And we think it will peak, probably below 10. And, this is before JobKeeper, the banks came out and said, “look, we can give you time, we can give you time off from payment”. Now there’s still some coming through, but generally, putting a bit of money into people’s pockets has been an enormous saving grace to this. Now, our view is that we’ll probably … the next number that comes out – remember, we were sitting at around the five percent number, a little over – probably be closer to eight.
As soon as it was announced, you could see the pressure come off people and our applications for deferrals just collapsed. And, we think it’s better to do that in a calmer time when we’ve got more information at our fingertips. And so, you know, hey they reach for a lifeline. And we were proud to be able to do that for people. And as you’d expect, spending levels in the economy have dropped off dramatically. So it’s a significant increase. Shayne Elliott, good afternoon.TOM ELLIOTT: My major credit card is with you guys and that’s where I do all my day-to-day transactions. Or are we set for a generational recession? SUBJECTS: COVID-19 and child care in Victoria Tom Elliott: Now, there’s some good news if you have a child in child care. We’ve got a lot of people employed, a lot of businesses that aren’t making any money whatsoever. I mean, we would be in a much worse position without it.
I mean, it wasn’t all a bed of roses before COVID-19, not for every industry. But certainly not the numbers that we’re seeing in the United States.TOM ELLIOTT: I mean, you’re a national bank, but you’re based here in Melbourne. Let’s wait, let’s see and we’ve promised that we’ll come back with a decision by August.
And I think small businesses are not silly. We do look at a range of indicators about, hey, how long have you been in the job? I think the other thing that’ll happen Tom, is I imagine like in anything like this, it sort of scares people a little bit.
There’s been the need to sort of go back into some form of lockdown pretty quickly. View in full.Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. They’ve pretty much shut their door. Tom Elliott is a husband, father and host on 3AW's Drive program.
I’m not sure it’s dropped off a cliff. 1,014 talking about this. And so, in certain categories it’s absolutely dropped off a cliff, as you can imagine, the obvious ones, things like travel and restaurants and all of that stuff.
I understand that.
Browse . Love father and son on a Friday, as well as Tom’s drive to keep politicians accountable.Copyright © 2020 Apple Inc. All rights reserved. The material in this public release comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. But look, it’s still a lot, right? Let’s hope it’s not for too long though. And so, no, we don’t make judgments based on what you do. So this idea that businesses can sort of, shut down for a while and then just re-emerge from their caves, like a North American bear in the spring. So they’re doing what they can without the need to borrow more. Are we headed for a similar number here in Australia?SHAYNE ELLIOTT: We don’t think so. So, yes it’s fallen but the nature of spend has changed quite dramatically.TOM ELLIOTT: What about people’s borrowings? The good news is, as we’re starting even today, we’re starting to see signs of the states allowing businesses to open. I can … when this sort of crisis really hit the economic shores, if you will, of Australia, when it really started to take a bite. 3AW Drive with Tom Elliott, keeping you informed and entertained on your way home 3-6pm, weekdays. You know, before JobKeeper … before that happened, we were expecting it to actually even get to 13 per cent. But we said, we’ve got to buy a bit of time here because, once we pay that dividend, we write that cheque, it’s really hard to get that money back. You know, unemployment’s gone from a bit over 4 per cent to almost 15 per cent, 20 million new Americans out of work.
The reality is that even in that dire situation that we talked about, 90 per cent of Australians who want to work, will have a job, and that’s pretty good. In fact, particularly small businesses. And obviously we had the bushfires and people seem to have forgotten all of that stuff. Transcript; Chapters; Share; Embed; In playlist s. clip s. More from . So that’s giving a little bit more confidence that maybe people can get back on their feet and back into work a little bit faster than we might have imagined. I’m sure I’m one of several million customers who are like that at the ANZ. Would you, would you look at, not just what I earn, but the industry that I’m in now when assessing me for a loan?SHAYNE ELLIOTT: We do, but not probably as seriously as you might think. Recent clips. But now, maybe it’s going to be more like 10. So look, I don’t have access to that data, but I think being cautious is understandable given we have seen some evidence internationally, of when economies have opened up, most notably in Korea and even in Germany. Absolutely, people are saying, “hey look, I just want to pause on repayment until I get myself together and I’ve got greater certainty about my job”. So we’re not seeing a lot of people asking to borrow more.
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