Coronavirus: Australia leads global economic fightback, and property will signal the way out

first_imgPer capita Australia ranked second, behind Germany, as being the best placed nation to ride out the economic downturn, while as a percentage of GDP it ranked third, surpassed only by Germany and Japan.PRD chief economist Dr Diaswati Mardiasmo told The Courier-Mail that the numbers showed that Australia’s fiscal policy had put the coutry in a strong position for recovery. Empty parks and streets in Brisbane City due to social distancing rules linked to the Coronavirus pandemic. Picture: Russell ShakespeareAustralia is among the top three countries in the world best placed to ride out the economic fallout of COVID-19, with experts predicting property will signal the recovery.A report by PRD Nationwide called “Developed Country Response to COVID-19”, looked at all G20 nations and their packages designed to bolster economies and jobs (in USD). 1. Germany 21.4% $825.99billion2. Japan 14.5% $747.89325 billion3. Australia 14.4% $197.6576 billion (Source: PRD Nationwide) FOLLOW SOPHIE FOSTER ON TWITTER Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58More from newsParks and wildlife the new lust-haves post coronavirus9 hours agoNoosa’s best beachfront penthouse is about to hit the market9 hours ago First look: Karl and Jasmine’s $3.6m Noosa retreat Simon Pressley, the head of Propertyology, a buying agency, expected the crisis to mirror those of the past, where the rebound began “with a real estate surge before anything else”.He said shelter was the one thing 25.5 million Australians had in common, and the way to build confidence en masse was around the value of people’s homes. “A strong property market will again lead Australia out of this latest coronavirus health crisis, potentially starting as soon as six months’ time.”Mr Pressley expected the coming months to lead to record low transaction volumes, coming off supply that was already tight in the lead-up to the epidemic. Germany $9,890.08Australia $7,842.56United States $6,077.83 (Source: PRD Nationwide) Stimulus as % of GDP (USD) India 38,000,000Mexico 18,000,000China 5,000,000Canada 4,000,000Germany 1,400,000Australia 750,557 (Source: PRD Nationwide) QLD leads with COVID-19 rental assistance “Against other developed countries Australia’s stimulus package as a percentage of 2019 GDP (14.4 per cent) is on the higher end, above the US and Canada, and significantly higher than our neighbours New Zealand,” Ms Mardiasmo said. Walkers are urged not to press buttons at crossings as part of moves to flatten the coronavirus curve in Brisbane.“From a stimulus per capita perspective, Australia is in a strong position, only second to Germany. We are well ahead.”She said taking the number of jobs lost (750,557) and the stimulus package as a percentage of 2019 GDP, Australia had a strong ability to provide the population financial assistance. “In some instances more favourably compared toother countries.” It was the stimulus packages and ability of the country to keep people employed in the property sector that underpinned the relative strength when compared with other parts of the economy that had been dramatically hit, she said. Number of Job Losses Stimulus Per Capita (USD) “Let’s not forget that Australian real estate already had a significant shortage of properties listed for sale before this virus tipped our communities upside down.”Yet unlike the previous GFC, he said, this time credit policy was so tight in Australia that the quality of loans approved in the past few years was “exceptionally high”.He said the variety of support packages plus record low interest rates and empathetic banks “will cushion property owners through this and greatly minimise the need for distressed residential property sales”. “As winter becomes spring, and spring becomes summer, we will all come bursting out of our cocoons with a renewed sense of freedom. There will be an enormous release of pent-up demand for goods and services. For property it’s likely to be akin to a flock of seagulls fighting over a chip.”Among the financial assistance being provided is the JobKeeper payment ($1,500 a fortnight for business ownes), JobSeeker payment ($550 fortnight for those who have lost their jobs) and the coronavirus supplement ($550 fortnight, tops up the JobSeeker payment). MORE: Home values rise despite coronavirus falloutlast_img read more

Jessica Korda withdraws late from Women’s British Open

first_img  Jessica Korda, one of the top U.S. hopes at the Women’s British Open, withdrew from the first major of the year because of medical reasons before the first round started Thursday.Organizers said Korda’s issues were “unrelated to COVID-19.”Katja Pogacar of Slovenia replaced Korda in the field at Royal Troon in Scotland.Korda is No. 18, the fourth-highest American in the world rankings. Last Updated: 20th August, 2020 15:16 IST Jessica Korda Withdraws Late From Women’s British Open  Jessica Korda, one of the top U.S. hopes at the Women’s British Open, withdrew from the first major of the year because of medical reasons before the first round started Thursday. Written By COMMENT SUBSCRIBE TO US First Published: 20th August, 2020 15:16 ISTcenter_img Associated Press Television News WATCH US LIVE LIVE TV FOLLOW USlast_img read more


first_imgDDTV VIDEO: ANTI-austerity campaigners who followed the ‘wrong car’ out of LYIT yesterday were left red-faced last night after issuing a press statement claiming Taoiseach Enda Kenny had ‘sneaked’ away from Donegal.Can’t Pay Won’t Pay protestors left the college campus believing Mr Kenny had left in a car which some of them followed.But the Taoiseach actually left by the front door of the centre where Mr Kenny had addressed a meeting of the British Irish Parliamentary Assembly.Around 20 protestors had, in fact, stayed on at the campus to witness the Taoiseach leave. But they must have forgot to tell their fellow protestors.And some reports which said the protestors hadn’t been allowed to leave the main road were also wrong – as our video shows.At 7.20pm last night – almost 90 minutes after Mr Kenny did actually leave LYIT – Can’t Pay Won’t Pay spokesman Francis McCafferty issued his ‘sneak’ claim in a press statement.Part of it read:“Enda Kenny may have swept in through the front entrance in his merc, but he was forced to sneak out the back door to avoid facing us again”, said spokesperson Micheal Cholm Mac Giolla Easbuig.“Today there was a palpable sense of anger and frustration at how out of touch this government is at the hardship being inflicted on so many people by its austerity measures and charges. Our county has fared particularly badly. It is no surprise that people on the protest followed the Taoiseach’s car into the LYIT to try to get closer. It is even less surprising that he was unwilling to face them as he left and slinked out the back instead.”You can click play on the video to watch as the Taoiseach left by the FRONT door where he arrived. DDTV VIDEO: PROTESTORS LEFT RED-FACED OVER CLAIMS TAOISEACH ‘SNEAKED’ OUT OF LETTERKENNY was last modified: March 5th, 2013 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:DDTV VIDEO: PROTESTORS LEFT RED-FACED OVER CLAIMS TAOISEACH ‘SNEAKED’ OUT OF LETTERKENNYlast_img read more