As the community and government response to COVID-19 escalates, there has been a wide range of assistance programs released over the past week and updated over the weekend.
Yesterday the Federal Government announced an additional assistance package to assist employers in retaining staff during the next six months of “business hibernation”. The focus of this assistance package is to provide businesses with a government subsidy so they can continue paying their employees and be able to recover quickly once the crisis is over.
The COVID-19 pandemic is frightening and has had a catastrophic effect globally for all of us. The impact on the population at large has been severe in many aspects of our daily life including economic impacts to many of us.
Last weekend, we saw the Australian government announce a further $66 billion stimulus package with the plan to boost the economy and help businesses stay alive. Despite that, the closure of non-essential services saw the market continue its volatility this week.
The Coronavirus (Covid-19) is continuing to wreak havoc on investment markets. On the 16th March 2020, the S&P/ASX 200 fell by 9.7. Its worst day since 1987. The Australian market has now fallen by around 30% from recent highs and is back to the same level it was in early 2016. In fact, at around 5,000 points, our market is also at the same level as it was 14 years ago in 2006.