Australia Virgin Australia pauses trading after plea for $1.4 billion government bailout

02:50  31 march  2020
02:50  31 march  2020 Source:   9news.com.au

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Virgin Australia is seeking a $ 1 . 4 billion dollar bailout package from the Federal Government to ensure the airline survives the coronavirus crisis. 'We have received reports of Qantas briefing journalists on the false pretence that Virgin Australia cash reserves are running out within days and

The carrier, Australia ’s second biggest after Qantas, wants a rescue package of up to $ 1 . 4 billion , The Australian reported on Tuesday. Virgin Australia has confirmed it is seeking financial help but has not confirmed the amount or nature of any potential bailout . It could involve the Government becoming a

a airplane that is sitting on a runway at an airport: Virgin A (AAP Image/Daniel Munoz) NO ARCHIVING © AAP Virgin A (AAP Image/Daniel Munoz) NO ARCHIVING

Virgin Australia has told the ASX it will pause trading pending a further announcement amid reports it's seeking a $1.4 billion government bailout.

The announcement comes as Treasurer Josh Frydenberg refused to commit the Federal Government to bailing out the struggling airline.

Mr Frydenberg told Today any bailout would be aimed at the whole airline industry rather than one carrier.

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Treasurer says 0 billion coronavirus jobs bailout would take years to repay. The 0 billion JobKeeper payment would bring the Government 's total economic support for the economy to The only problem comes with spending the money as it can cause inflation or a trade deficit, but Professor

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Virgin Australia will need the $1.4 billion injection if the pandemic runs beyond six months, according to reports.

The treasurer said the government aimed to keep airlines afloat.

"We do support a viable, sustainable aviation sector. That is why we have already announced more than $700 million of support for that sector, including for Virgin and Qantas. And we do want to see major companies like that continue to operate.

"So it will be more of a bail out for the whole industry rather than just one airline."

Mr Frydenberg also says Australia has the "economic firepower" to weather the coronavirus impact after the government announced its multi-billion wage subsidy.

He says the JobKeeper payment will be vital in helping the economy rebound when the virus ends.

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Government bailouts of private companies are rare in Britain; the most notable in recent years took place in 2008 and 2009, when then Prime Minister Gordon Brown bailed out the country’s banks, leaving the government holding stakes in Lloyds Banking Group Plc and Royal Bank of Scotland

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"I think it will be an economic lifeline for millions of Australians and we're already seeing sighs of relief across the nation as many employers and employees rebuild their connection which will be vitally important once we get to the other side of the coronavirus.

"We want the economy to bounce back stronger than ever and for employees, and employers to be connected is critically important to that."

a person using a laptop computer sitting on top of a table: The Australian Government has waged war on coronavirus announcing a $130b subsidy to encourage employers to keep workers in their jobs. © Provided by Today The Australian Government has waged war on coronavirus announcing a $130b subsidy to encourage employers to keep workers in their jobs.

By this morning, 111,000 businesses had registered for the JobKeeper payment.

While money will not flow into businesses and workers' pockets until from May 1, the Australian scheme goes further than others.

And Mr Frydenberg says it will help reduce queues outside Centrelink offices and reconnect laid off workers to their employers.

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A bailout is the provision of financial help to a corporation or country which otherwise would be on the brink of failure or bankruptcy. A bailout differs from the term bail -in (coined in 2010)

"To see those queues outside Centrelink was heartbreaking. And to maintain that connection between the employer and the employee is vitally important.

"But I also want to say that our scheme is a lot broader than the United Kingdom's scheme. Over there it only applies to workers who are stood down. Our scheme applies to workers who are continuing to work. As well as that, the New Zealand scheme is more generous than New Zealand scheme an both the UK and New Zealand schemes were for three months. Ours is for six months."

a person standing in front of a sign: Millions of Australians will starting receiving a $750 payment from today. © Nine Millions of Australians will starting receiving a $750 payment from today. The treasurer said further economic stimulus packages will be necessary but the Australian economy could withstand the cost that will take years to pay off.

"We will be paying for years to come. That is the harsh reality of the spending that is required in this coronavirus crisis. But many other countries just don't have the financial fire power that Australia has to respond."

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A first corona test is negative, but the Chancellor remains in domestic quarantine: What does this mean for the government? And who will step in if Merkel fails? © Florian Gaertner / Photothek / Getty Images Olaf Scholz is very relaxed on Monday. Which shouldn't be that easy given the dramatic situation in the corona crisis . The chancellor works in the home office, her deputy said after the cabinet meeting at which the government approved a multi-billion bailout package.

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