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Australia’s economy

Scott Morrison has urged businesses to keep staff on, with Qantas announcing plans to put workers on paid leave as they cut capacity by 25% for the next 6 months.

In a statement from CEO Alan Joyce, “Less flying means less work for our people, but we know coronavirus will pass and we want to avoid job losses wherever possible. We’re asking our people to use their paid leave and, if they can, consider taking some unpaid leave given we’re flying a lot less.”

Speaking on the coronavirus on Tuesday, PM Scott Morrison- “We now have one goal in 2020 — to protect the health, well-being and livelihoods of Australians through this global crisis, and to ensure that when the recovery comes, and it will, we are well positioned to bounce back strongly on the other side.”

Fuel Prices Down

In recent weeks you might have noticed lower than usual fuel prices. Low prices are expected to fall even further- possibly as low as $1 per litre- in the wake of a price war between Russia and Saudi Arabia.

With ongoing effects of the coronavirus stifling demand for oil, the price per barrel had been declining. The Organisation of the Petroleum Exporting Countries (OPEC) had suggested countries reduce oil production. When Russia did not agree with the measures proposed, Saudi Arabia responded by promising to ramp up their supply into the market and reduce prices. This led to the biggest price fall for oil since 1991.

The drop is expected to flow through Australians over the next couple of weeks as fuel stations sell off reserves of fuel brought at higher prices, replace their stock at a lower price now Saudi Arabia have flooded the market.

Property Market February Review

A hot property market is yet to feel the impact of the coronavirus on confidence levels. Melbourne prices have now passed their 2017 peaks, with sellers seeing excellent results as Melbourne saw a 69% clearance rate, even with the long weekend.

The Reserve Bank last week cut the cash rate by 25 basis points to 0.5% , a move many lenders have passed along to customers. Low interest rates, in addition to a loosening of credit restrictions has been driving the property market since the turnaround post-election in 2019.

According to the CoreLogic Home Value Index, prices in Melbourne increased by 1.2% in February for a 10.7% increase over the previous 12 months.

With interest rates down, lenders are offering rates in the mid to high 2% range.

There may be different rates available from our wide panel of lenders and the Dollars With Sense team is always available to ensure you have the right financial solution for your current and future circumstances.
If you’d like to have a chat about what today’s news means for you and your finances, please don’t hesitate to get in touch.

 

 

 

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