* Australia is headed towards a migrant shortfall this year of at least 126,000 from what is required, the Prime Minister has revealed. * In total, government estimates say net migration will fall to just 34,000 this year. * With borders to remain closed for some time yet, the Australian economy may struggle to mount a serious recovery effort. * Visit Business Insider Australia's homepage for more stories.* * *Having enjoyed the benefits of steady migration for decades, Australia faces what may be its first real shortage of migrants in recent history.Having closed the country's borders in an effort to contain the spread of COVID-19, Australia is facing a sharp fall in migration and there's little it can do about it. "We're looking at net overseas migration, I think, falling to 34,000-odd next year," Prime Minister Scott Morrison told the National Press Club on Tuesday. "When you think that - it was the great Professor McDonald who set a figure of between 160,000 and 210,000 as being what you need in this country to maintain a GDP-per-capita growth, then there's obviously a big gap there."In other words, the country is at least 126,000 (and as many as 176,000) people short of where it needs to be for the economy to continue chugging along at typical pre-pandemic levels. To be clear, the size of the COVID-19 economic contraction in June means there may be growth, but that it may not necessarily return the economy to where it was before it started shrinking. Then again, the shortfall may be even larger when you consider that net migration – which makes up more than 60% of the country's population growth – has in recent years contributed closer to 250,000 per year. Like many developed economies, Australia doesn't produce enough children to grow without it. Whichever way you cut it, there's no way around the fact we're simply short hundreds of thousands of people to help grow the economy, be it from filling essential skills shortages, starting businesses, paying taxes, buying goods and driving an already slowing construction boom. On top of all that, they're not going to be returning quickly."That's a short-term gap, but it's going to be one of the real impacts of this crisis because our borders aren't opening up any time soon," Morrison said. Economists largely not expecting borders to really open until at least the middle of next year, and with only one real exception, the overall shortfall is set to expand. "We'll be working with the higher education sector, but I note 80% of the international students that come to Australia are here," Morrison said. The Prime Minister also repeated that a "cross-Tasman safe travel zone" to be set up with New Zealand is on its way allowing some small amount of tourism. However, with New Zealand's population less than five million – and many of them already here – Kiwis are unable to make up for the rest of the world.In fact, they may not even make be able to make up for the rest of Australia, which still remains tied up in knots over individual state restrictions."It may well be that Sydneysiders can fly to Auckland before they can fly to Perth, or even the Gold Coast, for that matter," Morrison said. In such a topsy turvy world of closed borders, the government may be hard-pressed to make up for a sudden lack of arrivals.
South Africa's Woolworths says it is reviewing its Australasian property assets as the retailer battles tough conditions created by the COVID-19 pandemic.
> Business Insider has partnered with the Glen Grant to rally behind artists. »Despite the gradual ease of lockdown restrictions across Australia, with cafes and pubs reopening under strict new guidelines, the creative industries are still, for the most part, closed until further notice.Cinemas, theatres, museums and galleries haven't been in operation since March 22, further straining the financial situation of thousands of creative industry workers who have yet to receive government assistance.Although cinemas will be able to open in some states as early as June 8, with a slower reopening slated for museums, theatres and galleries, much of the damage has already been done.In these uncertain times, creatives have managed to see the silver lining in their current predicament, with photographers Rhys Tattersall and Jona Grey using their waining work schedules to upskill or focus on other creative endeavours.As a photographer who predominantly works for the travel industry, Grey was almost immediately relegated to contract work from a full-time position, while Tattersall's workload came to a screeching halt following the lockdowns.Their current situation is hardly sustainable long-term, and, seeing as arts has been hit the hardest by COVID-19, with a mere 47% of the industry still in partial operation, there are things that we as consumers of art can do to help get Australia's cultural hub get back on its feet (without necessarily having to provide monetary assistance)."The best thing anyone can do is obviously to support local, to which I’m probably repeating what has been said by so many other people," Tattersall explains. "Most of the time someone might feel pressured to buy something to support local or support your mate, - it doesn’t have to be the case though."A simple share or link to your friends' art or website goes a long way. While buying something is one way to support artists, it’s not always realistic," he suggests."Sometimes a simple share or recommendation by word of mouth means just as much to me. I’d say this is relevant both during and post-pandemic - it’s a good way to continue to support creatives if you’re not in a position to purchase their work."It's true that most other industries are not exactly thriving through the pandemic, so urging those who may also be struggling financially to open their wallets would be incredibly short-sighted.Grey echoes Tattersall's sentiment around word of mouth being the superior alternative: "This goes for a lot of industries but word of mouth is such an underrated tool. An easy way to support photographers (and creatives in general) is by sharing their work and recommending them - my biggest clients have come through recommendation."It's a two-way street in many ways, as businesses will also be feeling the financial pressure and will likely be looking to cut down on advertising to help ride this pandemic out. So, Grey recommends working together - artists and brands - to come to an agreement that will financially benefit both parties involved."Businesses in need of marketing collateral (especially during and post-covid) can reach out to local photographers, designers and videographers," Grey explains."Brands can state their budget, however modest, and the creative should be able to let them know what they can offer. Some deals can even be made via an exchange of goods."Of course, if you do have the means, there are purchases you can make - such as online courses - that will help you upskill while also sending some coin the artists' way in the process."Consumers can support their favourite creators by buy purchasing prints, digital products like presets and online courses," Grey offers.If you want to read up on how photographers like Jona Grey and Rhys Tattersall are fairing during the pandemic (or if you just want to see their work), you can head here.
* While a number of live performances have either been cancelled or postponed during the coronavirus pandemic, Ticketek has been working on different offerings. * The platform sold tickets to virtual wine tastings and a live stream of a true crime podcast. * TEG and Ticketek CEO Geoff Jones told Business Insider Australia, "We hope to see live entertainment return soon as it is possible and when it is safe to do so." * Visit Business Insider Australia’s homepage for more stories.* * *Ticketek has switched to virtual events as several live entertainment shows have been cancelled or postponed during the coronavirus pandemic.Geoff Jones, CEO of TEG and its subsidiary Ticketek, told Business Insider Australia via email that while the company has been giving out refunds, some people are still hanging on to their tickets."Our team has issued millions of refunds but we have also found that many fans have held on to their tickets for postponed and rescheduled events and that most are missing live events greatly and looking forward to their return," he said.On its website, Ticketek has a massive list of shows that have been postponed, from The Sydney Comedy Festival Gala to Tame Impala's live show.But the company has been working on other projects while live entertainment is on hold.In partnership with promoters such as TEG Dainty and TEG Live, Ticketek sold tickets to online events like podcasts and virtual wine tastings. There was the Meet the Winemaker event where winemaker Jeff Aston talked about a range of wines. And the Australian True Crime: Live virtual event, where Meshel Laurie and Emily Webb did a live stream of their podcast and brought along detectives to discuss various cases.Ticketek also rolled out Ticketek Insider to give their fans news, stories, promotions and exclusive content around the worlds of music, entertainment and sport.On top of that, the company is expanding its services."We are working hard on our expansion plans into the UK and the integration of our Asian businesses and we have continued to innovate – signing our world-first deal with Afterpay and working hard to bring new products to market that will assist the live events industry with its safe return," Jones said.Afterpay will be integrated on Ticketek’s website and app in the coming months, letting customers pay for your tickets in four equal fortnightly payments."Ticketing and entertainment is an area that Millennials and Gen Z have a strong passion for and interest in, so it makes sense for Afterpay to partner with a fellow Australian business to bring a buy now pay later solution to the ticketing industry," an Afterpay spokesperson told Business Insider Australia. Ticketek is gearing up for when live entertainment safely starts back up again in Australia Jones said that as Ticketek works on plans for the safe return of live entertainment, its integration with Afterpay gives fans flexibility when getting tickets to a future show."The feedback from fans on social media has been phenomenally positive and we can’t wait to bring it to them in the coming months," he said. "The team at Afterpay is really invested and we are looking forward to launching some very special campaigns for fans as events comeback online."And Jones highlighted that the company's first priority is the safety of the public, performers and its workers."We hope to see live entertainment return soon as it is possible and when it is safe to do so," he said. "We are working with our industry partners to help make that a reality. We know from our research that there will be significant pent up demand for live events from Australians as big events go on sale again and once restrictions are lifted."
Construction work fell by a lower-than-expected 1.0 per cent in the March quarter but things will get worse in the June quarter, economists say.
* Companies such as NAB and Westpac are gradually getting people back in the office. * These companies have introduced measures to ensure worker safety like restrictions on hot desking and physical distancing. * EY is also requiring people to make bookings for workspaces. * Visit Business Insider Australia’s homepage for more stories.* * *The finance sector has rolled out measures for workers as they gradually return to the office.The coronavirus pandemic has altered the way many businesses usually operate, whether it's adding clear screens and social distancing markers like at Aldi supermarkets, or asking employees to work remotely like software giant Atlassian. In the finance sector, some companies have made changes to their usual working style, especially when it comes to hot desking - a system where employees can sit at any desk instead of having an assigned area.On LinkedIn, NAB Group Executive, People & Culture, Susan Ferrier said the company initially allowed more than 32,000 employees to work from home. Now its starting to gradually have its workers return to its buildings, beginning with 20% of its workforce.NAB has brought in new measures to ensure worker safety such as installing thermal cameras to measure a person's body temperature when they enter a NAB building and having onsite nurse stations. But there won't be any more hot desking."Instead colleagues will be able to book dedicated desks via an app," Ferrier said in the post. How companies are adapting Westpac is not currently allowing hot desking either. A Westpac spokesperson told Business Insider Australia via email that the health and wellbeing of its workers and customers is its number one priority."Westpac will continue with a distributed workforce for the foreseeable future, with a mix of people working from home and working in the office each week," the spokesperson said."We are planning a phased approach to getting our people back in workplaces, with processes in place to ensure that we can maintain our commitment to safe physical distancing."Accounting firm EY is also steadily getting workers back into offices.EY Oceania People Partner, Kate Hillman, told Business Insider Australia via email the company has always had a flexible work culture, including remote work and hot desking in some offices."Remote working is continuing to work for most of our people," she said. "We are working on a gradual, staged approach to providing access to our offices, with limited capacity and only for individuals who have signalled they’re most in need due to an unproductive workspace at home."These individuals will be required to book a session, and limited workspaces will be allocated, via an online booking system."There will be measures in place to ensure physical distancing at EY, with employees having to follow "heightened hygiene protocols".Commonwealth Bank (CBA) says it will be cleaning its desks regularly. The company has signs identifying which work workstations can be used so that it complies with physical distancing rules. "Our people then use the same desk for a whole day and are asked not to change desks throughout the day," a CBA spokesperson told Business Insider Australia via email. "Desks are then deep cleaned at the end of every day."
Asian shares slipped on Wednesday as investor concerns about rising tensions between the United States and China tempered optimism about a re-opening of the world economy. U.S. President Donald Trump said late on Tuesday he is preparing to take action against China this week over its effort to impose national security laws on Hong Kong, but gave no further details. Hong Kong shares led declines among major regional indexes, with Hang Seng falling 0.46%, though it kept a bit of distance from a two-month low touched on Monday.
Aged care operator Japara Healthcare expects to take a charge of up to $300 million against goodwill in its full-year financial results because of the pandemic.
Australia recorded its youngest victim of COVID-19 after a 30-year-old man with underlying health conditions died in Queensland state, having shown symptoms of the disease for weeks but without getting tested, officials said on Wednesday. The latest case brings to 103 the number of deaths recorded in Australia, from more than 7,100 cases. Authorities were tracing a possible link between the man and the Ruby Princess cruise ship which docked in Sydney in March and was responsible for Australia's biggest outbreak of the virus, Queensland state officials said.
* Research from Roy Morgan found Aussies are returning to shopping centres as coronavirus restrictions ease around the country. * Foot traffic has steadily increased in Melbourne and Sydney shopping centres since the Easter long weekend. * Those returning are mostly younger, socially aware and culturally diverse group of people the company calls 'metrotechs'. * Visit Business Insider Australia’s homepage for more stories.* * *More people are heading into shopping centres as coronavirus restrictions ease in Australia.Roy Morgan, together with mobile data solutions company UberMedia, gathered data from tens of thousands of mobile devices to see how Aussies are moving as the restrictions ease. The movement data tracked the amount of foot traffic as well as the types of people returning to shopping centres in Sydney and Melbourne in 2020.The research found that while foot traffic fell during the Easter long weekend in April, it has picked up every seek since. The usual spike in weekend foot traffic has returned in May as more people head back down to shopping centres.For example, at the Bondi Westfield on Sunday April 12, 94 devices were identified while on Sunday May 24, that had jumped to 497. Over in Melbourne, the Chadstone shopping centre on Friday April 10 had 59 devices, while on Sunday May 24 that rose to 1,167.Roy Morgan CEO Michele Levine said in a statement that Australia's handling of the coronavirus pandemic has allowed us to come out of restrictions earlier than expected."The latest aggregated data on movement shows an increase over the last few weeks as restrictions on movement have gradually been relaxed," she said.In New South Wales, restaurants and pubs have been allowed to have up to 10 dine in customers from May 15. From June 1, that limit will increase to 50 customers. Meanwhile in Victoria, restaurants will be allowed 20 dine-in guests from June 1. Roy Morgan also found the types of people returning to shopping centres Levine said most of the people heading back to shopping centres are younger, socially aware and culturally diverse group of people called 'metrotechs'. This group of people are career-focused, love the latest tech and are "willing to spend big" in the city.Also returning to shopping centres are people from the 'leading lifestyles' group, who focus on success, achievement and family, and enjoy cultured living.Levine added that businesses can benefit from understanding these consumer behaviours. "With bricks-and mortar-retailers facing the double challenge of managing social distancing logistics and luring back customers who have become accustomed to shopping online, understanding the evolving behavioural patterns of different demographic and psychographic segments of Australia’s population will be key to reaping the benefits of a newly re-opened post-pandemic world," she said.
Vitamin maker Blackmores will raise $92 million in an institutional placement and up to $25 million in a share purchase plan to pay off debt and fund growth.
Asian shares shed some of their recent gains on Wednesday as investor concerns about rising tensions between the United States and China tempered optimism about a re-opening of the world economy. U.S. President Donald Trump said late on Tuesday he is preparing to take action against China this week over its effort to impose national security laws on Hong Kong, but gave no further details. The index had cleared 3,000 points in Wall Street overnight before pulling back, as some traders returned to the New York Stock Exchange floor for the first time in two months.
Happy hump day, team. Let me inaugurate this auspicious Wednesday by unloading upon you a volley of politics and economics stories – exactly the shot of caffeine you need to succeed and achieve.1\. Scott Morrison gave his address to the National Press Club yesterday arvo, hitting on all the expected points about national recovery. In short, Morrison is calling upon the economy's stakeholders – primarily business, unions, and government – to sit down and hash out a non-ideological system which works for recovery. Of course, he couldn't help firing off a few potshots at the unions during his speech, and referred to business as the real engine room of the economy. A cynic might see this as a signpost that this may not end up being the collegial accord Morrison wants.2\. The PM flagged changes to industrial relations as central to his agenda. That means "simplifying" the award scheme as part of an effort to get the economy "out of ICU". It's a lovely simple pitch, but belies a much larger fight which workers and many unions won't be happy with. As a sign of "good faith", Morrison announced he would shelve the government's union-busting Ensuring Integrity Bill – evidence the government knows it will need to offer some incentive to get the unions on board.3\. In response to a question from reporters, Morrison acknowledged another challenge Australia faces: migration. It's a serious political football, but it has economic consequences under our current system. Australia will need to brace for a "concerning" lack of migration because of the coronavirus, with as many as 220,000 fewer arrivals expected this year. “We’re looking at net overseas migration, I think, falling to 34,000-odd next year,” Morrison said. “When you think that – it was the great Professor McDonald who set a figure of between 160,000 and 210,000 as being what you need in this country to maintain a GDP-per-capita growth, then there’s obviously a big gap there.”4\. One more politics update, and we'll move on. Morrison has urged state premiers this morning to "justify" maintaining border closures, and said it was never the recommendation of the national cabinet. "The National Cabinet has never agreed that there should be borders closed in Australia," Morrison told Today. "That was never the medical expert advice that came at any time." There will be more squabbling to come on this.5\. We're seeing some tentative efforts from rideshare companies to ramp up operations again, as restrictions ease. For example, DiDi will begin to wind back key financial relief measures offered to drivers, including a reduced commission rate. Company spokesperson Dan Jordan told Business Insider Australia the change was necessary to create a sustainable business, and did not rule out following competitors like Uber and 13cabs into delivery services.6\. Target's downsizing effort last week has put the spotlight on similarly struggling rival retailer Big W, which is owned by Woolworths. Big W is historically loss-making, and isn't as well targeted as the clear product divide of Kmart and Target. "Big W has a bit of the [cheaper] Kmart end and also some of the [more expensive] Target end,” Argo Investments' Jason Beddow told the SMH.7\. The news Ticketek will be the first ticketing platform to integrate Afterpay was quietly announced at the end of last week. Obviously, it's not a huge deal right now, given there's not a lot of live entertainment to be purchasing tickets for. But it's a signal of Afterpay's increasingly strong manoeuvres to pick up Gen Z and millennial shoppers through more of their purchases. “Ticketing and entertainment is an area that millennials and Gen Z have a strong passion for and interest in, so it makes sense for Afterpay to partner with a fellow Australian business to bring a buy now pay later solution to the ticketing industry,” a spokesperson for the company told us.8\. An ongoing conversation in the world of tech is the role of social media platforms like Facebook in radicalising people by exposing them to more and more extreme views. (I call it 'Facebook Brain'.) A new report suggests Facebook tried to engage with this problem in 2016 and 2018 – and indeed found that its platform did encourage divisive rhetoric – but that any changes were shot down on the basis they would affect engagement. According to the Wall Street Journal, Mark Zuckerberg said he did not want these problems brought up to him again.9\. Also on social media and partisanship: Twitter has begun adding fact-checking links to Donald Trump's tweets. One expects people on all sides of the political aisle will respond to this in a calm and reasonable manner. Trump falsely claimed on Tuesday that mail-in ballots cast in California will be “substantially fraudulent” and result in a “rigged election.” Here are the tweets in question:https://twitter.com/realDonaldTrump/status/126525584535864525410\. Remember all the hullabaloo about oil? What's happened there? Well, throughout the month of May, oil prices have mostly rebounded from their shocking – and, at one point, negative – lows. Nonetheless, traders still fear a prolonged demand pressure fuelled by the coronavirus. Here's a timeline of how it all played out.BONUS ITEMA woman has been fired from global investment firm Franklin Templeton after a video showed her calling the police on a man who had asked her to put her dog on a leash. A video with more than 29.6 million views shows the woman, later identified as Amy Cooper, threatening to tell the police that “there’s an African American man threatening my life” and then doing so. It's no doubt crossed your feed at some point in the last 24 hours, but here it is:https://twitter.com/melodyMcooper/status/1264965252866641920?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1264965252866641920%7Ctwgr%5E&ref_url=https%3A%2F%2Fwww.businessinsider.com%2Finvestment-firm-suspends-central-park-woman-rang-nypd-black-man-2020-5
Restaurants that braved the post-coronavirus environment and opened doors to limited customers are introducing cancellation charges to stop no-showers.
US shares have ended the day higher but the S&P 500 could not hold above 3000 points after a late report said the US is weighing a range of China sanctions.
(Bloomberg) -- Apple Inc. said it will reopen about 100 more retail stores in the U.S. this week, with more than half offering curbside pick-up service only.“This week we’ll return to serving customers in many U.S. locations,” Apple said Tuesday in a statement. “For customer safety and convenience, most stores will offer curbside or storefront service only, where we provide online order pick-up and Genius Bar appointments.”The move adds to about 30 U.S. store reopenings from earlier this month. The company has about 270 retail locations in the U.S.The company said the new openings will happen across Arizona, California, Florida, Georgia, Indiana, Kansas, Kentucky, Nevada, Missouri, Michigan, New Mexico, Ohio, New York, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Wisconsin, Virginia and Utah.Stores that let customers inside require temperature checks, social distancing and masks, Apple has said.The company has already reopened locations across Australia, Canada, Austria, Germany, South Korea, Italy and Switzerland, and plans to start opening stores in Japan and Sweden this week.(Adds more context on number of stores in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.