Good morning all.

1. The word in the media today is that Victoria’s lockdown is likely to be extended. The Age reports that senior government ministers met last night to discuss maintaining the stay-at-home order, citing the fact that one in 10 positive cases have caught the virus from a stranger. Here are today’s figures:

2. Industry groups fear Victorian businesses could close their doors for good if the lockdown lingers. The lockdown, designed to slow a new coronavirus outbreak in the community, was met with a $250 million emergency funding package from the state government. “These payments are all well and good this week,” said Josh Paterson, a business partner at workplace safety provider Employsure. “But with the high cost of rent and stock, coupled with the cost of paying employees, if this lockdown were to be extended, it would have a significant impact on small business.”

3. NSW Health has also issued a public health alert after a positive Melbourne COVID-19 case visited a number of locations in the state’s south. The visitor was in Jervis Bay, Goulburn, Hyams Beach, and Vincentia while potentially infectious on Sunday, May 23 and Monday, May 24. Not sure what the Cooked Goose Cafe is but it sounds like a great time.

4. The Reserve Bank put interest rates up to 16% yesterday. Just kidding. They left them at 0.1%. In his monthly statement, Governor Phillip Lowe said unemployment was falling faster than expected but that the risk of future outbreaks and lockdowns, such as the one currently in force in Melbourne, threatened the recovery. He added that wage growth is still proving elusive, even as some labour shortages begin to appear.

5. New research from the Commonwealth Bank looking at the attitudes Australian millennials have towards their personal finances exposes a stark divide between expectations and reality. It found most say they lack a plan for saving long-term, with a third admitting to saving only occasionally. While 58% of millennials said they hoped to own property within the next five years, only a third have done so thus far.

6. Nine Entertainment Co has formalised deals with Google and Facebook, which will pay out hundreds of millions of dollars over five years. The deals follow similar announcements by News Corp Australia and Seven West Media earlier this year. While it has not confirmed any plans publicly, the media company – which publishes Business Insider Australia via Pedestrian Group – has signalled it wants to reinvest profits received from the tech giants into local journalism.

7. Sydney property prices rose by 3% in May, or more than $30,000, according to the latest CoreLogic data. Rising at an eye-watering rate of $1,000 a day, Sydney median home values are on track to crack $1 million by the end of the month. It has helped drag prices higher nationwide, rising 2.2% over the month.

8. Nearly 60,000 JobKeeper recipients lost their job shortly after the $90 billion scheme ended in March, according to Treasury. Speaking on Tuesday, Treasury Secretary Dr Steven Kennedy said new single-touch payroll data clarified how many subsidised workers fell into unemployment. His overall optimism was shrouded by Australia’s latest lockdown, with Kennedy saying Victoria’s COVID-19 outbreak is “a stark reminder that the pandemic is far from over.”

9. The UK on Tuesday reported zero coronavirus-related deaths over a 24-hour period. It marks the first time since the pandemic started that the country reported no deaths from the virus. The UK reported one death from COVID-19 on Monday, down from six on Sunday and seven on Saturday. It reported 3,165 coronavirus cases on Tuesday, compared with 3,383 on Monday and 2,493 on May 25. Good news for vaccination.

10. Zoom had an extraordinary and chaotic year in 2020, with usage and revenue skyrocketing. Quarterly results reported Tuesday show it’s still expanding, but the growth rate is levelling out. It reported Q1 revenue of $956.2 million, showing 191% year over year growth, which beat analyst estimates of $910.2 million compiled by Bloomberg. As the world reopens, Zoom faces new challenges to prove that it can adapt to a post-pandemic, back-to-the-office normal.

BONUS ITEM

Interesting read on a weird trend.

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