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Markets Live, Tuesday 4 August, 2020 – The Sydney Morning Herald

Australian shares jumped by as much as 2.2% on a strong lead from Wall Street. The RBA held the cash rate at its record low 0.25%

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“This recovery is, however, likely to be both uneven and bumpy, with the coronavirus outbreak in Victoria having a major effect on the Victorian economy,” he said in a statement.
Markets had expected the RBA to hold rates, with the bank signalling it would not start lifting them until inflation approached its 2-3 per cent target range and the jobs market was strengthening.
Inflation data last week showed the largest fall in consumer prices since September 1931. Unemployment rose in June to 7.4…

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Victoria’s coronavirus cases drop dramatically as seven deaths reported – Yahoo News Australia

The state confirmed 21 new infections and seven deaths on Saturday –significantly lower than those seen on Friday.

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Victoria has recorded its lowest number of new coronavirus cases since June.
The state confirmed 21 new infections and seven deaths on Saturday significantly lower than those seen on Friday, which saw numbers jump to 45 and five deaths recorded.
The news come as Melbourne tackles a suburban cluster and braces for anti-lockdown protests.
Saturday’s figures take the state’s coronavirus death toll to 757 and the national count to 844.
Metropolitan Melbourne has a 14-day new case average of 39.3…

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Super for first-home buyers: a safe future for young Australians or just a boost for property prices? – The Guardian

A plan to help renters get ahead on the property ladder could jeopardise their retirement and place a burden on taxpayers, experts say

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Like any major crisis that permeates the fabric of all our lives, the coronavirus pandemic has thrown up demands for a rethink of things we have taken for granted for decades. One such call is that by a group of Liberal MPs to allow young Australians to access their superannuation pot in order to help them buy their first home.
They enter the debating arena at their peril given that the system of mandatory superannuation is one of the sacred cows of Australian public policy. Diverting those fun…

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Climate campaigners condemn ‘joy flights’ for travellers who miss flying – The Guardian

Rise in scenic round-trips by air in Australia and Asia is ‘insanity,’ say environmentalists

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Environmental campaigners have condemned the rise of scenic joy flights aimed at passengers missing the excitement of travel.
Tickets for a seven-hour round trip from Sydney with Qantas sold out within 10 minutes, making it one of the airlines fastest selling flights ever. Seat prices on the 10 October flight range from A$787 (£607) economy to $3,787 for first class.
Using 787 Dreamliner aircraft usually employed for long-haul international flights, Qantas Great Southern Land flight will fly a…

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