Coronavirus/Covid-19 Discussion Thread (1 Viewer)

Trebla

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I want it to become safe enough so that gyms can open :(
Outdoor gyms are open, there's one next to my home and it has like pull-ups and like a stationary bike.

But not the same as an actual gym.

I NEED TO BURN OFF THOSE UBER EATS MEALS! :cry:
lol same I’m keen for gyms to reopen. Just hope it doesn’t get too crowded...
 

Potato Sticks

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Haha yeah they’re going really ambitious everywhere. I suspected the national government pushed more than the states wanted.

Maybe they want to end up with a budget surplus? They’re reducing jobkeeper and all already and lifting restrictions so they can dump the whole thing.
 

brent012

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Maybe they want to end up with a budget surplus? They’re reducing jobkeeper and all already and lifting restrictions so they can dump the whole thing.
Latest news was that there was a significant error in the calculations and the cost of JobKeeper is about half of what was expected.

They blamed employers for filling in the form incorrectly, but I believe the initial budget was released long before any employers got involved.
 

Trebla

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Latest news was that there was a significant error in the calculations and the cost of JobKeeper is about half of what was expected.

They blamed employers for filling in the form incorrectly, but I believe the initial budget was released long before any employers got involved.
I think the reporting error is about the actual number who are currently on JobKeeper. The Treasurer claimed last week that around 6 million employees have actually signed up for it (which is in line with their budget projection).

However, turns out the actual number actually wasn’t anywhere near that apparently due to about 1000 employers who incorrectly populated the number of employees with the number of dollars they’re expected to get.

With the error corrected they now realise that the actual number on the scheme is well short of what they budgeted for (probably because they were expecting a more dire pandemic experience) so Treasury have now revised their budget projection.

I don’t think the government will wind back JobKeeper earlier than scheduled as the economic pain will linger for a while. At best they’ll probably make some adjustments e.g. for casual workers who earn like $100 a week suddenly getting $750 seems strange.
 

brent012

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I think the reporting error is about the actual number who are currently on JobKeeper. The Treasurer claimed last week that around 6 million employees have actually signed up for it (which is in line with their budget projection).

However, turns out the actual number actually wasn’t anywhere near that apparently due to about 1000 employers who incorrectly populated the number of employees with the number of dollars they’re expected to get.
Yeah, this is what I'd read too. It just seemed odd that the error happened to match the early projections - but I guess that's probably why it went unnoticed originally. It's definitely great news for the budget though.
 

Trebla

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Yeah, this is what I'd read too. It just seemed odd that the error happened to match the early projections - but I guess that's probably why it went unnoticed originally. It's definitely great news for the budget though.
The media is reporting this as if the error was responsible for the over-projection, which makes no sense.

It’s kinda conflating two different issues, one being the number of employees currently registered on the scheme was incorrectly reported and the other being Treasury’s initial estimate was wildly off because it was based on a 6 month lockdown experience.
 

enoilgam

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It's definitely great news for the budget though.
It's good and bad in a way. The government seems to now be swinging back to its usual deficit hawking which is not going to help with this situation. Id rate myself as being fairly economically conservative, but I think this cult of surplus at all costs isn't helpful and is kind of ridiculous especially now. Either way, there will be a deficit, either due to falling revenues from a lack of economic activity or due to stimulus. The government needs to get the economy going otherwise we are going to have serious structural economic issues and no amount of penny pinching will get us back in the black. Plus interest rates are as low as it gets and unlikely to rise again for the foreseeable future, so the time is right for borrowing

The government should be looking at how the extra $60 billion from JobKeeper can be spent elsewhere. A good start I think would be a small works fund, which targets small infrastructure upgrades/developments (i.e. street re-tarring, bus stop upgrades etc). The NSW Government recently announced a $9 million regional court uplift program which I think is a great start, because the money will quickly create jobs and put money back into the economy. I think it would be wise to avoid mega-projects which have a significant lead time before money is spent. It would also be a good time to start looking at some much needed structural reforms to the tax system whilst the window is open and there is an impetus for change. Industrial relation reforms, whilst needed are a bit of a distraction and not a good starting point, considering there are other reforms which are less divisive.

The fact is, this whole COVID-19 can be an opportunity for renewal, because the economy was really slowing down before this hit. Whilst I dont mind this government, there didnt seem to be much impetus for reform prior to this, which I think would have led to a long economic malaise without intervention. Maybe we can turn a negative into a positive?
 

seremify007

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I personally am not convinced the money needs to be spent. After all, the $60 billion is borrowed money which we didn't have anyway, and will be paying in higher taxes for years to come. At some point the private sector will need to adjust, and the commercial realities will kick in with or without a temporary propping up by the government.
 

Drdusk

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Looking at the posts above, I have absolutely no idea what in the world you guys are talking about and at this point I’m too afraid to ask lol
 

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