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“We are a sacrificial lamb”: Out of lockdown, but still closed for business

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Melbourne fitness facilities have been labelled as ‘high-risk environments” by the Chief Health Officer, with the peak industry body disputing the ‘ludicrous’ claims.

The Australian state of Victoria is emerging from its fourth lockdown, but heavy restrictions still remain for many ‘devastated’ sectors.

The Federal Government will no longer declare the state’s capital as a coronavirus hotspot, however this means an end to COVID-19 disaster payments for most people.

Lockdown restrictions eased in Melbourne at 11.59pm on Thursday 10th June, but heavy restrictions still remain for many businesses in both the metro and regional areas of the state.

“We are not making a sacrifice, we are more a sacrificial lamb”

Gyms in Melbourne will be closed for at least another week, a decision one owner has described as “the laughing stock of Australia”

The government has lifted restrictions for cafes, restaurants and retail to reopen from Thursday but fitness facilities will have their doors shut, for at least another week. 

This comes as Chief Health Officer Brett Sutton described these venues as “high-risk environments”.

Professor Sutton said overseas research indicated gyms were places that had “significant opportunity to spread” infections.

“I am asking gyms to make that sacrifice for a further week,” Professor Sutton said.

The CEO of peak fitness industry body, Fitness Australia, disputes the claims made by Sutton.

“Our sector has been making a sacrifice for 18 months. We are not making a sacrifice, we are more a sacrificial lamb,”

CEO of Fitness australia, barrie elvish.

Matt Georgeades owns two Body Fit Training studio’s in Melbourne’s inner west and says Sutton’s claims “are absolutely rubbish”.

Matt Georgeades, BODY FIT TRAINING STUDIO AIRPORT WEST AND Craigieburn OWNER

In metropolitan Melbourne hospitality, hair, beauty salons and retail are among those permitted to re-open, but gyms, amusement parks, dance studios and nightclubs will remain closed.

Is the government support for closed businesses enough?

A further $8.36 million in funding has been announced to provide an additional $2000 grant to support thousands of businesses that will remain shut. 

However, Georgeades says he is wondering “where the funds are going to come from” to continue to support his small business and staff, as well as maintain outgoing expenses with “minimal support from the government”

“Our community is a tough bunch, but throughout the four lockdowns, I’ve seen the mental heath (of members) diminish dramatically,”

Georgeades says.

“Clearly, the Chief Health Officer does not see the importance of people’s mental health.”

Georgeades says he “just wants to know when mental health will be held equally as important as peoples physical health”, as he has seen his members positivity decline as lockdown progressed.

The fitness industry is uniting in a “call to arms”, flooding social media of pictures standing outside empty gyms, in a bid to allow fitness facilities to open as soon as possible.

https://twitter.com/fitnessausltd/status/1402799262266585091

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Powell warns against further December interest rate cuts

Powell warns against assumptions of further rate cuts, highlighting divisions within the Fed amid ongoing economic uncertainties

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Powell warns against assumptions of further rate cuts, highlighting divisions within the Fed amid ongoing economic uncertainties

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In Short:
– Jerome Powell stated further interest rate cuts are uncertain after recent decreases, aiming to manage market expectations.
– The Fed ended its balance sheet reduction due to lending market disruptions and mixed views on future rate cuts among officials.

Federal Reserve chairman Jerome Powell indicated that further interest rate cuts are not guaranteed following the recent decrease. In a press conference, he stated that a further reduction in December is “far from” certain. His comments aimed to temper market expectations, where the likelihood of another cut was previously estimated at over 90 per cent.In response to Powell’s remarks, yields on the two-year treasury rose, and traders adjusted their expectations, now estimating a 60 per cent chance of a December reduction. Recently, the Federal Open Market Committee voted 10-2 to lower the federal funds rate target range to 3.75-4 per cent, in response to concerns about the labour market.

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The Fed has also announced an end to its balance sheet reduction efforts due to disruptions in short-term lending markets. Since 2022, the bank has reduced its asset holdings by over $US2 trillion following aggressive purchases aimed at stabilising the economy after the pandemic.

Policy Divisions

Recent post-meeting statements highlighted mixed views among Fed officials about the pace of future rate cuts. Powell remarked that uncertainty surrounding economic conditions necessitates a cautious approach. Ongoing government shutdowns have limited policymakers’ access to crucial economic data, complicating decision-making.

Recent labour market developments show slowed job gains, raising concerns about employment. The Fed is also cautious about reducing rates too quickly due to inflation remaining above their 2 per cent target, reflecting a complex economic landscape. Policymakers have struggled with decisions amid data limitations from the government shutdown, impacting their assessments of inflation and economic indicators.


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Trump finalises trade deal with South Korea at summit

Trump and South Korea finalise trade deal as he prepares for vital summit with Xi Jinping in Busan

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Trump and South Korea finalise trade deal as he prepares for vital summit with Xi Jinping in Busan

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In Short:
– Trump and South Korea’s Lee finalised a trade deal requiring $350 billion in U.S. investments.
– Trump anticipates favourable talks with China to reduce tariffs and improve relations.

Donald Trump and South Korean President Lee Jae Myung finalised a contentious trade deal at a summit in South Korea on Wednesday. The U.S. President expressed optimism about an upcoming summit with China’s Xi Jinping.The agreement, unveiled in late July, stipulated that South Korea would make $350 billion in new investments in the U.S. to avoid significant tariffs on imports. However, negotiations on the investment structure had stalled.

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Trump and Lee reached a compromise allowing Seoul to divide its $350 billion investment into $200 billion in cash, paid in $20 billion instalments. The remaining $150 billion will be allocated to shipbuilding investments.

Upon arrival from Tokyo, following a North Korea missile test, President Trump received an extravagant welcome in the historic city of Gyeongju, the venue for this year’s Asia-Pacific Economic Cooperation forum.

His discussions with Xi are scheduled for Thursday in Busan. Trump downplayed the North Korea missile test and focused on his meeting with Xi, the leader of the world’s second-largest economy.

“I think we’re going to have a very good outcome for our country and for the world,” Trump stated. He anticipates reducing U.S. tariffs on Chinese imports in exchange for China agreeing to control the export of fentanyl precursor chemicals. The Wall Street Journal reported that tariffs could be halved from the current 20%.

China’s foreign ministry indicated that the upcoming meeting would foster positive developments in U.S.-China relations.

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December rate cut all but locked in

Australia’s economy struggles; rate cut impending but signals deeper issues, not recovery. #RBA #InterestRates #FinanceNews

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Australia’s economy struggles; rate cut impending but signals deeper issues, not recovery. #RBA #InterestRates #FinanceNews


Australia’s economy is losing steam, with weak consumer confidence, falling job ads, and a struggling construction sector, a December rate cut now seems inevitable. But it won’t be a win, it’ll be a warning.

#RBA #InterestRates #AustraliaEconomy #Inflation #Growth #Recession #FinanceNews #CPI #Economy #RateCut


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