A COSTLY CONTAINMENT Melbourne’s return to lockdown is expected to cost Victoria’s economy a tidy $6 billion, the Herald Sun reports — $1 billion for every week in stage three restrictions. The Federal Government has made an emergency change to childcare funding in Victoria — again, from the Herald Sun — with operators allowed to waive the gap fee charged to Melbourne parents for children who can’t attend due to lockdowns. The free childcare initiative will end this weekend. Banks are expected to announce another extension on loan deferrals today, The Australian writes, giving customers an extra four months from September before they have to restart payments. There are nearly 800,000 people on loan repayment pauses, worth $236 billion. Meanwhile, early superannuation withdrawals have exceeded the Treasury’s initial forecast of $27 billion, with another three months still left on the scheme. According to The Australian Financial Review, more than 2.4 million people have been approved to access their super early. To help bolster the rest of the country’s economy, the federal government will allow international students to arrive — even if states’ internal borders remain closed. Melbourne isn’t alone in its economic woes: New York City has hit 20% unemployment, numbers not seen since the Great Depression. |