A Sniippet of weekly news #12 – July 2020

More bad news for Victoria this week with increased coronavirus numbers and a lockdown in Melbourne.

Meanwhile the economic recovery seems to be slowing down in Australia and the US. The RBA calls it the biggest correction since the 1930s.

In good news, Banks will extend loan payment deferral after September while calls are increasing to extend JobKeeper and the current levels of JobSeeker.

In our Brain Food section, we look at new research on the effect of bone hormones on ageing. It promises new treatments for memory and muscle loss. 

The one-minute weekly recap

A Sniippet for You

Banks to extend mortgage loan deferral to customers still struggling with coronavirus restrictions (ABC News, 8 July)

  • Banks will offer some customers another four months to start paying back their loans after the initial deferral period ends in September
  • Banks may also contact customers to restructure their loans
  • More than 800,000 people had deferred repayments during the coronavirus pandemic

Property prices fall as fiscal cliff looms (AFR, 1 July)

  • Property values in Melbourne and Perth fell by 1.1 percent in June, a 0.8 percent fall in Sydney, a 0.4 percent fall in Brisbane and a 0.2 percent fall in Adelaide, according to CoreLogic
  • Nationally, prices fell by 0.7 per cent
  • This follows on from falls in May

Coles, Woolworths say supplies safe despite NSW-VIC border closure (AFR, 7 July)

  • Freight will continue to flow across the border
  • Supermarkets have been designated as an essential service

Tax office tells some businesses who received Jobkeeper they were not entitled to payments (The Guardian, 2 July)

  • Sole traders who started their businesses after 1 January this year may have to pay JobKeeper payments back
  • The ATO has sent emails to some sole traders
  • The problem is that new companies cannot meet the requirement to show that their revenue has fallen by 30 percent compared to 2018-19 financial year

Small businesses call for mandatory maximum payment times as late payments cost them hundreds of millions of dollars (ABC News, 7 July)

  • Small businesses are calling for mandatory maximum payment times
  • Late payments are getting worse for small businesses during the pandemic
  • Late payments cost small businesses $7 billion a year
  • If you are a small business struggling with late payments then Sniip can help! Get in touch at info@sniip.com

Land-clearing in NSW rises nearly 60% since laws were relaxed (The Guardian, 2 July)

  • Laws were relaxed in 2017
  • 73 percent of clearings did not not have an environmental assessment
  • A Natural Resources Commission report from early this year labelled NSW’s land-clearing laws as a “state-wide risk to biodiversity”

A Sniippet of Finance advice

Investing during a recession can pay off handsomely (AFR, 30 June)

  • Equities actually do better during a recession than the conventional wisdom would have us believe
  • The ASX increased by 13 percent during the last recession
  • Save more during a recession and keep investing

A Sniippet of Brain food

Bone hormones can fight against the effects of ageing (The Guardian, 5 July)

  • Research has found that our bones communicate to our other organs through hormones that circulate in our blood
  • Scientists are developing treatments for memory and muscle loss based on some of these hormones
  • Exercise stimulates the production of these hormones

A Sniippet of Trivia

The Eiffel Tower could have been built in Barcelona (theculturetrip.com)

  • It is rumoured that the Eiffel Tower was first offered to Barcelona
  • The Eiffel Tower was originally built as a temporary showcase for the Parisian World Fair in 1889
  • Barcelona held its own world fair a year before Paris

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