2019 Novel Coronavirus Covid-19 Discussion

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#2438980 16-Mar-2020 09:06

GV27:

Wouldn't read too much into that - effectively government airlines ltd so unlikely to fail. Qantas in the same boat.

But other tourism providers that don't have that to fall back on... we're not far away from opening trading so we'll see.

This could be one of those days we hear about for a long long time.

It might be. The big day for me will be when the businesses that support tourism start to falter, that will be less dramatic but also large. If we dont see much communty transmission, tourism needs to market itself to Kiwis, at Kiwi prices. That will not go anywhere near fixing it, but it will help buffer it somewhat and retain some employment

sen8or

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#2438981 16-Mar-2020 09:07

I see Westpac have responded with a "we will pass on the full rate cut" to our customers statement, details to follow. I guess the other major banks will follow suit (or at least I hope they do).

wellygary

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#2438983 16-Mar-2020 09:13

Scott3:

Handle9: The NZD:USD rate is the worst it's been for 10 years. The markets are incredibly jittery now but the New Zealand economy's not in a good place right now.

It is the lowest since 2009 (but still some 20% higher than it bottomed out then).

I wouldn't jump to a currency being low as automatically "bad". In bad economic times, a low currency is great to make our exporters more competitive on the global market. Cheaper travel and flat screen's aren't as important to NZ in such circumstances. Oil prices are going to be low anyway.

But this time round Aussie are trading down with us, ~97 NZD/AUD . in the GFC we were between 70-80 ish cents AUD.

What I find truly ironic is that Apple have shuttered its stores globally for 2 weeks,, EXCEPT, in China where they are now all open.......

MikeB4

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#2439002 16-Mar-2020 09:34

It won't happen but maybe the NZ stock exchange should completely go into emergency trading halt to allow breathing space and allow calmer minds to take control.

Fred99

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#2439003 16-Mar-2020 09:40

Yes - the RBA is going to drop rates to 0.25 or lower, so that's priced in already.

I think before getting too excited about mortgage rates going down, think out the consequences of what's going on - it's not "just NZ" having to pump the system. If this isn't over soon, then a dreaded credit crunch may come, we could have serious deflation, anything is possible.

How to keep the vultures at bay...

Geektastic

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#2439004 16-Mar-2020 09:43

sen8or:

I see Westpac have responded with a "we will pass on the full rate cut" to our customers statement, details to follow. I guess the other major banks will follow suit (or at least I hope they do).

Of course it will be of immediate benefit only to those on floating rates or borrowing on fixed after today...

tdgeek

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#2439005 16-Mar-2020 09:43

Not a silly idea. The NZ economy isn't tanking yet. Almost everyone is working and paying the bills. It will decline, and keep declining, but when and how much is all unknown right now. The BCP will shed more light on what support will be coming. In the meantime work hard and pay the bills

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Fred99

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#2439006 16-Mar-2020 09:45

tdgeek:

The NZ economy isn't tanking yet.

Oh yes it is. The only things in doubt is how deep it'll go, for how long - and what happens then...

tdgeek

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#2439011 16-Mar-2020 09:53

Fred99:

tdgeek:

The NZ economy isn't tanking yet.

Oh yes it is. The only things in doubt is how deep it'll go, for how long - and what happens then...

How? Has production dropped massively, consumer spending slumped, unemployment increasing heavily each day? It has in tourism and that will grow and affect many others, but right now I dont see NZ plummeting down daily

Geektastic

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#2439013 16-Mar-2020 09:55

The government will often tell us how NZ is a nation of small businesses and sole traders.

So far, I have seen no mention of what provisions those people might access in the event that they are sick and cannot work. If, like many tradies etc, you work for yourself, then measures to "help companies keep paying sick pay" will be of no use to you at all because no work, no pay...!

It will be interesting to see if that segment is offered any assistance in the forthcoming spending announcement.

One idea I had (too late for this event but in future) was to expand ACC to offer sick pay cover to the self-employed. They have Cover Plus Extra which we and many others pay for that gives guaranteed income without an argument over earnings in the even of accident.

Perhaps a version of that could be offered for the self-employed that enhanced cover to include sickness as well as accident.

MikeB4

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#2439014 16-Mar-2020 09:56

Yep the capitalist system is such a raging success. A rumour can cause a ripple, a big rumour can cause a recession, a few badly run banks can cause a GFC and virus can cause a global melt down. Capitalism is as resilient as a raw egg on the egg of a low table.

Maybe the silver lining of all of these is the planet finds a new system but don't hold your breath. Too many greedy vested interest and our overwhelming ability to repeat the mistakes of the past over and over again.

tdgeek

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#2439017 16-Mar-2020 09:58

Travellers are now confused about self isolation rules. How??? Its everywhere online, it's nary a paragraph long, and they must certainly have been given that info to read?

In other news, a pair of backpackers who have been travelling the world have said they wont self isolate. PM believes she has the power to deport, I want that to happen. An example needs to be made. No common sense or respect for anyone.

Sidestep

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#2439018 16-Mar-2020 10:01

Panic buying of cannabis has started in Canada.
Stoners are worried the government may order the stores closed for an indefinite period of time - and are stocking up.

tdgeek

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#2439019 16-Mar-2020 10:01

Geektastic:

The government will often tell us how NZ is a nation of small businesses and sole traders.

So far, I have seen no mention of what provisions those people might access in the event that they are sick and cannot work. If, like many tradies etc, you work for yourself, then measures to "help companies keep paying sick pay" will be of no use to you at all because no work, no pay...!

It will be interesting to see if that segment is offered any assistance in the forthcoming spending announcement.

One idea I had (too late for this event but in future) was to expand ACC to offer sick pay cover to the self-employed. They have Cover Plus Extra which we and many others pay for that gives guaranteed income without an argument over earnings in the even of accident.

Perhaps a version of that could be offered for the self-employed that enhanced cover to include sickness as well as accident.

No mention as aside from tourism, logging etc, the BCP is this week. Lots of options for IRD and ACC etc to be part of the ease of managing sick pay issues etc. Time to be creative. HAS to be targeted

tdgeek

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#2439021 16-Mar-2020 10:04

Sidestep:

Panic buying of cannabis has started in Canada.
Stoners are worried the government may order the stores closed for an indefinite period of time - and are stocking up.

Is it for that, or is it due to many people can see they wont want to be out and about and risk infection? If my city was experoencing minor outbreaks here and there, I'd be hunkering down inside my fenceline and going nowhere

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