/ 11 March 2021

Picking up the pandemic pieces

Reports this morning say the Morrison Government will today announce a $1.2 billion support package for Australian tourism that will include halving the price of nearly 800,000 airline tickets. Between April and July, 13 regions that normally rely on international visitors – places like Cairns and Kangaroo Island – will hope to see Aussie tourists pour in. Good for airlines and tourists, good for struggling local economies, Deputy Prime Minister Michael McCormack says. Speaking of struggling economies, record low-interest rates are part of the Reserve Bank’s response to help kick things into gear. One side effect: the recent spike in housing prices. Reserve Bank Governor Philip Lowe yesterday said other things are at play, including large government incentives for first-home buyers and home builders. He’s keeping an eye on it, but says the 0.1% official interest rate will be around for a while.

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