Posted in home improvement loans

Australia should brace for a wave of business failures and growing mortgage stress, the RBA warns, as support measures fall away


Australia’s central bank expects the number of small business failures will “rise substantially” as income and loan pressure builds.

With income support measures and more than $200 billion in loan deferrals set to expire, the Reserve Bank of Australia (RBA) says between 10% and 15% of businesses in hard-hit sectors won’t make it as they run out of cash.

“These businesses are in a tenuous position and are particularly vulnerable to a further deterioration in trading conditions or the removal of support measures,” the RBA wrote in its Financial Stability Review published on Friday.

“Survey evidence indicates that about one-quarter of small businesses currently receiving income support would close if the support measures were removed now, before an improvement in trading conditions.”

While the RBA acknowledged there was “a high degree of uncertainty about the magnitude and timing” of those failures, the prognosis doesn’t look good.

For one, the number

Read More
Continue Reading Australia should brace for a wave of business failures and growing mortgage stress, the RBA warns, as support measures fall away
Posted in home

Priti Patel slammed for refusing to deny Home Office made plans for wave machine to deter migrants

Patel was asked about alleged plans to build wave machines. (Getty)
Patel was asked about alleged plans to build wave machines. (Getty)

Priti Patel has been criticised for refusing to deny that that Home Office made plans to install a wave machine in the English Channel to deter migrants.

The home secretary said in an interview with The Sunday Times that it would be “remiss of us not to look at all the options” in reference to reports the government was planning to build new detention centres to house migrants.

When asked about reports earlier this week that she had asked Home Office officials to look into the possibility of a wave machine Patel told the newspaper: “That’s operational tactics and, quite frankly, I’m not going to start discussing operational tactics.”

Several figures criticised the home secretary over the interview on Sunday morning, with former transport secretary Andrew Adonis questioning the legality of the alleged plans.

Home secretary Priti Patel in Dover. (PA)
Home secretary Priti Patel in
Read More
Continue Reading Priti Patel slammed for refusing to deny Home Office made plans for wave machine to deter migrants
Posted in home

COVID ‘firepower’: Britain imposes six-month curbs against second wave

LONDON (Reuters) – British Prime Minister Boris Johnson told people on Tuesday to work from home where possible and ordered bars and restaurants to close early to tackle a fast-spreading second wave of COVID-19 with new restrictions lasting probably six months.

After scientific warnings that deaths could soar without urgent action, Johnson stopped short of another full lockdown as he did in March, but warned that further measures could come if the disease was not suppressed.

“We reserve the right to deploy greater firepower, with significantly greater restrictions,” he told parliament following emergency meetings with ministers and leaders of the United Kingdom’s devolved governments.

Just weeks after urging people to start returning to workplaces, Johnson advised office workers to stay at home if they could. He ordered all pubs, bars, restaurants and other hospitality sites to close at 10 p.m. from Thursday with only table

Read More
Continue Reading COVID ‘firepower’: Britain imposes six-month curbs against second wave