Australia should brace for a wave of business failures and growing mortgage stress, the RBA warns, as support measures fall away


Australia’s central bank expects the number of small business failures will “rise substantially” as income and loan pressure builds.

With income support measures and more than $200 billion in loan deferrals set to expire, the Reserve Bank of Australia (RBA) says between 10% and 15% of businesses in hard-hit sectors won’t make it as they run out of cash.

“These businesses are in a tenuous position and are particularly vulnerable to a further deterioration in trading conditions or the removal of support measures,” the RBA wrote in its Financial Stability Review published on Friday.

“Survey evidence indicates that about one-quarter of small businesses currently receiving income support would close if the support measures were removed now, before an improvement in trading conditions.”

While the RBA acknowledged there was “a high degree of uncertainty about the magnitude and timing” of those failures, the prognosis doesn’t look good.

For one, the number

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Priti Patel blasted after refusing to deny Home Office made plans for wave machine to deter migrants

Patel was asked about alleged plans to build wave machines. (Getty)
Patel was asked about alleged plans to build wave machines. (Getty)

Priti Patel has been criticised for refusing to deny that that Home Office made plans to install a wave machine in the English Channel to deter migrants.

The home secretary said in an interview with The Sunday Times that it would be “remiss of us not to look at all the options” in reference to reports the government was planning to build new detention centres to house migrants.

When asked about reports earlier this week that she had asked Home Office officials to look into the possibility of a wave machine Patel told the newspaper: “That’s operational tactics and, quite frankly, I’m not going to start discussing operational tactics.”

Several figures criticised the home secretary over the interview on Sunday morning, with former transport secretary Andrew Adonis questioning the legality of the alleged plans.

Home secretary Priti Patel in Dover. (PA)
Home secretary Priti Patel in
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McCormick Riding The Home Cooking Wave, But Valuation Looks Unsustainable (NYSE:MKC)

It’s been a long, long time since the packaged foods category, was really thought of as a growth opportunity, but with COVID-19 leading to major changes in consumer behavior, that’s what we have … at least for the moment. Therein lies one of the key issues for McCormick & Company (MKC) (“McCormick”) as an investment idea – how much of the shift from paying others to make food for you to doing it yourself will persist once COVID-19 has faded from view?

It always fascinates me when analysts more or less agree on the financial outlook for a company but come up with significantly different fair values, and that’s the case here. The spreads between expectations for revenue, EBITDA, and free cash flow aren’t all that wide over the next three years, but the spread between the Street-low price target ($134) and Street-high price target ($205) is wide indeed, with

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COVID ‘firepower’: Britain imposes six-month curbs against second wave

LONDON (Reuters) – British Prime Minister Boris Johnson told people on Tuesday to work from home where possible and ordered bars and restaurants to close early to tackle a fast-spreading second wave of COVID-19 with new restrictions lasting probably six months.

After scientific warnings that deaths could soar without urgent action, Johnson stopped short of another full lockdown as he did in March, but warned that further measures could come if the disease was not suppressed.

“We reserve the right to deploy greater firepower, with significantly greater restrictions,” he told parliament following emergency meetings with ministers and leaders of the United Kingdom’s devolved governments.

Just weeks after urging people to start returning to workplaces, Johnson advised office workers to stay at home if they could. He ordered all pubs, bars, restaurants and other hospitality sites to close at 10 p.m. from Thursday with only table

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COVID ‘Firepower’: Britain Imposes Six-Month Curbs Against Second Wave | World News

By Guy Faulconbridge and Kate Holton

LONDON (Reuters) – British Prime Minister Boris Johnson told people on Tuesday to work from home where possible and ordered bars and restaurants to close early to tackle a fast-spreading second wave of COVID-19 with new restrictions lasting probably six months.

After scientific warnings that deaths could soar without urgent action, Johnson stopped short of another full lockdown as he did in March, but warned that further measures could come if the disease was not suppressed.

“We reserve the right to deploy greater firepower, with significantly greater restrictions,” he told parliament following emergency meetings with ministers and leaders of the United Kingdom’s devolved governments.

Just weeks after urging people to start returning to workplaces, Johnson advised office workers to stay at home if they could. He ordered all pubs, bars, restaurants and other hospitality sites to close at 10 p.m. from Thursday with only

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