Australia markets closed

$2.4bn coronavirus plan: Yahoo Finance Wednesday morning wrap

Fuel prices seen at BP petrol station in Forestville, Sydney Australia on 10th March 2020. (Photo by Izhar Khan/NurPhoto via Getty Images)

Good morning.

Here’s what you need to know in Australia and beyond to kick-start your day:

ASX: Investors are poised to send Australia's volatile share market higher after a rebound on Wall Street overnight.

The SPI200 futures contract was 34 points, or 0.57 per cent, higher at 5,999 at 0700 AEDT on Wednesday.

Wall Street rebounded as investors pin their hopes on policy easing by major central banks and governments after global markets plummeted in the previous session on fears of a coronavirus-driven recession.

AUD: The Australian dollar was buying 64.82 US cents at 0700 AEDT, down from 65.62 US cents from at the market close on Tuesday.

Oil prices have jumped by more than seven per cent, bouncing from the biggest rout in nearly 30 years a day earlier, as the possibility of a US economic stimulus encouraged buying.

The details of the government’s multi-billion dollar fiscal package are still being finalised. In the midst of all the debate about policy, one economist has come up with an idea he himself calls “crazy”: printing cash with expiry dates.

Ever wondered why your child’s place of education bothers to offer school banking? Surely they’re busy enough with reading, writing, arithmetic… and all the other disciplines educators have to find time to teach our children. Yes, they say. But banks pay... And it’s also your kid who ultimately pays. More on that here.

What we know about the stimulus package so far

The government has unveiled a $2.4 billion federal health care plan to tackle coronavirus, including up to 100 pop-up clinics that will test for the virus, and a new “Medicare item” that will allow people in self-quarantine to access health services. And from Friday, Aussies will also be able to bulk-bill for Skype or phone calls with GPs to diagnose symptoms. Here are some more details here and here.

Further details of the package have been leaked, with the aged care sector as well as small business owners set to benefit, News.com.au reports.

ICYMI

Yet another retailer has folded. This time it’s luxury stationery brand Kikki.K, and it puts 450 jobs on the line.

–with AAP

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