04 Jun INVEST FOR GROWTH; INDUSTRY READY FOR DOMESTIC TRAVEL TO RESUME; MARKET BOUNCE BACK FASTER THANKS TO STIMULUS
Welcome to today’s business and media intelligence, with insights collected over the past 24 hours.
INVEST FOR GROWTH
- Take a leaf out of Atlassian’s book and invest during the pandemic. In the AFR’s Chanticleer column today, tech entrepreneur Mike Cannon-Brookes discusses how during the global financial crisis, Atlassian offered one of its key software platforms used by business customers for free. Read more in the AFR here. (Subscriber access)
MARKET BOUNCE BACK FASTER THANKS TO GOVERNMENT STIMULUS
- That’s the verdict of stock picker Geoff Wilson whose listed investment company Wilson Asset Management has reduced its cash holdings to take advantage of capital raisings. While still wary of the economic outlook, the firm is taking positions in sectors such as building materials which are set to benefit from government stimulus. Read more in The Australian. (Subscriber access)
ME BANK SHAREHOLDERS HOLD BOARD ACCOUNTABLE
- Shareholders are seeking accountability for ME Bank’s decisions to slash redraw entitlements as an alliance of 20 industry funds who collectively hold a 20% interest in the bank were advancing the case for removing the bank’s chairman on the grounds that the errant redraw decision was made by the board. Read more in Banking Day here. (Subscriber access)
- The last time the United States went through an economic downturn, some economists called it a “mancession,” as most of the job losses — in manufacturing, construction and finance — were shouldered by men. This time around, though, the economic fallout from the pandemic is threatening to derail the careers of an entire generation of working women, in what some are calling a “shecession” with woman carrying an unequal burden of caring for children. Read more in The New York Times.
INDUSTRY READY FOR DOMESTIC TRAVEL TO RESUME
- Qantas CEO Alan Joyce has acknowledged the “pent up demand for air travel”, saying the airline could ramp up domestic flying to 40 per cent by the end of July and include more services between capital cities, the resumption of several abandoned routes, and launch flights between Sydney and Byron Bay. Read more on the measures Qantas will introduce to ensure safe flying in The AFR. (Subscriber access)
- Business leaders should help kickstart Australia’s economy by scrapping travel bans and encouraging staff to fly for work again, according to Canberra Airport chief executive Stephen Byron, who says a cautious approach to restarting the economy wouldn’t “cut it.” Read more on his comments in The AFR here. (Subscriber access)
Our daily briefing is not meant to be a summary of media coverage but rather, insights that may be helpful in understanding how organisations are communicating with stakeholders in a time of crisis – and what comes next. Sign up via email.