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Thread: Coronavirus

  1. #841
    Photo Taker dkabab's Avatar
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    Quote Originally Posted by dodger View Post
    Tried to cancel a 1300 number I dont use cant get through to Telstra at all, their stores don't answer and the call service is useless.
    They're blaming the virus on their inability to cope, what a load of BS the service is a frustrating con job.
    The majority of call centres are in the Philippines etc who are in lockdown.

  2. #842
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    Quote Originally Posted by dkabab View Post
    The majority of call centres are in the Philippines etc who are in lockdown.
    Telstra are ok until you want something always have been useless, no way of contacting them to get a service cancelled how 3rd world is that ?
    Tommy Gunna

  3. #843
    Photo Taker dkabab's Avatar
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    So if you’re feeling sick you can’t go to the hospital to be tested??

    Please only present for testing if:

    You have travelled overseas in the past 14 days AND have symptoms.
    You have travelled interstate in the past 14 days AND have symptoms.
    You have been in contact with a confirmed case AND have symptoms.
    You are a healthcare worker with direct patient contact AND have a fever (≥38) OR an acute respiratory infection (e.g. shortness of breath, cough, sore throat).​
    You are an aged and residential care worker AND have a fever (≥38) OR an acute respiratory infection

  4. #844
    Senior Member E7ITE's Avatar
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    US hedge fund scoops $2.6b during market chaos

    https://www.dailymail.co.uk/news/art...ticle-masthead

  5. #845
    The Best in the World. Aircon's Avatar
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    Daniel Andrews announced stage 3 in Victoria
    Master Baiter 300kph+ club
    http://pless.com.au/mechanics.htm

  6. #846
    Senior Member goober's Avatar
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    Quote Originally Posted by Aircon View Post
    Daniel Andrews announced stage 3 in Victoria
    Whats that entail
    AE's Tame Race Driver
    I never noticed how stupid people can be. Just kidding, that's the first thing I notice. Unless they're ugly. You can't miss ugly.

  7. #847
    Senior Member Fil-Ski's Avatar
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    Quote Originally Posted by E7ITE View Post
    US hedge fund scoops $2.6b during market chaos

    https://www.dailymail.co.uk/news/art...ticle-masthead
    Bill's made some big bad calls in the past. Herbalife and Valeant Pharmaceuticals are just a few.

  8. #848
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    Quote Originally Posted by goober View Post
    Whats that entail
    https://twitter.com/DanielAndrewsMP/...lgduW8m-7eTasI
    Master Baiter 300kph+ club
    http://pless.com.au/mechanics.htm

  9. #849
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    AFR opinion piece on the NZ approach

    https://www.afr.com/world/pacific/go...0200329-p54eyg

  10. #850
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    Quote Originally Posted by TJB View Post
    AFR opinion piece on the NZ approach

    https://www.afr.com/world/pacific/go...0200329-p54eyg
    can't read it
    300kph+ club

  11. #851
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    Quote Originally Posted by Brenton View Post
    can't read it
    basically says, their strategy will work but they need their borders shut until a vaccine arrives ( the last bit was my thoughts)
    Tooth hurty

  12. #852
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    Quote Originally Posted by Brenton View Post
    can't read it
    The way to read the AFR online is as soon as the page starts to load with the story press the stop button in your browser and it will beat the account check.

  13. #853
    Senior Member 360c's Avatar
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    The SME loan guarantee won't save everyone

    James Frost
    Financial Services Writer

    Mar 30,



    The big banks want to make something perfectly clear. The Coronavirus SME Guarantee is not a grant or a handout. It is a loan - not a grant - and they expect to be repaid.

    Treasurer Frydenberg said the plan would allow banks to lend money to customers they may not have been able to and at a cheaper rate.
    As business owners explore their options following an extraordinary week the sheer amount of information coming out of the government, the regulators and the banks themselves has been overwhelming.
    But while the prescribed length of your next hairdressing appointment has been fluid the federal government’s Coronavirus SME Guarantee is not a moving target.
    They are loans of up to $250,000 for a fixed term of three years. The loans are for small businesses with a maximum annual turnover of $50 million. The first sixth months are interest free.
    The SME Guarantee was rolled out on Sunday, March 22. Treasurer Josh Frydenberg announced the initiative ahead of the emergency measures that led to mass closures of pubs, clubs and schools.


    The scheme is aimed squarely at borrowers whose livelihoods were snatched from under them as measures designed to stop the spread of the virus were racheted up. But the scheme won’t save everyone.
    Commonwealth Bank group executive of business and private banking Mike Vacy-Lyle says the bank wants to help as many customers as it can but inevitably there will be some customers it cannot help.
    “There are unfortunately going to be some businesses that we end up saying no to. For a business that was in difficulty pre-coronavirus, we cannot use a coronavirus guarantee to help that business,” Mr Vacy-Lyle said.
    Matt Comyn says lending to small business will be much less risky for banks because of government support.


    Banks prepare SME lending blitz
    The funding side of the scheme comprises $20 billion from the government and $20 billion from the banks.
    Banks are expected to tap a new line of funding established by the Reserve Bank just days earlier on Thursday, March 19 known as the Term Funding Facility or TFF for their share.
    Under the TFF the RBA is making $90 billion available to more than 130 lenders at a rate of just 0.25 per cent for three years.
    Banks are allocated TFF funding based on size and are able to access the equivalent of 3 per cent of their total book when the scheme opens.
    For every dollar a lender increases their net funding to small business, the Reserve Bank will grant them another $5 in funding from the TFF.
    Demand for new loans as opposed to demand for the Coronavirus SME loans is expected to be low, so for now the focus remains squarely on the $40 billion in loans that are 50 per cent guaranteed by the federal government.


    Bankers accept that not all the businesses they extend the loans too will make it to the other side. The government guarantee underwrites the expected number of failures and allows them to keep the interest rate low.
    CBA was the first out the gate saying it was ready to start offering the loans on the back of the March 22 press conference. The loans were initially described as functioning like an overdraft but in recent days they have moved to clarify these are new term loans.


    Calls for help: Banks under siege as businesses close
    The bank says is has already pre-approved $40 million worth of loans at 4.5 per cent and is ready to disperse the funds as soon as this week. The scheme is due to launch in April.
    CBA has received several thousand requests with the majority of pre-approvals given to customers with businesses in the hospitality sector.
    "The way we are looking at these loans is: but for coronavirus, would we lend this person up to $250,000?" Mr Vacy-Lyle said.
    While the loans may be new, in most cases customers are unlikely to be.
    Banks are not looking to take on additional risks. When asked if the loans will be extended to new customers the banks are coy, with NAB the only lender openly courting new business.

    On Monday NAB will reveal details of the NAB Business Support Loan. Like CBA it will charge 4.5 per cent on the fixed three-year loans with a payment holiday for the first six months.
    NAB's chief customer experience officer Rachel Slade said the loans will be available until September 30.
    “Great businesses right across this country are overnight finding themselves with zero cashflow. With the government’s Coronavirus SME Guarantee Scheme, NAB is able to support even more businesses,” Ms Slade said.
    The bank said it is already helping 14,500 personal and business customers who have sought deferrals on their repayments. The level of demand for assistance among customers has been so great the bank’s CEO Ross McEwan began to redeploy many staff into customer facing roles last week.
    Banks however remain cautious. If the first message they want to get across is that these are not grants, the second is they will only extend them to you if you could afford it in normal circumstances.
    ANZ’s managing director of commercial lending Isaac Rankin said the bank is prepared to extend the loans to customers who have no cash flow today as long as the capacity to repay the loan was there before the crisis.
    “We want to make sure they aren’t saddled with debt that takes 10 years to pay back,” Mr Rankin said.
    “While there is an upper limit of $250,000 on these loans for SMEs, your borrowing capacity might be a lot less than that.”
    Banks have been swamped with enquiries about the loans since they were announced seven days ago but those without the headroom in their borrowing facilities are poised for disappointment.
    Even with a 50 per cent backstop from the federal government, the remaining 50 per cent is real money and lenders have no interest in throwing good money after bad.
    Bankers say they have not yet created a "blacklist" of sectors they aren’t prepared to lend to but privately they accept it is a logical step.
    A small cafe or larger pub might be better placed for recovery than a boutique international travel agency for instance.
    Westpac was the first major Australian bank with a COVID-19 assistance package in February and has been refining and adding to the package ever since.
    Westpac’s general manager of SME banking Ganesh Chandrasekkar said the phone had been ringing off the hook since repayment holidays of up to six months were announced on Friday, March 20.
    “Since announcing our new assistance packages on Friday, we’ve had more than 17,000 business customers applying for assistance, and the numbers are steadily rising,” Mr Chandrasekkar said.

    For Westpac customers, the approval process for Coronavirus SME loans can be as short as just a few hours.
    The bank however does want to see businesses have put steps in place to manage the situation such as reducing all non-essential expenses and renegotiating leases where applicable. It will only extend the loans to businesses based, registered and operating in Australia.
    When ANZ CEO Shayne Elliott took to the radio on Thursday morning he said the bank and the sector would be judged not what it said or promised but what it did over the next six to nine months.
    “We can’t over simplify this and say that the banks can just save everybody, we do not have endless resources,” he said.
    He accepted the bank had difficult choices ahead as it tried to figure out who to support first and what the nature of that support would look like.
    Some of those choices are already being made and many more will be made in the days and weeks ahead.

    AFR
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  14. #854
    Senior Member 360c's Avatar
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    In other words no "Free Money" for small business and a lot of the Government support is dependant on retaining your employees. In my case the Government support in terms of payroll tax refund and PAYG refund amounts to just over 1 weeks wage bill. Fortunately I don't need it (so far); but I would be fucked if I did.

    The Solomon Lew "scorched earth" approach is definitely the way to go IMHO.
    300kph+ club

  15. #855
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    One interesting and almost comedic side effect of lockdowns is seeing millenials suddenly have to learn how to cook and clean for themselves.

    All the housewife mothers of millenials who were told by their kids they were oppressed now have giant shit-eating grins as their kids call them to ask how to boil an egg.

  16. #856
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    Quote Originally Posted by NBTBRV8 View Post
    The way to read the AFR online is as soon as the page starts to load with the story press the stop button in your browser and it will beat the account check.
    What a neat little hack - Thanks for sharing

  17. #857
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    Quote Originally Posted by AE-DC View Post
    One interesting and almost comedic side effect of lockdowns is seeing millenials suddenly have to learn how to cook and clean for themselves.

    All the housewife mothers of millenials who were told by their kids they were oppressed now have giant shit-eating grins as their kids call them to ask how to boil an egg.
    Dude... the older millennials among us are nearly 40. Either I've been missing out on the coddling or I've been very well raised because I've been doing my own laundry for 28 years and boiling eggs for about 25 years... and 40 is some way off yet!
    Last edited by Steve1; 30-03-20 at 07:23 AM.

  18. #858
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    Quote Originally Posted by Steve1 View Post
    Dude... the older millennials among us are nearly 40. Either I've been missing out on the coddling or I've been very well raised because I've been doing my own laundry for 28 years and boiling eggs for about 25 years
    I'm one of those older millenials, and I've been boiling eggs longer than that :P

    Still remember baking cookies and helping Mum with the spaghetti when I was single digits. Mind you, we didn't get internet in my house until I was 16, so that probably helped a lot in gaining independence lol.

  19. #859
    Senior Member 98octane's Avatar
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    Quote Originally Posted by Steve1 View Post
    Dude... the older millennials among us are nearly 40. Either I've been missing out on the coddling or I've been very well raised because I've been doing my own laundry for 28 years and boiling eggs for about 25 years... and 40 is some way off yet!
    +1 We early millennials are basically Gen X with a greater appreciation for life. ��

  20. #860
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    Quote Originally Posted by Steve1 View Post
    Dude... the older millennials among us are nearly 40. Either I've been missing out on the coddling or I've been very well raised because I've been doing my own laundry for 28 years and boiling eggs for about 25 years... and 40 is some way off yet!
    I'm 50 and given half the chance my mother will still be happy to do my laundry and boil the eggs......the joys of having a greek mother
    Tooth hurty

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