year profit result highlights the unexpected demographic that is now struggling to resume home loan payments.

www.afr.com

Sounds like the house price bubble, might start and deflate very soon.

 

[over9k]

 

[qldfrog]

Weak link with covid but covid is mostly a pretext anyway for this shamble, yet the economic consequences are real:
The spat between china and Australia is getting serious
https://finance.yahoo.com/news/china-delays-australian-lobster-imports-010919830.html
In a nation of services and baristas ..what is left when exports stop and cafes are into lockdown? Public servants?

 

[over9k]

With all these new lockdowns in the northern hemisphere, no nut november is going to be particularly difficult this year.

 

[over9k]

Bricks & mortar retail continues to fall.

 

[sptrawler]

View attachment 114155

Bricks & mortar retail continues to fall.

We on the forum thought this may well happen, in W.A we are very fortunate in regard the lockdown period being very short, the malls only suffered for a relatively short period.
It must be catastrophic for landlords, when extended lockdowns are enforced, good find 9k.

 

[sptrawler]

RBA to cut cash rates to historic low and start a $100billion bond buy. May be time to strap ourselves in for some real infrastructure spending. ?

RBA has woken from 'monetary slumber': Keating

Former prime minister Paul Keating says the RBA's rate cuts and $100 billion bond-buying program are aimed at undoing damage done during its "long, fruitless search for the inflation dragon".

www.smh.com.au

From the article:

The Reserve Bank has unveiled a wave of measures, including a cut in the official cash rate to a new record low, in a bid to drive down the nation's jobless rate and kickstart growth out of the coronavirus recession.

Following its traditional Melbourne Cup Day meeting, bank governor Philip Lowe said the cash rate would be cut to 0.1 per cent. It has been at 0.25 per cent since late March.


If passed on in full by commercial banks, a person with a $300,000 mortgage would save about $23 a month.

In addition, the bank said it would cut to 0.1 per cent the interest rate it is charging the nation's banks on a $200 billion line of credit that has been put in place to offer cheap money to small and medium-sized businesses.


Longer term, the RBA will expand its bond-buying program to purchase $100 billion over the next six months, revealing it would start targeting the interest rate on five and 10-year government bonds.

It will split the purchases, with 80 per cent to be of federal government bonds and 20 per cent from state government bonds. The bonds will be bought on the secondary market and not directly from governments.

This is in addition to the more than $60 billion the bank has spent since March on buying three-year government bonds.

Quantitative easing covers a series of measures undertaken by central banks to boost an economy that extend beyond cutting official interest rates. They include long-term guidance on interest rate settings and the purchase of government bonds, both measures undertaken by the RBA.
RBA governor Philip Lowe said getting unemployment down was the bank's central task.

Now the trick will be how to get people off job seeker and jobkeeper, without media backlash.

 

[over9k]

Full hour to explain why australia is so f***ed.

The medium length version would take about 5-10 mins.

The short version is WE'RE BONED.

 

[over9k]

Also, lol, $23 a month, that'll fix things!

 

[qldfrog]

Also, lol, $23 a month, that'll fix things!

and not forgetting that's less than the amount lost by the savers and retirees who will reduce their expenses even further

 

[sptrawler]

and not forgetting that's less than the amount lost by the savers and retirees who will reduce their expenses even further

The forgotten ones lol, save all your life not to be a burden and one year ago you were going to get boned by the opposition, instead you get boned by a virus induced income collapse.
You can't win any way, but as you say frog, we just cut back our spending. This year I reckon we will get away with $30k at a squeeze, it will be great when I hit pension age, at least then there will be the Commonwealth Seniors health care card. ?
I know "cry me a river", ? you have to be young and hard done by, for that to happen.