The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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A sledge-hammer approach, to say the least downunder ...Treasury estimates that we will see close to a $4 billion reduction in economic activity per week!
But Australian Industry Group chief executive Innes Willox said the border closure "puts up a Berlin Wall between our two biggest states" and cuts in two the country’s main economic artery.
"It is a sledgehammer approach when what is required is focused strategy that is community and hotspot based, and not based on arbitrary borders (BORDERS CHOSEN SO LONG AGO NO ONE REMEMBERS) that split communities," he said.
"Despite any promises that may be made by the states to keep businesses operating across borders, it can be guaranteed that the economic disruption will be immense.
"Albury-Wodonga is a freight hub which will now be divided by a 'show me your papers please' mentality."
Business Council of Australia chief Jennifer Westacott called border closures extreme and said Australia faced living with outbreaks of COVID-19 for a long time.
"We have to manage them as they occur to protect vulnerable people and Australian livelihoods," she said
In Victoria ...It’s not just that Premier Andrews will simply not answer key and very obvious questions about how and why he allowed this debacle to build, instead deflecting such awkward issues to a judicial inquiry conveniently not due to report until September. In Melbourne, the immediate results are increasingly dramatic and damning of the government’s methods over the past few months, as well as being a harsh reminder of future risks...and now there is talk of a lockdown of the Melbourne CBD.
The Vic Govt is now belatedly replacing private security firms with supervision by Corrections Victoria, which is only now recruiting prison guards and parole officers and even out-of-work airline staff. Victorian police hurriedly assembled to patrol the towers only discovered their new duties as they arrived last Saturday afternoon, with the Police Association secretary demanding urgent safety briefings to avoid police unwittingly becoming vectors themselves.
“This is not going to be a pleasant experience for those residents but I have a message for those residents: this is not about punishment but protection,” the Premier of Vic said at after another sombre press conference on Sunday. Its a hell of a lot more sombre for the people of Victoria in lockdown!
go gold
the Gnome
Sorry typo in post should read -10 passengers per single decker and 20 on a double, so extra buses need to be put on although there isn't enough staff or buses to do this!
Thank you for the updates,especially from down under and Spain, evidently our lying ex journo PM is quite happy to leave the EU without a deal or he says operate along similar limes as Australia does with Europe, didn't know the EU had a deal with Australia?
In the UK its now compulsory to wear face masks on buses, although the the bus companies wont pay to have extra staff to check and the police couldn't cope anyway, the drivers say that if they try to enforce the rules they get threatened, also a limit of 10 passengers per single decker and on a double, so extra buses need to be put on although there isn't enough staff or buses to do this!
Pubs opened yesterday, social distancing reduced to 1m, although dentists remain closed apart from basic treatment and local GP's services really basic if at all!
Boris & his bunch thought about reducing VAT to stimulate retail business but decided against it as they felt it wouldn't benefit the poor or encourage local high-street spending, so they are now thinking about issuing a one off voucher to adults £500 & children £250 to encourage local retail spending!
Today is the celebration of he creation of the NHS, strange when you think we have a Tory government the party which has spent decades trying to sell off the NHS or privatise it!
The UK lock down went to **** when Dominique Cummings blatantly broke his own rules and gave unconvincing reasons why from the 10 Downing St garden supported by Gove & Boris!
Our is hopeless government is just desperate to get people back to work, despite the fact that there isn't any an effective Covid testing procedure in place and they certainly haven't dealt with the pandemic !
Depressing to say the least!
Good morning Goldgnome.
I sympathise.
I live on a Spanish island that until two weeks ago had control ,totally over the virus,by quarantine and strict enforcement.
Then they opened the gates especially to the Germans.
In less than a fortnight a sports complex had 4 new contagions.
It has not been made public as the new contagions are shopped off to a hotel hospital,for quarantine/ treatment.
The reason. Money and pressure.
Relatively poor country within Europe relying on tourism from large hotel groups.
I am afraid there is a long way to go for any normality.
Good luck stay safe,whisky is better than Trumps bleach.
Tiger,
with Ghislaine Maxwell being ' generally awestruck by powerful men', and Prince Andrew, reduced to just being one of those ruling toffs who thought all the young girls runnnig around with little on were just servants or slaves, the Colonists and convicts are feeling a tendency to go it alone. Unfortunately the leaders of the Colonists and Convicts have not shown themselves to be too flash, so it leaves them in a quandry.
In Oz it seems we are going broker by the day, despite what the govt tells us. We now have the latest debacle in the Hot Spot Management Stakes in the country, whereby a security firm was chosen (no time to tender, and less time to investigate apparently) to secure a hotel or 2 in the HOT SPOT, ... who didnt have enough trained staff, invented and billed for more staff that are yet to show up, and there are rumours of a bit of slap and tickle between the guards and the inmates ... and on the circus goes...But Premier Daniel Andrews has likened Victoria's second wave of the pandemic to a "public health bushfire", a disaster Australians understand all too well... such revelations that the resurgent virus has come from failures in hotel quarantine is like sending fire trucks to a bushfire without any water.
Just went to book a trip to Queensland to help get the tourism industry recover to see them change the rules for entry overnight, and now I and many others can't get in! The state governments have firmly shown they are a level of government that hinders more than they help, and should themselves be quarantined out of existence.
Sorry I think my scotch was bit stong, but I don't think we will be needing any comedy acts downunder for the forseeable future from the UK, even if they could get into the country. Perhaps this could be the next biggest foreign currency earner for us downunder..if indeed our comedians could get out of the country?
Things have got worse...no end in sight
best
the Gnome
Hi Gold Gnome!Just as regards US job numbers, there is a huge conflict between the computer based claims data and the survey based headline jobs number, which is explicable only by massive claims fraud or by extreme number massaging by the Trump administration.I've no idea of the actual true US unemployment number. I doubt anybody really knows, including the Moron-In-Chief. But I know casually from friends in LA that things are very bad and not getting much better. And the special $600 per week extra unemployment money runs out at the end of July - that will be crunch time.All in all, not much of a 4th July celebration this year! Maybe the rebel colonists should consider renouncing their treason and re-pledging their allegiance to Her Majesty?
Thankyou GoldGnome. The other data we do not know is the contractual nature of these jobs given back. Countries were already operating fairly flexibly (UK included) with zero hours contracts, temporary work and fixed contract arrangements. I can see more of this occurring as re-hiring takes place. To give you an anecdotal scale of redundancies. A friend of mine owns a small but growing business having 24 employees pre-lockdown. Staff were furloughed, and gradually about 14 have returned (some relunctantly - nice at home!), however there has been a realisation that 14 efficient workers are doing the work of 24 = redundancy programme just started. A lot of businesses are going to be doing this as we will see the evidence of as the economies open back up. It is still positive that the business has survived with the Government support available, low debt considerations and having a successful mainly internet based business model supplying essential goods and undercutting much larger suppliers.
I am a cynic about the theme things are going to get better real soon. Love it if it was true! The way the governments are managing the pandemic is appalling. In Oz they have managed to cripple the economy by allowing state boundaries to become nogo zones, when they should have been more focussed on where the virus was and what it was doing. But no, close the state borders (a layer of goverment not needed for the last 50 years at least), cripple small business, crucify the tourism industry not to mention the hospitality players, bail out the airlines and so on...
The United States added 4.8 million jobs in June, according to a government survey, prompting President Trump to say the economy was “roaring back” from the coronavirus recession. But the nominally massive jobs number is undercut by context...
More than 14 million people have not been rehired after losing their jobs this year, leaving the official unemployment rate higher than at any point during the Great Depression. The survey was conducted in mid-June, before infection rates began to spike again, forcing several states to abruptly halt their economic reopening plans and sending many workers back home. Last week, 1.4 million people filed new unemployment claims.
Federal Reserve officials raised concerns that a new wave of infections could trigger an even deeper recession, according to newly released notes from the central bank's meeting in early June. The country's daily rate of new infections has more than doubled since that meeting was held.
And the Congressional Budget Office predicted Thursday that the unemployment rate will stay above pre-pandemic levels through 2030. Things are getting better.
Its when the tide goes out that you can see who'se been swimming naked...and there is a fair bit of flesh around, sadly
best
the gnome