Australia markets closed

$2,400 shock coming for Aussies in iso; Welcome to the 2020 Depression

This morning: unemployment queues lengthen, Australians about to get major bill shock and picking a fight with China. (Images: Getty)

Good morning.

Markets: After a bloodbath yesterday, US stock markets ended overnight higher after optimism about virus restrictions lifting won out over pessimism about trade wars and jobless numbers. The Australian market is expected to follow, with SPI200 futures up 0.85 per cent at 7am AEST.

The Australian dollar was buying 64.61 US cents 7am AEST, up on Thursday's market closing price of 64.37 US cents.

Australians who stayed home like they were told are about to get a rude shock. Check out how they might be slugged $2,400 next time they open their mail or email.

This is Australia's 2020 Depression, says economist Stephen Koukoulas after April unemployment figures showed a shocking 3.2 million people out of work or given up looking for a job. Read what the government must do to get us out of this quagmire.

A union found a listening device in its boardroom. The Maritime Union of Australia has hired a barrister to figure out who planted the bug, after a security contractor made the disturbing find during a routine sweep.

Australia has picked a fight with China. And it's because of the sudden absence of US leadership, says Bloomberg. China is starting to punish Australia economically for daring to ask for an international enquiry into the origins of the coronavirus.

Good luck everyone.

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