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Australia Banks to announce 'package of significant initiatives' today

00:08  20 march  2020
00:08  20 march  2020 Source:   skynews.com.au

Australia's PM Morrison says government will announce stimulus package soon

  Australia's PM Morrison says government will announce stimulus package soon Australia's PM Morrison says government will announce stimulus package soon"Our objective is this - keep people in jobs, keep businesses in business, and ensure we bounce back stronger on the other side," Morrison said at the Australian Financial Review conference in Sydney.

The Governor of the Reserve Bank has announced a number of important initiatives to support the Australian economy and the financial system. I would like to use this opportunity to explain this package and to answer your questions. We are clearly living in extraordinary and challenging times.

Under its Standing Liquidity Facility (SLF), the Bank of Canada is prepared to provide liquidity on a daily basis to financial institutions that participate directly in the payments systems operated by Payments Canada. Loans made by the Bank of Canada must be fully collateralized. To give institutions greater

Treasurer Josh Frydenberg says the banks are working on a “package of significant initiatives which will be looking to relieve some of the pressures on their customers”. 

Mr Frydenberg told Sky News the banks were likely to announce the package on Friday.

The Treasurer said the government was focused on delivering its second stimulus package and “cushioning the blow” for small businesses hit hardest by COVID-19.

When asked how long the government’s travel restrictions were likely to last, Mr Frydenberg said “we’ll maintain those border restrictions until it is safe to lift them”.

Govt must not just 'follow demand' with stimulus package

  Govt must not just 'follow demand' with stimulus package Anthony Albanese has urged the government to not simply “follow demand” as it puts together its coronavirus stimulus package. Prime Minister Scott Morrison on Wednesday announced the government’s $2.4 billion health package, but the opposition leader said the announcement caused a pause of concern. “It is of some concern they are saying today’s announcements are demand driven. What we need on this is to provide leadership, not complacency. Leading doesn’t mean following demand,” he said.Mr Albanese also warned against only testing those who have been to certain countries.

Canadian aid package to help individuals, business stay afloat during economic crisis. The federal government is set to announce a massive aid package worth more than billion to help Canadians and businesses "It's going to be significant and comprehensive," the senior government official said.

Impaired loan ratios for euro area significant banking groups. (2007-2015; percentage of loans, median values) countries most affected by the financial crisis other countries all countries. Source: SNL Financial. Notes: Based on publicly available data for a sample of significant banking groups.

“Nobody really knows, because even the medical experts will tell you we have to wait until we find a vaccine, we have to flatten the curve, and this, as the Prime Minister said, could go on for at least six months”.

The government will close its borders to all non-residents at 9pm tonight.

Image: News Corp Australia

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Victorian government announces $550 million package for small and medium businesses .
The State Government announces a plan to help keep businesses afloat with a multi-million-dollar cash injection for more than 20,000 small and medium businesses.On Saturday, the Andrews Government will announce a business survival package that will provide businesses with more than $550 million in payroll tax refunds to help them survive the impacts of COVID-19 and keep their workers employed.

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