callsforactiononelectivesurgeryextranet.ama.com.au/sites/default/files/mediaclips/media...state...

Ref:

Calls for action on elective surgerySURGERYDana McCauleyAisha Dow

Patient advocates and doctors are

urging governments to devise a

plan to catch up on elective sur-

gery after the coronavirus shut-

down added an estimated 400,000

people to hospital waiting lists.

State governments have given

hospitals in NSW and Victoria the

green light to increase elective sur-

gery from 25 per cent of pre-

pandemic levels – the limit im-

posed when the ban on most non-

essential surgeries was partially

lifted in late April – to 50 per cent

by May 31, then 75 per cent by

June 30.

Depending on the number of

COVID-19 cases as social distan-

cing restrictions ease, elective sur-

gery could be restored to 100 per

cent capacity at the end of July, but

there is no definite plan to increase

this to the 110 per cent needed to

start clearing the backlog.

Australian Medical Association

president Tony Bartone said he

feared patients facing additional

delays after waiting for surgery in

the public system would be left in

pain or suffering potentially deadly

complications.

He said some patients seeking

elective surgery reported they

were not even being added to wait

lists but were instead told ‘‘to ring

back when this is all over’’.

Australian Patients Association

chief executive Stephen Mason

said while it was encouraging to

see the elective surgery ban eased

by national cabinet and state gov-

ernments gradually raising limits,

‘‘they’ve got to have a plan to catch

up’’.

Mr Mason said some patients

were now facing wait times as long

as two years for elective proced-

ures needed to restore their qual-

ity of life.

‘‘There are people who can’t

walk, who are bedridden and can’t

enjoy life,’’ he said.

Research by the international

CovidSurg project, published in

the British Journal of Surgery earli-er this month estimated more than

400,000 elective surgeries – in-

cluding 25,000 cancer surgeries –

had been cancelled in Australia

due to COVID-19 restrictions on

elective surgery.

An analysis by The Age shows

this would have added about

120,000 people to public hospital

waiting lists, including about

36,000 in Victoria (a 71 per cent

increase) and about 32,400 in

NSW (a 36 per cent increase).

A NSW Health spokeswoman

said the department had ‘‘taken a

measured approach to elective

surgery throughout the pandemic

and will continue to do so’’.

‘‘Patients are being prioritised by

treating clinicians, with a focus on

clinical urgency and those who are

overdue for their surgery or pro-

cedure,’’ she said.

A spokeswoman for the Victori-

an health department said the

state would resume its $60 million

elective surgery blitz, announced

before COVID-19 restrictions, as

soon as it was safe to do so.

Victoria would only increase

elective surgery to 75 per cent then

100 per cent capacity ‘‘if Victori-

ans keep doing the right thing and

we continue reducing the spread of

coronavirus’’, she said, with

changes subject to further review

to monitor personal protective

equipment and medicine availabil-

ity.

‘There are peoplewho can’t walk, who

are bedridden andcan’t enjoy life.’

Australian Patients Association chief

executive StephenMason

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Brief: AMA-AM

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AgeFriday 22/5/2020Page: 13Section: General NewsRegion: Melbourne Circulation: 69,863Type: Capital City DailySize: 260.00 sq.cms.Frequency: MTWTF--

Ref:

‘Pandemic leave’ push for aged care staffWORKFORCEAisha DowMelissa Cunningham

There are fears nursing homes

could be hit withmore coronavirus

outbreaks owing to chronic

understaffing and the risk that

low-paid staffwill continue to go to

workwhile unwell.

Groups representingworkers,

agedcareproviders anddoctors are

callingon the federal government to

fund ‘‘pandemic leave’’ to allowaged

care staff to receive awage if they

are forced into isolationawaiting

test results.

Without the leave there is

concern thatworkers, and in

particular casual staff,mightbe less

likely to seekoutCOVID-19 testing

for a sniffle orothermild symptoms,

because theywouldnotbepaid if

forced to stayathome.

‘‘They’vegot families to support

andmortgages topay,’’ saidAged

andCommunityServicesAustralia

chief executivePatSparrow.

‘‘Noone is going todo it

deliberately, thinking that theyare

going tomake someonesick .. . but

that’s the risk, that someonemight

discount low-level symptoms.’’

The federal governmenthas

pledged$850million toagedcare

facilities tohelp themprepareand

respond to thepandemicbut

AustralianMedicalAssociation

presidentTonyBartone saidwhile

the fundingwasneeded, it had fallen

short.

‘‘It’s not enough toput aBand-Aid

onasystemthat is severelyunder-

resourced,’’ saidDrBartone,who

added that the agedcare royal

commissionhadexposeda system

thathadsuffered fromyearsof

neglect.

‘‘WhatCOVID-19hasdone is

basicallyput theBunsenburneron

that in termsof creatinganeven

moreacuteneed.’’

Thevirushasprovendeadly

when it has infiltratednursing

homes,with 19peopledying in

Sydney’sNewmarchHouse

outbreak (although twoof those

deathswereattributed toother

causes),whiledozensmoremajor

outbreaks –and thousandsofdeaths

–havebeen reportedat facilities

across theglobe.

‘‘COVID is suchacontagious

disease,’’ saidRichardLindley,

professorof geriatricmedicineat

WestmeadClinicalSchool. ‘‘If

you’vegot evenone case inanursing

home, you’vegot anoutbreakand

you’re inbig trouble.’’

FourMelbournenursinghomes

wereplaced into lockdownthisweek

after residents testedpositiveor

showedsymptomsof thevirus.

While therehasbeenpraise forhow

most agedcare facilitieshave

handled thecrisis todate, those

within the industry say some

vulnerabilities remain.

HealthServicesUnionnational

secretaryLloydWilliamsadded to

calls for apandemic leave scheme,

arguingworkers shouldbe

supportedbygovernmentnot togo

towork if theyhadbeen incontact

with someonewith coronavirusor if

theyhadmild symptoms. ‘‘Wecan’t

make this aneconomicchoice

betweenstayingathome [where]

youaregoing to losemoneybecause

youarenotgoing tobepaid, orgoing

intoanagedcare facility,’’ he said.

MrWilliamssaid that some

casualworkerswhousuallyworked

acrossmultiple facilitieshadbeen

told theycouldno longerworkat

more thanoneplaceandhadbeen

forced togiveupshifts.

Healso reported thatmany

frontlineworkerswereyet to see the

impact of thegovernmentmoney for

extra training, staff andsupport

during thepandemic.

Oneseniornurseworking inaged

care inMelbourne toldTheAge thatoneofher colleagueshadrecently

been told to stayhome foraweek

‘‘because shehadarunnynose’’.

Thewoman,whodidnotwant to

benamed, saidpandemic leavewas

important.

‘‘I’mprobablyoneof the lucky

ones – Ihave lots of sick leave,’’ she

said.

‘‘I still have concerns that every

day I’mgoing toworkandweare

potentially exposedviapatients or

NATAGE A013

other staff. It justneedsoneperson

tobecome infected.’’

AgedCareMinisterRichard

Colbeck said the$850million

recentlyprovided toagedcare

providers included$205million

‘‘aimedat covering thecosts of

additional staffing, training,

supportingvisitationsand

connectionsand theprovisionof

PPE’’.

MsSparrowsaid itwasonlypart

ofwhat the sectorneeded topay

workerswhoneeded to stayhome

and for extrameasures tohelp them

keep thevirus out of their facilities,

includingvisitor checksandextra

cleaning.

Shewarned the riskof

coronavirus entering facilitieswas

onlygoing togrowas stay-at-home

ruleswere relaxed.

‘If you’ve got onecase in a nursing

home, you’ve got anoutbreak.’

Richard Lindley, professor of geriatricmedicine atWestmead Clinical School

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Groups are calling for pandemic leave to allow frontline workers to isolate while awaiting test results. Photo: Justin McManus

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Ref:

No sneezing at flu decline

JANELLE MILES

QUEENSLAND public hos-pital admissions for flu havedived during the coronaviruspandemic.

The latest QueenslandHealth data shows that for thepast fortnight, just one personrequired admission to a publichospital with influenza.

For the two weeks endingSunday, only two patients withlaboratory-confirmed flu weretreated at public emergencydepartments in the state.

So far in 2020, 311 Queens-landers have required publichospital admission with flu,compared with the five-yearaverage for the same period of541. The much lower figurescome 14 months after a publichospital “bed crisis” was de-clared in Queensland’s south-

east, partly due to the severe2019 flu season.

Last week, just 14 peoplewere diagnosed with influ-enza across the whole state.

But University of Queens-land virologist Ian Mackaywarned flu numbers could riseas people started mixing againdue to the gradual relaxationof public health restrictions.

He urged Queenslandersto get their flu shot, which isfree for pregnant women,children from six months toless than five years, peoplewith chronic illnesses, thoseaged 65 and older, and all peo-ple of Aboriginal and TorresStrait Island descent.

“We do not want to bur-den hospitals with sick flu pa-tients if we can help it,” he said.

Australian Medical Associ-ation Queensland president

Dilip Dhupelia said a flu vac-cination this year was “moreimportant than ever”.

“With the ongoing threatCOVID-19 has on our com-munities, it is vital we doeverything possible to reducethe risk of contracting bothillnesses at the same time,” DrDhupelia said.

“This year new flu notifica-tions have dropped dramati-cally since social distancingbegan. But, as restrictions arebeing eased, people are outand about again. Those withinfluenza will be at higher riskof also contractingCOVID-19, which wouldmake them extremely ill.”

The Federal Health De-partment said it had seen “re-cord demand” for seasonal flushots during the coronavirus

pandemic.

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Courier MailFriday 22/5/2020Page: 15Section: General NewsRegion: Brisbane Circulation: 135,007Type: Capital City DailySize: 189.00 sq.cms.Frequency: MTWTFS-

Ref:

Nurses not given clear guidelinesEQUIPMENT

EMILY COSENZA

THE nurses union has criti-cised the State Governmentfor its lack of timely infor-mation regarding personalprotective equipment (PPE).

A parliamentary inquiryyesterday heard the AustralianNursing and Midwifery Feder-ation had issues understandingwhat equipment was availableand its appropriate use duringthe early COVID-19 crisis.

Chief executive ElizabethDabars said, at the time, therewas lots of information regard-ing social distancing and theimportance of isolation.

But information on PPEwas less readily available.

“It wasn’t clear or trans-parent and was a very difficulttime full of anxiety and dis-tress,” Prof Dabars said.

“Having an evidence-basedprogram that was unambigu-ous and provided in a timelyand effective manner wassomething we didn’t find poss-ible despite our best efforts.”

She said the federation was“left with no real option” but todevelop its own PPE guide-lines.

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Adelaide AdvertiserFriday 22/5/2020Page: 11Section: General NewsRegion: Adelaide Circulation: 112,097Type: Capital City DailySize: 86.00 sq.cms.Frequency: MTWTFS-

Ref:

Anti-vaccination message plastered on MP’s officeA LABOR MP has lashed out at anti-vax-xers who plastered his office with posters.

The posters at ChrisPicton’s Seaford Mead-ows office carried an anti-vaccination mess-age and featured the face of a young girl.y g g

Mr Picton, pictured, took toFacebook after the attack to hit back at the vandals, and let themknow their propaganda would fail to have any influence over him. “You can plaster my office. You can troll my social media. You can bombard my inbox,” Mr Picton said in his post. “But you won’t convince me that

children shouldn’t bevaccinated againstdeadly diseases.”

The post quickly at-tracted more than 900likes and 1000 com-ments, divided in theirsupport for and angertowards Mr Picton.

“Another politicianpthat has forgotten who he works for,” one response said.

“His opinion and beliefs isn’twhat is important here. It’s the opinion of the people.”

Another said: “Chris Picton, Iagree with you. I watched a friend’s daughter with whoop-ing cough. She soon had her three children vaccinated.”

Ref: 1278376001

Brief: AMA-PH


Adelaide AdvertiserFriday 22/5/2020Page: 15Section: General NewsRegion: Adelaide Circulation: 112,097Type: Capital City DailySize: 83.00 sq.cms.Frequency: MTWTFS-

Ref:

THC Global launches Aussie cannabisTHC Global has launched itsfirst Australian-made medici-nal cannabis product and ac-quired clinic network of 30prescribing physicians as thecountry’s cannabis industrytakes another step forward.

While THC Global is notthe first to launch its ownbrand of Australian-grown

cannabis, chief executive KenCharteris said it was the big-gest, able to initially supply6000 patients this year. THC’sfirst product is a cannabis oilthat retains the psychoactiveingredient found in thesmoked herb.

It would also make medici-nal cannabis more affordable

to Australian, as importedmedical marijuana can cost asmuch as $200 to $400 for amonth’s supply, he said.

“It brings confidence, itbrings availability, it bringspricing,” he said.

THC has cultivation and re-finement facilities in Queens-land.

Ref: 1278362482

Brief: AMA-PH


Adelaide AdvertiserFriday 22/5/2020Page: 61Section: Business NewsRegion: Adelaide Circulation: 112,097Type: Capital City DailySize: 64.00 sq.cms.Frequency: MTWTFS-

Ref:

‘Secure’plan foroverseasstudentsFergus Hunter

International student arrivals

would recommence from countries

deemed safe and be subject to self-

funded quarantine requirements

under a plan put to federal and

state governments by the elite

Group of Eight universities.

The ‘‘secure corridor’’ frame-

work could allow for students to

return en masse subject to strict

health checks and with the co-

operation of government agencies

and the aviation industry, accord-

ing to the proposal being con-

sidered by federal and state lead-

ers and obtained by The Age.

Continued Page 10

The first step of the framework –

which could allow students cur-

rently overseas commencing or re-

newing their studies by first

semester 2021 – would be a ‘‘rigor-

ous protocol for selecting eligible

source countries’’ that had con-

tained the spread of COVID-19.

Countries’ control of the corona-

virus would be demonstrated by

sustained low infection rates, high

testing rates and an ability to deal

with outbreaks. The source coun-

tries would also have a record of

compliance with visa conditions

and students ‘‘may be required’’ to

download the COVIDSafe app.

Students would be subject to

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Ref:

‘Secure corridor’ proposalf i i l dfor international studentsFrom Page 1

NATAGE A010

pre-travel isolation and health

checks in their home countries and

then be flown to Australia with a

‘‘trusted Australian carrier’’. The

strategy calls for co-operation

with airlines to facilitate flights

and deal with pricing.

Students would then go into des-

ignated quarantine accommoda-

tion, which they would pay for

themselves. Universities would

take charge of airport pick-ups and

escort students to the accommoda-

tion. Quarantine would be closely

monitored to ensure compliance.

Federal, state and territory gov-

ernments have been briefed on the

framework proposed by the Group

of Eight, and health officials and

Prime Minister Scott Morrison’s

COVID-19 co-ordination commis-

sion have been consulted.

The framework is intended to

lay out nationally consistent prin-

ciples that could be adapted in dif-

ferent states and territories based

on local COVID-19 policies.

Group of Eight chief executive

Vicki Thomson said the immediate

priority was meeting the needs of

domestic students but universities

needed to plan for the revival of

international student arrivals

‘‘when the time is right’’.

‘‘Whilst we are optimistic that

this framework might assist gov-

ernments to look at a possible

small scale re-entry of our interna-

tional students in some states in

the next three to fourmonths, real-

istically we would expect to see the

bulk of our students back for

semester 1, 2021,’’ she said.

About 120,000 students, or 20

per cent of total international en-

rolments in Australia, have been

stranded offshore by the pandemic

and travel restrictions. Universit-

ies face major financial blows, es-

timated at up to $4.6 billion in the

next six months as revenue losses

deepen in second semester.

The government’s road to re-

covery, released this month, in-

cludes the possible return of inter-

national students in stage three.

OnWednesday, Health Minister

Greg Hunt said universities were

welcome to put forward proposals

for international student arrivals.

‘‘We have indicated we are wel-

coming of proposals for universit-

ies, subject to it being at the same

time as their general student popu-

lations, to look at a means of bring-

ing back – through supervised,

stringent quarantine – interna-

tional students,’’ Mr Hunt said.

NSW Premier Gladys Bereji-

klian said yesterday the quarant-

ine process for returning Australi-

ans had been effective and could be

used by international students.

‘‘There’s no reason why, in the

future, we shouldn’t consider al-

lowing students to go through that

process, to make sure they’re 100

per cent safe before they go to uni-

versity,’’ she said.

A spokesman for the Victorian

government said international stu-

dents made a valuable contribu-

tion to the state. ‘‘We look forward

to welcoming new international

students to Victoria when it is safe

to do so and look forward to dis-

cussing this at national cabinet,’’

the spokesman said.

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Ref:

Calls for action on elective surgerySURGERYDana McCauleyAisha Dow

Patient advocates and doctors are

urging governments to devise a

plan to catch up on elective sur-

gery after the coronavirus shut-

down added an estimated 400,000

people to hospital waiting lists.

State governments have given

hospitals in NSW and Victoria the

green light to increase elective sur-

gery from 25 per cent of pre-

pandemic levels – the limit im-

posed when the ban on most non-

essential surgeries was partially

lifted in late April – to 50 per cent

by May 31, then 75 per cent by

June 30.

Depending on the number of

COVID-19 cases as social distan-

cing restrictions ease, elective sur-

gery could be restored to 100 per

cent capacity at the end of July, but

there is no definite plan to increase

this to the 110 per cent needed to

start clearing the backlog.

Australian Medical Association

president Tony Bartone said he

feared patients facing additional

delays after waiting for surgery in

the public system would be left in

pain or suffering potentially deadly

complications.

He said some patients seeking

elective surgery reported they

were not even being added to wait

lists but were instead told ‘‘to ring

back when this is all over’’.

Australian Patients Association

chief executive Stephen Mason

said while it was encouraging to

see the elective surgery ban eased

by national cabinet and state gov-

ernments gradually raising limits,

‘‘they’ve got to have a plan to catch

up’’.

Mr Mason said some patients

were now facing wait times as long

as two years for elective proced-

ures needed to restore their qual-

ity of life.

‘‘There are people who can’t

walk, who are bedridden and can’t

enjoy life,’’ he said.

Research by the international

CovidSurg project, published in

the British Journal of Surgery earli-er this month estimated more than

400,000 elective surgeries – in-

cluding 25,000 cancer surgeries –

had been cancelled in Australia

due to COVID-19 restrictions on

elective surgery.

An analysis by The Age shows

this would have added about

120,000 people to public hospital

waiting lists, including about

36,000 in Victoria (a 71 per cent

increase) and about 32,400 in

NSW (a 36 per cent increase).

A NSW Health spokeswoman

said the department had ‘‘taken a

measured approach to elective

surgery throughout the pandemic

and will continue to do so’’.

‘‘Patients are being prioritised by

treating clinicians, with a focus on

clinical urgency and those who are

overdue for their surgery or pro-

cedure,’’ she said.

A spokeswoman for the Victori-

an health department said the

state would resume its $60 million

elective surgery blitz, announced

before COVID-19 restrictions, as

soon as it was safe to do so.

Victoria would only increase

elective surgery to 75 per cent then

100 per cent capacity ‘‘if Victori-

ans keep doing the right thing and

we continue reducing the spread of

coronavirus’’, she said, with

changes subject to further review

to monitor personal protective

equipment and medicine availabil-

ity.

‘There are peoplewho can’t walk, who

are bedridden andcan’t enjoy life.’

Australian Patients Association chief

executive StephenMason

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Ref:

‘Pandemic leave’ push for aged care staffWORKFORCEAisha DowMelissa Cunningham

There are fears nursing homes

could be hit withmore coronavirus

outbreaks owing to chronic

understaffing and the risk that

low-paid staffwill continue to go to

workwhile unwell.

Groups representingworkers,

agedcareproviders anddoctors are

callingon the federal government to

fund ‘‘pandemic leave’’ to allowaged

care staff to receive awage if they

are forced into isolationawaiting

test results.

Without the leave there is

concern thatworkers, and in

particular casual staff,mightbe less

likely to seekoutCOVID-19 testing

for a sniffle orothermild symptoms,

because theywouldnotbepaid if

forced to stayathome.

‘‘They’vegot families to support

andmortgages topay,’’ saidAged

andCommunityServicesAustralia

chief executivePatSparrow.

‘‘Noone is going todo it

deliberately, thinking that theyare

going tomake someonesick .. . but

that’s the risk, that someonemight

discount low-level symptoms.’’

The federal governmenthas

pledged$850million toagedcare

facilities tohelp themprepareand

respond to thepandemicbut

AustralianMedicalAssociation

presidentTonyBartone saidwhile

the fundingwasneeded, it had fallen

short.

‘‘It’s not enough toput aBand-Aid

onasystemthat is severelyunder-

resourced,’’ saidDrBartone,who

added that the agedcare royal

commissionhadexposeda system

thathadsuffered fromyearsof

neglect.

‘‘WhatCOVID-19hasdone is

basicallyput theBunsenburneron

that in termsof creatinganeven

moreacuteneed.’’

Thevirushasprovendeadly

when it has infiltratednursing

homes,with 19peopledying in

Sydney’sNewmarchHouse

outbreak (although twoof those

deathswereattributed toother

causes),whiledozensmoremajor

outbreaks –and thousandsofdeaths

–havebeen reportedat facilities

across theglobe.

‘‘COVID is suchacontagious

disease,’’ saidRichardLindley,

professorof geriatricmedicineat

WestmeadClinicalSchool. ‘‘If

you’vegot evenone case inanursing

home, you’vegot anoutbreakand

you’re inbig trouble.’’

FourMelbournenursinghomes

wereplaced into lockdownthisweek

after residents testedpositiveor

showedsymptomsof thevirus.

While therehasbeenpraise forhow

most agedcare facilitieshave

handled thecrisis todate, those

within the industry say some

vulnerabilities remain.

HealthServicesUnionnational

secretaryLloydWilliamsadded to

calls for apandemic leave scheme,

arguingworkers shouldbe

supportedbygovernmentnot togo

towork if theyhadbeen incontact

with someonewith coronavirusor if

theyhadmild symptoms. ‘‘Wecan’t

make this aneconomicchoice

betweenstayingathome [where]

youaregoing to losemoneybecause

youarenotgoing tobepaid, orgoing

intoanagedcare facility,’’ he said.

MrWilliamssaid that some

casualworkerswhousuallyworked

acrossmultiple facilitieshadbeen

told theycouldno longerworkat

more thanoneplaceandhadbeen

forced togiveupshifts.

Healso reported thatmany

frontlineworkerswereyet to see the

impact of thegovernmentmoney for

extra training, staff andsupport

during thepandemic.

Oneseniornurseworking inaged

care inMelbourne toldTheAge thatoneofher colleagueshadrecently

been told to stayhome foraweek

‘‘because shehadarunnynose’’.

Thewoman,whodidnotwant to

benamed, saidpandemic leavewas

important.

‘‘I’mprobablyoneof the lucky

ones – Ihave lots of sick leave,’’ she

said.

‘‘I still have concerns that every

day I’mgoing toworkandweare

potentially exposedviapatients or

NATAGE A013

other staff. It justneedsoneperson

tobecome infected.’’

AgedCareMinisterRichard

Colbeck said the$850million

recentlyprovided toagedcare

providers included$205million

‘‘aimedat covering thecosts of

additional staffing, training,

supportingvisitationsand

connectionsand theprovisionof

PPE’’.

MsSparrowsaid itwasonlypart

ofwhat the sectorneeded topay

workerswhoneeded to stayhome

and for extrameasures tohelp them

keep thevirus out of their facilities,

includingvisitor checksandextra

cleaning.

Shewarned the riskof

coronavirus entering facilitieswas

onlygoing togrowas stay-at-home

ruleswere relaxed.

‘If you’ve got onecase in a nursing

home, you’ve got anoutbreak.’

Richard Lindley, professor of geriatricmedicine atWestmead Clinical School

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Groups are calling for pandemic leave to allow frontline workers to isolate while awaiting test results. Photo: Justin McManus

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App may need changes to use toolTECHNOLOGYTim Biggs

The new ‘‘exposure notification’’

technology rolled out yesterday by

Apple and Google could help solve

the technical troubles experienced

by the federal government’s

COVIDSafe app, but may also re-

quire changes to the way the app

collects personal data.

The technology allows deeper

access to the iOS and Android

smartphone operating systems,

which could reduce issues faced by

COVIDSafe including the iPhone

version’s reduced operation when

the device is locked.

However, to utilise the tool,

health authority appsmust comply

with conditions put in place by the

two tech giants to protect user pri-

vacy. Namely, the apps must not

collect location data, and user sub-

mission of personal contact details

must be strictly voluntary. Cur-

rently, the COVIDSafe app re-

quires all users to supply a phone

number.

A spokesperson for Apple and

Google said that appswere allowed

to ask for phone numbers and oth-

er contact details, and govern-

ments could use that volunteered

data to contact individuals who

were identified as at risk, but apps

had to give users the option to not

provide the information.

Governments could explain in

the appwhat the benefits of provid-

ing contact details were, but users

should be making an informed

choice, the spokesperson said.

Apple and Google said public

health agencies could define the

parameters that constituted a

contact risk, and could determine

the content of notifications shown

to at-risk users, for example sug-

gesting next steps. So even if a user

did not supply a phone number and

could not be contacted by the gov-

ernment, the user could still get

appropriate advice.

A spokesperson for the govern-

ment said it was exploring the

possibility of integrating the new

tool, but did not comment on

potential changes to COVIDSafe’s

functionality.

‘‘The technology and uptake of

Australia’s COVIDSafe app is lead-

ing the world and [Health Minister

Greg Hunt] is today meeting with

the VP of Apple to discuss its suc-

cess and Australia’s roadmap out

of the crisis,’’ the spokesperson

said yesterday.

‘‘The DTA [Digital Transforma-

tion Agency] and the Department

of Health have been working with

Apple and Google to understand

and test the exposure notification

framework since it was released,

to see how it can be applied in Aus-

tralia. That testing is ongoing.’’

The DTA last week announced a

new update to COVIDSafe that it

says makes Bluetooth perform-

ance stronger.

Apple and Google said the new

technology was designed to sup-

plement existing contact-tracing

efforts around the world, rather

than replace them. It uses Blue-

tooth to keep track of which

smartphones have been physically

near each other, so if someone

tests positive to COVID-19, a noti-

fication can be sent to everyone

with the app who might have been

exposed.

The companies say this allows

for a much quicker notification

than traditional contact tracing

(done by conducting interviews

with those who test positive) in

some situations.

The COVIDSafe app works in a

similarway, butwithout deeper ac-

cess to Android and iOS, it faces

limitations when it comes to con-

sistently passing Bluetooth in-

formation between phones.

An Apple and Google spokesper-

son said this was one of the main

benefits of their new tool – phones

could ensure Bluetooth beacons

were sent and received regularly

and reliably, but without interrup-

tion to the ordinaryuse of the phone.

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Video games kill the pokiestar as pandemic bites hardGAMINGPatrick Hatch

The boss of pokies manufacturerThe boss of pokies manufacturer

Aristocrat Leisure says there is

acute uncertainty around when

and how punters will return to

casinos, pubs and clubs in Austra-

lia as the coronavirus pandemic

changes society’s behaviour.

The $16.5 billion group’s chief

executive Trevor Croker said yes-

terday he expected people would

change how they socialise until a

vaccine is available for COVID-19,

which has been a double-edged

sword denting the group’s slot ma-

chine business but prompting peo-

ple to spend more time playing its

video games.

‘‘My perspective is that this will

change some societal behaviour

around consumption and enter-

tainment,’’ he said after handing

down the company’s half-year res-

ults. ‘‘And until there’s that cer-

tainty around the vaccine, that will

still remain for some people.’’

Aristocrat said yesterday that

normalised revenue from sales and

services in its slot machine business

fell 6 per cent in the six months to

March 31 as the pandemic forced

venues to shut their doors. However,

that decline was more than offset by

an 18.5percent jump inrevenue from

its digital division, as people forced to

stay at home spent more time play-

ing video games.

The mobile role-playing game

RAID: Shadow Legends drove the

growth, accounting for 23 per cent

of ‘‘bookings’’ or revenue, along

with the casino games CashmanCasino and Lightning Link.‘‘Stay at home orders have cre-

ated an increase in content con-

sumption, and I think you’ll see

that through Netflix, Hulu and

everyone else,’’ Mr Croker said.

There was an increase in users

but the boost was mostly from ex-

isting customers spending more

time playing Aristocrat’s games

and making more in-game pur-

chases, he said.

Aristocrat Leisure stood-down

1000 staff in early May until the

end of June and hasmade 200 roles

redundant to cut its costs during

the COVID-19 downturn.

But Mr Croker said he had not

touched its design and develop-

ment teams and would continue to

‘‘aggressively’’ invest in new digit-

al and physical gaming products.

Aristocrat’s half-year revenue

grew 7 per cent to $2.25 billion.

However, the higher mix of lower-

margin digital revenue meant net

profit after tax and amortisation

fell 13 per cent to $368 million.

Macquarie analysts David Fab-

ris said this was 18 per cent below

the market’s consensus forecast of

$447 million, with the impact of

COVID-19 on the Americasmarket

sharper than expected.

‘‘[The] result was softer than ex-

pected, but near-term earnings

forecasts will remain volatile,’’ he

said.

Aristocrat chief financial officer

Julie Cameron-Doe said the com-

pany had lowered its cash burn to

about $50 million a month, and

with available liquidity of $1.8 bil-

lion, it could ‘‘weather the down-

turn’’ even assuming there was no

pick up in market activity.

Aristocrat’s shares closed 5 per

cent lower at $25.97.

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The pandemic has hurt Aristocrat’s pokies business but prompted peopleto spendmore time playing video games. Photo: Peter Braig

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Treasuryexpects a ‘squeezedU’ economic recoveryForecastsMatthewCranstonandTomMcIlroy

The Morrison government is beingurged by the Reserve Bank and Treas-ury tomaintain itsrecordfiscalsupportas the government is set to announceanother $1.8 billion innewand acceler-ated funding for local governments tofurther deal with the impacts ofCOVID-19.Treasury secretary Steven Kennedy

told a parliamentary committee onThursday he did not expect a V-shapedrecovery and continued fiscal supportwould be crucial for years to comebecause of dwindling support from theReserveBank.‘‘The role of fiscal policy in the

months and years ahead will be per-haps more important than ever givenwheremonetary policy now sits, being

accommodativebutnot able toprovidethe usual impact that it would,’’ DrKennedy said.‘‘I am not predicting a V-shaped

recovery in any sense but the way weenter this and the nature of this shockgives me some hope that if govern-ments respond well, particularlythrough their fiscal levers, that weneedn’t have what’s called the‘L’-shaped recovery,’’ he said.‘‘The focus will be very much on

fiscal policy. In theGFCwesaw interestrates cut by 4.25 percentage points.That isn’t possible this time.’’Prime Minister Scott Morrison’s

headlandspeechnextTuesday is expec-ted to address growing debate over thesize and shape of key fiscal measuressuch as the $130 billion JobKeeper and$14 billion JobSeeker policies that arebeing reviewedbyTreasury.Yesterday Treasury said 6.4 million

people had now received a collective$8.1 billion in JobKeeper payments.Reserve Bank governor Philip Lowe

said there was a risk the economywould see ‘‘quite a slowrecovery’’with-outamedicalbreakthroughandbevul-nerablewithoutongoingfiscal support.‘‘There is a limit to what can be

achieved with monetary policy,’’Dr Lowe said, ‘‘Fiscal support throughthis difficult period has also been cru-cial and will continue to be over themonths ahead.’’Dr Lowe also joined Australian

Prudential Regulation Authority chair-man Wayne Byers and AustralianSecurities and Investments Commis-sion James Shipton in their push to seebanks make use of capital buffers toprotect the economy.‘‘We should not expect to see capital

buffers be maintained during a once-in-a-century shock,’’ Dr Lowe said.‘‘These buffers have been built up to beutilised ineventssuchas this, andsomereduction in capital ratios is entirelyappropriate.’’APRA’s Wayne Byers also pushed

banks touse their historically high cap-ital buffers. ‘‘That capital hasbeenbuiltup precisely so that banks are able, in

times of stress, to absorb losses andsustain theflowof credit to thebroadereconomy. Now is the time to allow thatto happen,’’ he said.Treasury is now building its eco-

nomic forecasts and holding out hopefor aU-shaped economic recovery.Dr Kennedy said some parts of the

economy were opening up ‘‘a littleearlier’’ than had been expected andgiven the substantial amount of fiscalsupport a ‘‘squeezed U’’ recovery wasmore likely – referring to the shape ofGDPover thenext fewquarters.While he said fiscal stimulus would

build over time because ‘‘it comesthroughwitha lag’’, consumerdemandand confidencewould be the key deter-minant in predicting the shape of therecovery. ‘‘That’s the one that tells youwhether you get a V or aU orwhatever

you get out of it. And we’ve never beenhere before.’’

Treasury’s Steven Kennedy says fiscalpolicy is more important than ever.

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Australian Financial ReviewFriday 22/5/2020Page: 2Section: General NewsRegion: Australia Circulation: 38,015Type: NationalSize: 234.00 sq.cms.Frequency: MTWTF--

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Chairman of theNationalCOVID-19 CoordinationCommissionNev Power.Picture:KarleenMinney

ALSO INSIDE ...�Endof stimulus ‘not the cliffit looks like’ - Page 5� Gas new frontier inemissions debate - Page6� Pope’s view - Page 13

AHUGEJOBFORAMRFIX-ITHe’s theman hand-picked toshapeAustralia’s economicrecovery plan, but Nev Powerwarns lifewon’t return to normalquickly or easily.PROFILE - PAGE 10

'No fast return' to normal life after virusDougDingwall

LIFE in Australia won't return to normalwith a "snap of the fingers" and the nationmust prepare to adapt as other countriesrethink international trade flows amidthe pandemic, the head of the advisorybody guiding the economic recovery fromCOVID-19 has said.

National COVID-19 Coordination Com-mission chairmanNev Power said it hadstarted focusingmore on helping businessesunderstand how to adjust as the virus threatremained "in the background".

The commission is advising businesses

how tomake themselves safe fromCOV-ID-19 for employees and customers, andhow to plan for the event of coronavirusinfections in the workplace.

It was also helping business operators un-derstand how to build a "COVID-19 businessmodel" to sustain them through the long-term economic fall-out of the pandemic, MrPower said.

"Life isn't just going to return to normalwith a snap of the fingers," he said.

"No doubt there will be some restrictionsthat may be on for quite some considerable

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time, and of course other countries are goingthrough this at a different rate to what we'redoing, so things like international travel arelikely to be affected for quite some consider-able time.

"How do businesses that relied on inter-national travel, or even domestic travel forthat matter, reconfigure their businesses, re-structure so that they have a business modelthat maximises the amount of business theycan do, maximises the number of jobs theycan put on, do all those things, given thoserestrictions and constraints that are there forCOVID-19?

"And perhaps some of the examples ofthat is businesses in the tourism and hospi-tality sector that were used to having a largeinflux of international tourists will need toreconfigure their businesses to attract local,regional and eventually interstate tourists."

Brave neweconomyMr Power, chairman of Perth Airport

and a former chief executive of FortescueMetals, is PrimeMinister Scott Morrison'shandpicked head of the commission set upinMarch to solve supply chain problemsduring the pandemic.

In its early stages the body focused onhelping the importation and local man-ufacture of medical personal protectiveequipment, and worked with supermarketsto keep supply chains flowing in regional

and rural Australia.Shortly after taking the job, Mr Power said

the commission's task would also be to joinbusinesses together to plan for the post-pan-demic economy.

"We want to be well positioned tomakesure that we restore people's jobs andlivelihoods as quickly as we possibly canafterwards," he said.

The commission's terms of referencemake it responsible for mobilising a "wholeof economy effort" tomitigate the pandem-ic's economic shocks.

It consults with businesses and feedsadvice back to the government, and also re-ports formally to the PrimeMinister's Office.

Going localMr Power, on Tuesday, said Australian

businesses had an opportunity to respondto disrupted supply chains, and the na-

tion's lower currency value, by investing inAustralia and expanding local production.

Every country was reassessing its sov-ereign capability following COVID-19,deciding on trade policies and nationalresponses to the pandemic, he said.

"Thatmeans that a lot of the things thatwe've taken for granted about internationaltrade flows will no doubt be re-examined bythose countries and therefore we're going toneed to look at howwe respond to that."

Australia needed to encourage flows ofinternational trade after COVID-19, MrPower said.

"However a lot of the products that weimport will bemuchmore difficult to sourceand therefore there's an opportunity for usto look at howwe canmanufacturemorein Australia or howwe can value add ourproducts further in Australia, and that willrepresent opportunities for us to accelerate

parts of the economy."Sovereign capability was another question

for the federal government, Mr Power said."That could be increased levels of

stockpiles of somematerials and equip-ment for example, or it may be having thecapacity and capability to build them herein Australia. It could be a combination ofthose things."

COVID-19 restrictions would be feltdifferently across the Australian economy,Mr Power said.

"We know that there are some parts ofthe economy that are going to be slow torespond to this, because of the restrictionsnationally and internationally, and otherparts of the economy that can get back tonormal fairly quickly," he said.

"Some businesses will be able to growmore rapidly and we need to identify andaccelerate those businesses or set theenvironment so those businesses can growrapidly.

"And it might be the growth and scale upof existing businesses and it might be thedevelopment of some new businesses."

Among industries with potential forgrowth in Australia's post-pandemiceconomywere value-adding for agriculture,minerals processing and energy-intensivemanufacturing.

Mr Power said the Australian Public

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Service would have an "enormous role"in responding to the economic shock ofCOVID-19, and already had to date.

"They're the critical implementers of thepolicies and strategies that are coming fromgovernment for the recovery from the virus,"he said.

The commission's role was an adviso-ry one.

"We're here to provide input and businessadvice into government to help themmakethe right decisions around policy and pro-cess to implement, and a key part of that hasbeen our engagement with the departmentsand that's gone very, very well."

Alotof the things thatwe've taken forgrantedabout international tradeflowswillnodoubtbere-examinedby thosecountries.Nev Power

Nev Power chairs the newly-assembled advisory body guiding the nation's economicrecovery from COVID-19. Picture: KarleenMinney

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No jab, no play, no payThe PrimeMinister's "no jab, no play" pol-

icy should bemandatory.That the Canberra Raiders are prepared to

support the players refusing to have the fluvaccination clearly indicates their win-at-all-costs mentality.

It also reflects on the intellectual spacethat these players occupy.

No jab, no play was introduced for pre-school.

If citing religious reasons, can the playersplease informmewhichpart of theBible theyare relying on?

This also brings into question the Canber-ra Raiders' commitment to the health andwell being of all Australians.

Being prepared to expose players fromother clubs to non-vaccinated players indi-cates a blatant disregard for the health andwelfare of the participants in the NRL.

It also sends a very poor message to theAustralian public in general.

Armstrong Brien, Dunlop

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HOW NRLWAS SAVED

INSIDE SPORT’S MOST DRAMATIC COMEBACK

Rugby league supremo Peter V’Landys has sensationally revealed in an exclusive interview with The Courier-Mail that sixNRL clubs were close to extinction as the COVID-19 crisis raged and only a steely determination to keep the game alive and

tough financial decisions have led to its incredible resurrection next week. PHIL ROTHFIELD’S EXPLOSIVE REPORT P4-7

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FROM A CODE RED TO ALIVE AND KICKING

EXCLUSIVE WITH ITS SEASON RELAUNCH DAYS AWAY, IT CAN NOW BE REVEALED HOW THE NRL WAS ON ITS KNEES AND FACING THE DEATH OF SIX CLUBS

PHIL ROTHFIELDSPORTS EDITOR-AT-LARGE

SIX NRL clubs were in danger of going broke and being lost to the game at the height of the COVID-19 pandemic, such was the catastrophic position of the sport’s finances.

For the first time independent commission chairman Peter V’landys has revealed the extreme threat to the survival of battling franchises and the perilous position of the entire game.

In an extraordinary two-part interview, V’landys and

former Queensland premier and former ARL Commission chairman Peter Beattie take us inside the $2 billion TV broadcast talks that have saved the game and explain the brutal parting of ways with NRL chief executive Todd Greenberg.

The V’landys crisis-

management business model to achieve a May 28 rugby league resumption is now the envy of corporate Australia and international sport.

THE FINANCESOn Saturday, March 21, at a time when there were predictions 150,000 Australians could die, V’landys spent the day poring over NRL finances.

He is an accountant by profession with a speciality in analysing cost structures. He had every expense line, every detail on revenue.

“When I used the word catastrophic I was thinking

this was bad enough to send five or six

clubs broke,” heexplains, “Andhow would wehave got them

back?“We had no

idea we’d beback in threemonths or ayear. It all wasunknown.

“I was soconcerned for

the clubs. They were getting no money through the gate, memberships were gone, no poker machine revenue, no broadcast money and had sponsors dropping out.

“They had all this expensive cost structure with football departments and employees across their businesses. Seriously, how were they going to survive?”

The horrible possibility ofstarting up again with only 10 clubs was considered.

“We could have had a situation where the game was

unrecognisable by the time we came out of it,” V'Landys said, “What if we’d had to go to a 10-team comp? I was horrified to even think about it.”

Coronavirus brought forward a train crash that was always going to happen.

If there was an intensivecare unit for sport, the NRL was first patient in, floored like so many others by the pandemic. There would be 16 beds – one for each club.

“This is not a beat-up,” says Peter Beattie, “Seriously, we were absolutely stuffed. Rugby league as we knew it could have fallen over and folded.”

The intricate detail aroundthe NRL reopening on Thursday night is sport’s most remarkable comeback story, driven so relentlessly by a man who didn’t jump

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daily hurdles, but crashed through them.

“V’landys is a warrior,” said Roosters boss Nick Politis, “He’ll set a goal and then crash through brick walls to achieve it … and he knows how to handle people.”

Beattie points out: “Whenwas the last time you could say rugby league was miles ahead of the AFL? They’ve been following us for once. It’s all Peter.

“I’m not a dramatic person and I don’t overstate it … we had no revenue, no assets, nothing.

“Channel 9 had told the share market they were going to save $130 million. Who wasgoing to save the clubs and pay the players? Seriously we were stuffed, like right on the edge of the cliff.”

The outlook is now brighter around the game.

Cost cuts were immediately implemented at NRL headquarters and

around the clubs with 90 per cent of staff sent on leave or getting the Job Keeper allowance. At the NRL no-one could spend more than $1000 without approval from CFO Tony Crawford.

Executives took 25 per cent pay cuts. Only game-day staff and commercial revenue employees are back working full-time.

THE CLUBSV’landys is hell bent on saving all 16 clubs. He’s on their side big-time because he loves the rivalries, the tribalism and suburban ground football.

He knows however they need to work smarter.

“I don’t blame theclubs because they’re all there to win the comp,” he said.

“The successful clubs

might have revenue to support spending spend $6 million on the footy department.

“To compete against them, smaller clubs have coaches who think ‘the opposition is spending $6 million so we need to’. They can’t afford it.

“We had a false economy.They’ll do all they can but sometimes their decisions are not the brightest.”

THE TV DEALThis was by far V’landys’ toughest assignment. He often used the word ‘brutal’ to describe negotiations.

Initially Channel 9wanted out. This is a fact.Doing it tough like all media organisations, they

recognised an opportunityto save $130 million if the

competition was shut down.Insiders have revealed

the network had been losingalmost $50 million a year from rugby league in a soft

sales market with shrinking ratings. This year was shaping as even worse.

The difference in these TV talks compared to previous negotiations is that there was no bidding war.

Despite reportsto the contrary, rivals network Channel 7 or Channel 10 were at no stage serious players. Put it

C O N T I N U E DP A G E 6

C O N T I N U E DP A G E 6

this way, there was never going to be another Super League war over the rights.

There had been talk of Netflix, Amazon and all the giant global players

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BIG TACKLES FROM PAGE 5

wanting part of the action – but there was never any genuine interest.

Nine boss Hugh Marks knew this and even threatened to walk away from the game.

“It’s not a given that NRLhas to be part of our future,” he said, “We’re a business that actually is now less reliant on live sport. It (NRL) has to just pay its way like all of our content does.”

An NRL source revealedMarks even once said: “I’m out … go to Channel 7.”

Foxtel played hardball, too. Yet, realistically, while the pay-TV network could always survive without rugby union and soccer, they were stuffed without rugby league.

Eventually Nine realisedthe public relations backlash was becoming too severe.

If they were to pull out itcould potentially bring the game down from the clubs to grassroots.

There were reports Markswas told by his board to make the deal happen. No more threats of abandoning the negotiations. The fans/viewers had to come before shareholders.

Rugby leaguehad always been in the network’s DNA. They could not

afford to alienate their bread and butter audience.

Not while the Today show was trying to make up ground on Sunrise and their nightly news bulletin was neck and

neck with Channel 7.V’landys worked hard to

rebuild the relationship with Nine. Some initially thought he was too soft when he even apologised to Nine for the state of the NRL.

“My focus was getting adeal for the game and ignoring the noise in thebackground,” he said.

“I didn’t want to gointo war with thembecause you get better

results if you have arelationship. They had no

trust in the NRLwhatsoever,

especiallyChannel

9, who thought they’d been dudded many times. To a certain degree I could understand their frustrations over the (NRL’s establishment of a) digital department.

“And you don’t do that toyour two major partners. My first objective was to win their trust back and to deliver what I told them I could.”

THE TALKSThe parties got on surprisingly well despite all

the talk of aggro.“I actually found Hugh

Marks a trustworthy person,” V’landys said. “He doesn’t gloss over things.

“I’d prefer someone coming in boots ’n’ all rather than sugar-coating around the issues. You’ve got to be genuine in these sort of negotiations. That way you can address their concerns.

“You’ve also got to respectthe person on the other side of the table.

“He was doing his best forhis organisation. How can you bag that? Same with (Foxtel CEO) Patrick Delany.

“Were they going to lie down and say ‘take whatever you like’? Of course not. They fought tooth and nail. It did get brutal but that’s business.”

Business deals that are often done over a long lunch at a flash restaurant have a different feel.

COVID-19 meant Zoom,FaceTime, phone hook-ups or face-to-face at Racing NSW or the NRL with plates of sandwiches.

V’landys was like a front-rower in the old softening-up exchanges, trying to break down his opponent. Then acting CEO Andrew Abdo joined the meetings to work through the finer detail.

“We had to show we weregenuine,” V’landys said. “And Andrew was fantastic. We’d re-established relationships.”

Could he have realistically

lost Channel 9? And how did he deal with suggestions from Nine’s ‘‘always independent’’ newspapers he was in News Corp’s pocket?

Nine’s first offer was lessthan half their original agreement. “Many times I

was worried they’d pullout,” V’landys said.

“Hugh could genuinely see no benefit in Channel 9 having rugby league.

“And the News Corp FoxSports business – ask anyone who has been in the meetings I’ve had with them

over the years. I’ve had a stack of blues with them because they know I’m always trying to do the best for my business.

“At the end of the day allparties acted in good faith and we got an outcome.”

GREENBERG’S EXIT“It could have got ugly,” said one insider, “but Peter gave him the dignity to resign.”

V’landys refuses to discussGreenberg’s departure because of a confidentiality agreement.

Informed sources, however, reveal there was a complete breakdown of trust between the pair.

They had one blazing rowwhen, sidelined from TV negotiations, Greenberg secretly approached Channel 7 boss James Warburton without V’landys’ knowledge.

V’landys, at this stage, had

IN TV TUSSLE

assured Nine they were talking to no other network. It could have been seen as an act of sabotage. “It would have pissed off Channel 9 big

time,” said a source. “V’landys was trying to build trust.”

Greenberg’s departure onApril 20 allowed V’landys to get the television negotiations into full swing.

Publicly he had supportedGreenberg because he had to, despite a tsunami of resentment that was coming from all directions.

The clubs, the broadcastersand the state bodies all wanted him gone. He had lost the confidence and trust of all major stakeholders.

It was his mixture of arrogance and overconfidence, which

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V’landys even admitted in an

interview in early March.“There is a bit of an issue,”

he said, “and I can’t hide it. Some of the clubs certainly aren’t supportive. I don’t think he’s arrogant, but some other people believe he is.”

Greenberg was often accused of lacking transparency. Clubs’ requests for financial/commercial information were often just ignored.

“We constantly asked questions but the NRL wouldn’t answer them satisfactorily,” said South Sydney Rabbitohs boss Blake Solly, “clubs were frustrated.”

Even the independent

commission, who he reported to, was often kept in the dark.

Before V’landys became chairman, Greenberg ran his own race. He kept several of the eight commissioners in the loop but generally ran the game by himself.

As an example, when the2020 draw was revealed last November, commissioners

hadn’t even seen it. They read about it online the day it was released like everyone else.

News Corp Australia, publisher of The Courier-Mail, was over Greenberg as much as Channel 9 but had better table manners and had expressed its dissatisfaction privately. When TV executives made it clear Greenberg was no longer welcome at broadcast rights meetings, V’landys knew it was time to act.

On the morning of April20, with the support of the commission, he rang Andrew Abdo to offer him the role.

The one thing that had been holding him back was Greenberg’s relationship with

Premier Gladys Berejiklian. They were tight and the NRL needed the Premier and all key politicians onside if the May 28 resumption date was

to be a realistic target.The Premier had even

been spotted the week before at the Oatley Hotel in Sydney’s south at the 50th birthday party of Greenberg’s wife Lisa.

V’landys had cabinet powerbrokers onside but the Pemier was a Greenberg fan.

This is where long-time Roosters chairman Nick Politis would have stepped in.

He has a direct line to thePremier and the charm to smooth relationships. In the end the Premier rang V’landys to assure him the government would continue to support the game on the day after Greenberg left.

MONEYBALLThe game needed cash to survive but the big four banks are reluctant to lend money to down-and-out footy codes.

In 2017, then NRL commission chairman John Grant tried to borrow $30 million for emergency cash flow but got rejected.

If the loan goes bad, the banks foreclose on assets but the NRL had none.

The potential public relations backlash for NAB, Westpac, CBA or Westpac from having to close down a bad debt with a code like league is not worth their risk.

Melbourne Storm chairman Bart Campbell came to the rescue, securing a $250 million line of credit from UK financiers, brokered by London firm Oakwell Sports Advisory. Still, one club boss blew up and asked: “What’s Bart’s cut?”

For the AFL it had been

much easier. They used their ownership of Marvel Stadium as security for a $600 million credit facility with NAB and ANZ.

At least the $250 million

gave the NRL a lifeline and, more importantly, some leverage in that they wouldn’t have to completely roll over in tough broadcast talks with Nine and Foxtel. Now they weren’t as desperate.

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FOOTY’S BIG 2020 VISION

March 2, 2020: NRL launches controversial multimillion-dollar “Simply the Best” ad campaign.March 10: Bulldogs Corey Harawira-Naera and Jayden Okunbor stood down for bringing twoschoolgirls back to the team hotel for sex during the club’s visit to Port Macquarie for a trialgame. It is understood both females were above the age of consent and the sex was consensual.March 12: NRL tells players to minimise non-essential contact from Round 1. March 13: NRL announces Round 2 would be played within closed stadiums, after federal and state governments ban mass gatherings to slow the spread of COVID-19.March 18: All community rugby league is postponed until May to help slow the COVID-19 spread.Former News Corp chairman John Hartigan tells media that the NRL and broadcasters should renegotiate a new long-term deal to save the game.March 21: New Zealand Warriors coach Stephen Kearney says his squad will remain in Australia for the entire NRL season.March 23: The NRL and ARLC suspend the 2020 season indefinitely. March 24: Warriors squad returns to New Zealand as the country is locked down.March 25: The NRL and Rugby League Players Association (RLPA) start

conversations about playerpay cuts.March 27: The NRL cancels Magic Round in Brisbane.Nine informs NRL that it would not make its quarterly payment to NRL on April 1. The broadcaster also indicates plans to both renegotiate its current rights deal and extend its broadcast partnership with NRL beyond 2020. Nine and Foxtel had signed a $1.8 billion deal to televise the NRL

for five years from 2018.The NRL and state bodies cancel a string of representative competitions, including the Harvey Norman Women’s National Championship, Canterbury Cup, Jersey Flegg Cup, SGBall Cup, Harold Matthews Cup and Tarsha Gale Cup.March 29: Reports surface that the Sydney Roosters and Warriors may withdraw their NRLW sides to cut costs during the pandemic.March 30: The NRL announces a recovery plan — $40 million in monthly payments for clubs between April and October to cover operational costs. The NRL also announces it will reduce its operating costs by 53 per cent,

including a 95 per cent reduction in staff and 25 per cent pay cut in executive salaries during the shutdown.Nine tells shareholders it would save $130 million this year if the 2020 NRL season was axed. April 1: Bulldogs players Jayden Okunbor and Corey Harawira-Naera deregistered by the NRL.April 2: Players cop a 71 per cent pay cut. The NRL and the RLPA agree that $24.6 million would be distributed to players to soften the financial blow of COVID-19 on the game.Players agree to forego five out of 12 months’ salary if 2020 season is unable to resume.April 3: The Courier-Mail reveals that the NRL has launched Project Apollo, an Innovation Committee headed by Wayne Pearce, to restart the competition. Project Apollo was initially working towards a restart date of June 1.April 9: Project Apollo recommends that 2020 season resumes on May 28. ARLC endorses

the proposal.April 9:

Channel 9accuses

FOOTY’S BIG 2020 VISION

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NRL of mismanagement and threatens to walk away from the game.April 10: Players renegotiate to take a 72 per cent pay cut.April 20: Todd Greenberg steps down as CEO of the NRL. Andrew Abdo is appointed acting CEO.April 27: Latrell Mitchell, Josh Addo-Carr and Tyronne Roberts-Davis fined $1000 by NSWPolice for breaking COVID-19 rules during a weekend camping trip. April 28: Photos emerge of Penrith star Nathan Cleary drinking with girls on his couch, seemingly breaking COVID-19 rules. Cleary apologises, saying he “stuffed up” by letting his sister’s friends wait for an Uber inside his house on Anzac Day. The NRL fines Cleary $4000.The NRL issues Mitchell, Addo-Carr, Cleary and Roberts-Davis with breach notices for bringing the game into disrepute. The players are fined and cop one-match suspensions.The NRL announces the 2020 season will recommence as a 20-round competition on May28, with the grand final to be played on October 25. April 29: TikTok videos surface of Cleary dancing with girls inside his home, indicating that the Panthers playmaker did not tell the NRL Integrity Unit the full extent of the Anzac Day encounter. May 1: NSW Deputy Premier John Barilaro tells NRL to suspend any player who breaches COVID-19 guidelines between now and May 28, warning: “If

it happens in the season, the competition will get shut down.”Queensland Premier Annastacia Palaszczuk allows NRL players to play and train in the state.May 2: The NRL gains approval for the Warriors to fly to, isolate, train and play within Australia.The NRL scraps its “Simply The Best” ad campaign.May 4: NRL squads officially return to work. May 5: Gold Coast back-rower Bryce Cartwright opposes the NRL’s request for all players to get fluvaccinations before

the competition restarts.May 6: Clubs recommence training sessions. Players accept 20 per cent pay cut.May 7: Canberra Raiders Josh Papalii, Joe Tapine and Sia Soliola refuse to sign the NRL’s vaccination waivers, rejecting compulsory flu shots.May 8: Titans anti-vaxxers Bryce Cartwright and Brian Kelly are stood down.May 11: NRL slaps Cleary with a $30,000 fine and a two-match suspension for being “untruthful” with the Integrity Unit about hosting visitors in his home. Cleary’s housemate and teammate Tyrone May also cops a $15,000 fine and one-match suspension for failing to co-operate with the investigation.May 12: Reports surface that Souths centre James Roberts has checked himself into rehab.May 13: The ARLC announces that only one on-field referee would be used for the rest of the season. The body also announced that ruck infringements would now warrant six more tackles, rather than a penalty.

May 14: The referees union files a complaint with the Fair Work Commission over the NRL’s new one-ref system and threatens to strike.Cartwright granted medical exemption from Queensland Health officials to play this season without flu vaccination.May 17: South Sydney’s Cody Walker tells police he was being blackmailed over a video of him kicking a standing man in a fight. League great Arthur Summons passes away at the age of 84.May 19: NRL refs union boss Silvio Del Vecchio backs down from strike action. The NRL and referees union meet with Fair Work for three hours, but peace talks fail.ARLC approves six venues for resumption of season — Bankwest Stadium, Campbelltown Stadium, Central Coast, Suncorp and QCB stadiums and AAMI Park.NRL steps closer to finalising a television deal. ARLC approves a deal sent out to both Nine and Fox Sports, with approval still required from both boards.May 20, 2020Greg Inglis makes shock league comeback with a one-year Super League contract with Warrington.

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Peter V’landys.

p y

I’m not a dramatic

person and I don’t

overstate it ... we had

no revenue, no assets,

nothing. Seriously we

were stuffed, like

right on the edge

of the cliff

Former ARL Commision chairman

Peter Beattie

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en losinga year n a soft rinking

as se.

us

Manly star Dylan Walker in training and (below) Peter Beattie.

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Walker in w) Peter Beattie.

Channel 9’s Hugh Marks.

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Roosters chairman Nick Politis, pictured with fullback James Tedesco after the 2019 grand final.

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V’landys wasforced to

handle CEOTodd

Greenberg’sexit.

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Above: Broncos playmaker Anthony Milford; the Gold Coast Titans (above left) and North Queensland Cowboys (top right) are raring to go.

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IN TV TU

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Premier pulls plug on hopes for euthanasia law this year

JESSICA MARSZALEK

SUPPORTERS of voluntary as-sisted dying laws say they aredisappointed and angry PremierAnnastacia Palaszczuk will delaya decision on allowing terminal-ly ill Queenslanders to “die withdignity” until after the election.

Ms Palaszczuk yesterday or-dering the Queensland Law Re-form Commission to draftlegislation for the government’sconsideration by March 1, 2021 –

four months after this year’s Oc-tober 31 state election.

The move came more thanseven weeks after a historic par-liamentary inquiry, ordered bythe Premier in 2018, recom-mended parliament debate andvote on laws to allow terminallyill adults to end their lives.

Ms Palaszczuk said she want-ed a “measured and careful” ap-proach informed by experts as“it is critical we get this right”.

But supporters of voluntary

assisted dying accused thePremier of wasting time, ques-tioning why she asked the com-mittee to consider the issue if shewas not going to accept theirrecommendations anyway.

“What exactly was the pointof our 18-month parliamentaryinquiry (of which I was a mem-ber) with 4719 written submis-sions from Queenslanders, 34public and private hearings with502 witnesses?” Greens MP Mi-chael Berkman tweeted.

“The Committee has draftlegislation ready to go.”

Independent Noosa MPSandy Bolton said the “disap-pointment, angst and anger arepalpable and understandable”.

Community proponents saidthe decision made it a key elec-tion issue, with Dying with Dig-nity Queensland president Jos

Hall telling MPs and candidatesaround 80 per cent of the com-munity wanted the laws.

“The aim of VAD laws is to

give another option at the end oflife to those with terminal illnesscausing intolerable suffering, soit is especially disappointing forthem that action on law reformis now deferred to the next termof state parliament,” Clem JonesTrust chair David Muir said.

The Australian ChristianLobby commended Ms Pal-aszczuk for postponing andcalled on both major parties to“reject assisted suicide laws” forbetter access to palliative care.

Michael Berkman.

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No sneezing at flu decline

JANELLE MILES

QUEENSLAND public hos-pital admissions for flu havedived during the coronaviruspandemic.

The latest QueenslandHealth data shows that for thepast fortnight, just one personrequired admission to a publichospital with influenza.

For the two weeks endingSunday, only two patients withlaboratory-confirmed flu weretreated at public emergencydepartments in the state.

So far in 2020, 311 Queens-landers have required publichospital admission with flu,compared with the five-yearaverage for the same period of541. The much lower figurescome 14 months after a publichospital “bed crisis” was de-clared in Queensland’s south-

east, partly due to the severe2019 flu season.

Last week, just 14 peoplewere diagnosed with influ-enza across the whole state.

But University of Queens-land virologist Ian Mackaywarned flu numbers could riseas people started mixing againdue to the gradual relaxationof public health restrictions.

He urged Queenslandersto get their flu shot, which isfree for pregnant women,children from six months toless than five years, peoplewith chronic illnesses, thoseaged 65 and older, and all peo-ple of Aboriginal and TorresStrait Island descent.

“We do not want to bur-den hospitals with sick flu pa-tients if we can help it,” he said.

Australian Medical Associ-ation Queensland president

Dilip Dhupelia said a flu vac-cination this year was “moreimportant than ever”.

“With the ongoing threatCOVID-19 has on our com-munities, it is vital we doeverything possible to reducethe risk of contracting bothillnesses at the same time,” DrDhupelia said.

“This year new flu notifica-tions have dropped dramati-cally since social distancingbegan. But, as restrictions arebeing eased, people are outand about again. Those withinfluenza will be at higher riskof also contractingCOVID-19, which wouldmake them extremely ill.”

The Federal Health De-partment said it had seen “re-cord demand” for seasonal flushots during the coronavirus

pandemic.

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EDITORIAL

Social fallout looms over bruised nationTHE numbers recently crunched by Sydney University’s Brain and Mind Centre into the impacts of the coronavirus pandemic on Australia’s suicide rate were startling.

The research, which was takento National Cabinet by Health Minister Greg Hunt, predicted the suicide rate in Australia would spike by 50 per cent over the next five years due to the economic and social fallout of the virus.

The centre’s head Ian Hickie, a former mental health commissioner, said the modelling indicated that in a worst-case scenario where national unemployment reached 15 per cent, Australia’s annual suicide death toll would increase from 3000 to 4500. Young people accounted for half of those deaths.

Professor Hickie argued Australia urgently needed a plan to address this, as suicides could outstrip the number directly killed by the virus. Hopefully his calls will lead to government action.

The immediate health task andeconomic consequences of this pandemic have garnered much of the attention during this crisis, but the social fallout looms large.

It could be argued that Australia’s years of uninterrupted economic growth, comparatively low unemployment and high standard of living have left us less resilient and with a reduced ability

to deal with the consequences of job losses and recession.

Governments can certainly dotheir bit, and they need to do much more than usual right now.

But as Prime Minister Scott Morrison’s suicide-prevention adviser Christine Morgan observed recently, the crucial thing will be to give each other hope.

For some families, this time in

isolation would have rendered the usual stresses irrelevant and the reduced demands on their time would have strengthened bonds.

A coronavirus baby boom, maybe? We’ll know in nine months.

However, for other families, thenew and pervading stresses they are dealing with will tear them asunder and, for some, the world will seem a cruel and lonely place.

There have already been reportsabout increased calls to Kids Helpline and Lifeline.

And on the ASX yesterday, nationally listed Australian Family Lawyers reported a bumper 50 per cent spike in demand for its services over the past three months.

A shocking statistic reported bythe firm was that almost half of its new cases involved some form of family violence, up from just over a third in January.

Clearly, the pressure of this pandemic is taking a toll, and what’s required is a well-funded, responsive system that protects victims. What is not needed is

platitudes and window dressing, which is unfortunately what has been delivered by the Senate inquiry into domestic violence led by Labor’s Kim Carr.

The inquiry, established after Brisbane mum Hannah Clarke and her three children were burned to death by her estranged husband, wrapped up three months early without taking submissions or holding hearings.

It’s difficult to denounce SenatorCarr forcefully enough, but hopefully this will finally convince Victorian Labor powerbrokers that he has passed his use-by date.

We must recognise that the threats from this virus go far beyond the immediate concerns, but by working together and maintaining hope, we will prevail.

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Territory is COVID-19 freeNATASHA EMECK AND JUDITH AISTHORPETHE Northern Territory hasreached a coronavirus mile-stone with all active cases nowcleared, but the Chief Ministerwarns the fight is not over.

The official tally for the NTsits at 30 cases, with all now re-covered.

It comes after an Australian

Defence Force member wascleared and released from hos-pital yesterday after threeweeks in care. Another ADFmember was cleared ofCOVID-19 on Wednesday.

The Territory now joinsSouth Australia and the ACTas the only jurisdictions inAustralia with zero activecases.

It’s been six-and-a-half

weeks since a case ofCOVID-19 was last diagnosedin the NT.

But Chief Minister MichaelGunner says the NT’s battleagainst COVID-19 is stillgoing.

“The fight is not over yet,”he said.

“The danger of COVID-19is still out there.

“There are still new cases

occurring across the country. “Territorians have worked

too hard and come too far forme to risk us all going back-wards.”

The NT will now have tomark 28 days with zero casesfor COVID-19 to be consid-ered eradicated.

Health Minister NatashaFyles warned Territorians notto become complacent.

“We are a safe bubble andwe need to keep it that way,”she said.

“We’re working with theCommonwealth Governmentthrough Minister Greg Hunt… and he is advising us thatthings are on track for us toremove those biosecurityzones on June 5; that will bethe easing off one bubble, soto speak, so that inter-Terri-

tory travel will now happen.“So we must remain vigilant

during that time. We know thecoronavirus spreads so quicklyand because the symptoms areso mild.”

The two Australian De-fence Force personnel wereamong five ADF members totouch down in Darwin on May1 after being diagnosed in theMiddle East.

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Pubs hit hard by ‘police state’ policyHOTELIER

DAVID PENBERTHYSOUTH AUSTRALIA CORRESPONDENT

Australia risks becoming a policestate and hundreds more jobs andbusinesses will be lost if state bor-ders are not reopened as a matterof urgency, South Australia’s big-gest hotelier has warned.

Publican Peter Hurley — whoowns a suite of hotels across sub-urban Adelaide and regional SA,five of which offer accommo-dation — said that of his 700 staff,100 were not eligible for JobKeep-er and were “desperate” for theeconomy to start up again.

A former schoolteacher, MrHurley got his start more than 40years ago as a country publicanand was a long-serving presidentof the SA branch of the AHA.

He recently ploughed millionsof dollars into his Marion Hotelupgrade in Adelaide’s south, with a62-room refit to service interstatehealth and retail travellers work-ing at the nearby Flinders MedicalCentre and Marion ShoppingCentres, all of whom have van-ished during the lockdown.

With the borders closed, occu-pancy rates have been smashed athis city hotels including his land-mark 62-room Arkaba Hotel, aswell as his regional hotels in thetuna capital of Port Lincoln andthe Murray River township ofMannum, which have 111 roomsand seven rooms respectively.

“When are we going to reopenthe borders? Based on what I’veheard from the Premier, it soundslike we are going to have to waituntil we get a vaccine,” Mr Hurley

told The Australian. “My fear isthat if the state of emergency pro-visions are extended at the end ofthe month, the border-controlmeasures will remain and we arebasically a police state.”

Mr Hurley said although he

was “very supportive” of the jobPremier Steven Marshall haddone, part of the problem SA hadwas that all decisions were nowbeing made by Mr Marshall’s tran-sition team that “has no one fromthe private sector, no one who hasto pay a week’s wage for their staff

out of their own personal bankaccount”.

He said occupancy rates at hishotels currently stood at 20 percent to the low 50 per cent rate,and the problem was being exacer-bated by the fact pubs remainedclosed for service while cafes andrestaurants were open.

“It’s such an irritation that forthe people who are staying in ourhotels, we can’t even serve them acup of coffee on their own in din-ing lounges that are licensed forhundreds of people,” he said.

“The 100-odd staff who aren’ton JobKeeper are finding it reallytough. When they come in to seeme, they are desperate for things tostart up again.”

‘It’s such an irritation that for the people who arestaying in our hotels, we can’t even serve them acup of coffee’

PETER HURLEY PUBLICAN

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The AustralianFriday 22/5/2020Page: 5Section: General NewsRegion: Australia Circulation: 94,448Type: NationalSize: 185.00 sq.cms.Frequency: MTWTF

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Leaders’ spat ‘a risk to our national unity’FRICTION

CRAIG JOHNSTONESARAH ELKS

The spat between states overborder closures risks undoing themutual respect between premiersthat has helped drive the success ofthe national cabinet during theCOVID-19 pandemic, accordingto an expert on constitutionalvalues.

AJ Brown said he feared polit-ical leaders would revert to indulg-ing in “small-minded” argumentswith each other and not realise theresponse to the pandemic hadshown how well the Australianfederation could work in a crisis.

The professor of public policyand law at Griffith University’sSchool of Government and Inter-national Relations called for thestates to release modelling inform-ing their decisions on why bordersneeded to remain closed, “sopeople can see this is not a bureau-cratic power play and the Queens-land Premier does not have rocksin her head”.

He said while having the statesasserting their authority in suchcrises was no bad thing, the respectshown between premiers andScott Morrison was under threat.“I have been amazed to see howquickly some people seem toforget how narrowly we dodged abullet. We are still dodging thatbullet,” Professor Brown said.

“To see (NSW Premier) GladysBerejiklian saying state bordersshould be reopened because ofeconomic benefits when wehaven’t learnt all the healthlessons from the virus is surprisingand a little disappointing.”

He was speaking after Queens-land Premier Annastacia Palasz-czuk hit back at NSW’s criticismover Queensland’s border closure,insisting she would not be“lectured to by the worst-perform-ing state” on coronavirus.

Ms Palaszczuk, announcing

that Queensland had recordedanother zero-case day, with just 12active cases, held firm to her decis-ion to keep the borders closed forpotentially months more. AndTransport Minister Mark Baileysaid NSW “needs to get its acttogether”, as it had 33 times theactive cases Queensland had.

Queensland’s written roadmap for easing restrictions, re-leased two weeks ago, had nomin-ated July 10 as a probable date forresuming interstate travel, subjectto monthly reviews, but the Prem-ier shocked the tourism industry— and her own Tourism Minister— when she said a border reopen-ing would “look more positive”towards September.

Queensland’s Chief HealthOfficer, Jeannette Young, said itwas still the right call to keep thestate’s borders closed, despite fed-eral Deputy Chief Health OfficerPaul Kelly’s belief that it was “un-necessary” and didn’t make sense.

“There is plenty of health ad-vice about the importance ofminimising the number of casescoming into the community,” DrYoung said of Professor Kelly’scomments.

“We saw how effective that wasfor Australia when the interna-tional borders were closed … WA,SA, NT, Tasmania and Queens-land closed borders to those statesthat had higher numbers of casesand lower transmissions — there’sa lot of health advice for that.”

Dr Young said there were not“two sets” of medical advice aboutwhether to open borders.

Professor Brown said the nat-ional cabinet had operated well byencouraging mutual respect. “Thefact that the federation can stilloperate in a way that the states canstill have authority in things likedisaster management and publichealth is a fundamental strength.This pandemic has demonstratedthe national government cannotand perhaps should not have re-sponsibility for crucial things thatneed to happen on the ground.”

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As bonds stall, investors see tough times aheadSAM GOLDFARB

Yields on US government bondshave stalled near all-time lows, asign that investors are anticipat-ing a difficult economic recoveryand years of aggressive monetarystimulus.

For much of the past monthand a half, the yield on the bench-mark 10-year US Treasury notehas hovered around two-thirds ofa percentage point — a shadeabove its all-time low of around0.5 per cent set in March.

Taken together, the low levelof the 10-year yield and its stabili-ty suggest that bond investors notonly hold a dreary economic out-look but also are unusually confi-dent in that perspective, acontrast with the optimism thathas carried stocks to their highestlevels since early March.

The S&P 500 gained 1.7 percent on Wednesday, leaving it just12 per cent below its record highset in February. The Dow JonesIndustrial Average added about369.04 points, or 1.5 per cent, andthe Nasdaq Composite rose 2.1per cent. An important bench-mark for interest rates across theeconomy, the ultra-low 10-yearTreasury yield has facilitated anexplosion of corporate-bond issu-ance from the likes of Costco,

Apple and Clorox. News that anexperimental coronavirus vac-cine from the drugmaker Moder-na had shown promise in an earlytrial helped push the 10-year yieldto the top of its recent range onMonday. But the yield — whichfalls when bond prices rise — hasdeclined again since then, leavingit at roughly half of its low frombefore this year.

Two factors typically deter-mine longer-term Treasuryyields. One is investor estimatesof the average federal funds rateset by the Fed over the life of abond. The other is what is some-times referred to as a risk pre-mium, or an extra amount of yieldinvestors demand to be compen-

sated for the chance that short-term interest rates could risehigher than anticipated as a resultof scenarios such as acceleratingeconomic growth and inflation.

Wednesday’s closing 10-yearyield of 0.679 per cent suggestsmany investors believe that theFed could basically repeat its post-crisis playbook: leaving the fundrate near zero for about sevenyears before raising it to around 2per cent. Yields are lower thanthey were a decade ago in largepart because investors feel moreassured about that outcome, hav-ing seen the central bank im-plement such policies before

without spurring a significantpick-up in inflation.

The risk premiums embeddedin Treasurys “are basically zero ornon-existent,” said Thanos Bar-das, global co-head of investmentgrade at Neuberger Berman.

Expecting yields to remainrangebound over the next fewquarters, Mr Bardas said he likesTreasurys in the seven- to 10-yearrange and has high hopes for thenew 20-year bonds that were re-introduced by the Treasury De-partment on Wednesday in a$US20bn auction.

The stability of Treasury yieldsis particularly notable because itcomes even as an unprecedenteddeluge of new debt floods themarket. Not only has the Trea-sury Department ramped up the

size of bond auctions to fund tril-lions of dollars in economic-reliefmeasures but higher-rated com-panies also have been bombard-ing investors with new bond salesas they try to replace revenue thatis being lost as a result of the coro-navirus pandemic.

The Fed, meanwhile — aftersaying in March it would buy anunlimited amount of Treasurys— has slowed the pace of its pur-chases to $US6bn a day from$US75bn a day. Still, yields havebarely budged, indicating that“globally, there’s tremendous de-

mand for that high-quality debt,”said Colin Robertson, head offixed income at Northern TrustAsset Management.

Treasury yields that are re-liably this low have wide-rangingimplications for markets and theeconomy. For investors, paltryyields might signal a gloomy fu-ture. But they can also propelthem into riskier assets in searchof returns, a likely factor in thesurprisingly strong rebound instocks since their sharp declineearlier in the year.

Low yields have also encour-aged borrowing. For a brief periodin March, corporate borrowingcosts shot upward as fear grippedmarkets and investors sold bondsfrom even the safest companies.Since then, though, the average

extra yield investors demand tohold investment-grade corporatebonds over Treasurys has shrunk,enabling businesses to benefitfrom the low benchmark rates.

Last month, Costco sold 10-year notes with a 1.619 per centyield, the lowest on record for thatmaturity, according to LCD, aunit of S&P Global Market Intelli-gence. Other companies thathave recently issued 10-yearbonds with sub-2 per cent yieldsinclude Apple, Clorox and IBM.Overall, until Tuesday, nonfinan-cial companies had issued$US150bn of investment-gradebonds this month after selling arecord $US231bn in April, accord-ing to Dealogic.

Treasury yields could turneven less volatile if the Fed adoptsa policy known as yield-curvecontrol, several analysts said. Acousin of quantitative easing,yield-curve control entails pur-chasing an unlimited amount ofbonds at a particular maturity topeg rates at a target.

Yield-curve control has beenused for years by the Bank ofJapan to keep the yield on 10-yearJapanese government bonds ataround 0 per cent. In March, theReserve Bank of Australia said it

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would set a target of 0.25 per centfor three-year government bonds.

THE WALL STREET JOURNAL

Source: Bloomberg

%

3.0

2.5

2.0

1.5

1.0

0.5

2015 16 17 18 19 20

US 10-year bond yieldlast traded at 0.6639%

BLOOMBERG

The US Federal Reserve has said it will buy unlimited amounts of Treasurys

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No budgingon borders

Minister for Health Roger Cookhas refused to declare a date forwhen more regional borderswithin WA could be dropped.

Yesterday, as WA again rec-orded no new COVID-19 infec-tions, the minister said if theGovernment could open otherregional borders earlier, itwould. Mr Cook said FederalGovernment-imposed biosecuri-ty zones which clashed withState border measures compli-cated the situation. He said thepolice commissioner was work-ing to dismantle the zones overthe Kimberley, areas of the Gold-fields and other parts of WA.

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