Wednesday, Jul 15 2020 | Time 13:12 Hrs(IST)
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  • Odisha reports 618 new Covid cases, tally mounts to 14,898, Death toll rises to 77
  • VCs must attend today's virtual conference and desist partisan stance : Dhankhar
  • J&K: 7 more dead due to COVID-19 with death toll surpassing 200-mark
  • India's COVID-19 tally surges past 9 3 lakh cases with over 24k deaths
  • 67 test positive for Coronavirus, 3 die in UT since last 24 hrs
  • India-EU Summit will strengthen economic and cultural linkages: Modi
  • US troops withdrawn from 5 bases in Afghanistan, Pentagon says
  • Seven killed in Taliban pre-dawn attack in North Afghanistan
  • Sydney COVID-19 cluster linked to outbreak in neighboring Aussie state
  • Journalist Kakitham Rajan passes away
  • BSNL office remain closed after official test positive for COVID-19
  • Vice-Chancellors must attend today's virtual conference : Dhankhar
  • Rupee up by 11 paise against USD
  • Sensex rallied 570 pts
  • Arunachal records highest single-day spike of 75 COVID-19 cases , total count 462
World


Australian economy enters recession, possibility of mortgage default looms large: Analysts

Canberra, Jun 4 (UNI) Australia has entered its first recession in 29 years primarily caused due to the COVID-19 pandemic and the bush fires, analysts say.
Moreover, by September, large scale mortgage might defaults, further complicating the challenges faced by the economy.
ABC news quoted market analysts and economists predicting that once the JobKeeper payments end in September mortgage repayment holidays would be over and several cash- stressed households could default on their mortgages.
JobKeeper is the Australian government's wage subsidy plan, which provides a lifeline to Australian businesses and workers, it extends to the eligible employers a flat rate subsidy of $1,500 per fortnight for existing, stood down and re-hired employees for the next six months. The Australian Government passed the JobKeeper Scheme legislation on April 9, 2020. The scheme's duration is from March 30 to September 27.
Mortgage stress levels among Australians has aggravated amid the COVID-19 pandemic, as data shows that more than 1.4 million Australian households are currently in mortgage stress and almost 1,00,000 could default on their loans soon.
Data from Digital Finance Analytics (DFA) reveal that by the end of May, 37.5 per cent (1.42 house holds) of the households are in mortgage stress.
DFA principal Martin North said that JobKeeper had not been a full replacement for the beneficiaries usual income.
North said that stress is not merely limited to the metropolitan capitals as the highest proportions of mortgage stressed house holds are in Tasmania.
Senior economist at The Australia Institute's Centre for Future Work Alison Pennington termed the post-September scenario as 'fragile' pointing out that Australian private household debt is among the highest among the OECD countries and is comprised mostly of mortgage liabilities.
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Magnitude 5 4 earthquake jolts Russia’s South Kuril Islands

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China intends to impose sanctions in response to US' Hong Kong Autonomy Act

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