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Australia is today expected to record the biggest drop in GDP since the Great Depression as the economic cost of the coronavirus pandemic becomes clearer. Economists expect the June quarter national accounts to show a drop of up to 6% in GDP, confirming that Australia is officially in its first recession in a generation. It will also give us a further insight into which industries are being hardest hit by COVID-19.
Federal parliament has approved an extension of the Jobkeeper wage subsidy until March next year. The $1,500 a fortnight rate will fall to $1,200 for full time workers in four weeks time and then again to $1,000 in early January.
Victoria's state of emergency has been extended by six months after an early morning vote in parliament's upper house. The extension allows the chief health officer to issue legally binding directives after September 13. But it doesn't mean existing restrictions will stay in place. The government will have to justify its case each month.
And the AFL is today expected to officially announce Queensland as the successful bidder to host the 2020 Grand Final. The AFL Commission met yesterday with hot favourite Queensland, and also representatives from New South Wales, South Australia and WA. It's the first time the AFL Grand Final will be played outside of Victoria.
