ASX set to leap again; 60k businesses sign up to wage plan

Jessica Yun
Updated ·2-min read
MELBOURNE, AUSTRALIA - MARCH 30: A deserted Flinders Street train station on March 30, 2020 in Melbourne, Australia. Public gatherings are now limited to two people, as the Australian Government introduces tougher restrictions in response to the COVID-19 pandemic. Prime Minister Scott Morrison on Sunday told Australians to stay home unless they are shopping for food, receiving medical attention, going to work or education, or for exercise, which is now limited to groups of two. People over 70 have been told to remain inside while public areas such as playgrounds, outside gyms and skateparks will be closed from midday on Monday. International arrivals into Australia are being quarantined in hotels on arrival. (Photo by Bill Blair#JM/Getty Images)
MELBOURNE, AUSTRALIA - MARCH 30: A deserted Flinders Street train station on March 30, 2020 in Melbourne, Australia. (Photo by Bill Blair#JM/Getty Images)

Good morning. Here’s everything you need to know in Australia and beyond in Yahoo Finance’s Tuesday morning wrap:

ASX: The Australian share market is set to surge again, having just recorded its best ever day following the announcement of $130 billion in government stimulus measures.

The SPI200 futures contract was up 66 points, or 1.27 per cent, at 5,257.0 points at 0700 AEDT on Tuesday, suggesting strong early gains for local stocks.

The S&P/ASX200 benchmark index finished Monday up 399 points – a record 7.0 per cent – after the government announced new stimulus to help businesses through the coronavirus pandemic.

Wall Street also rose overnight after US President Donald Trump followed his own stimulus measures by extending stay-at-home guidelines.

AUD: The Australian dollar was buying 61.68 US cents at 0700 AEDT, up from 61.47 US cents as the market closed on Monday.

$130 billion boost: The Prime Minister yesterday announced a third stimulus package to the tune of $130 billion, the biggest package yet by far. If you missed it, read up on Yahoo Finance’s quick rundown of what it means for you here. 60,000 businesses have already signed up to the subsidies that will last six months.

Will the $1,500 per employee per fortnight be enough? Here’s what some of the sticking points might be, according to high profile chef Neil Perry and Business Council of Australia head Jennifer Westacott.

Tens of thousands have lost their jobs or have been laid off. But there are the jobs that coronavirus can’t touch.

On Sunday, the government announced $150 million for the sector combatting domestic violence. But here’s why it might not be enough, either.

Federal and South Australian governments have struck a deal with an Adelaide-based company to make 145 million surgical masks.

And finally, here’s a quick update on what’s going on in NSW and Victoria regarding social restrictions.

Got a question about how Covid-19 affects your finances that you’d like answered? Let us know at yahoo.finance.au@verizonmedia.com.

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