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Australian sharemarket soars in early trade, adding billions in minutes

Published: (Updated: ) in Australian News by .

At 10:30 AEDT the benchmark S&P/ASX 200 was up 131.1 points or 2.53 per cent, marking a second strong surge.

The Australian share market has jumped by more than 2.5 per cent in the opening half hour of trade as investors flood cash back into local stocks.

At 10.30am AEDT the benchmark S&P/ASX 200 was up 131.1 points or 2.53 per cent, marking a second strong surge after the market recorded it's largest-ever single day rise yesterday.

Buoyed by the Federal Government's $1500 wage subsidy announcement, investors are finding hope that Australian businesses are increasingly becoming crisis-proof.

EXPLAINED: Who receives Morrison's $1500 Job Keeper Payment

All four of the big banks have posted strong gains in early trade, as well as the market's major grocers.

The Australian dollar is currently buying 61.60 US cents at 10.15am AEDT, up from 61.47 US cents as the market closed yesterday.

Investors weren't the only ones greeting the JobKeeper payment with open arms.

Business Council chief executive Jennifer Westacott said the subsidies were a fair way of making sure employees stayed connected to employers during the crisis.

"This huge package will keep people in jobs and vitally, make sure Australia is ready to rebuild quickly once this challenge passes," she said.

"We must safeguard as many jobs as we can to prevent long periods of joblessness and poverty."

ACTU secretary Sally McManus has been campaigning for a wage subsidy for weeks, and faced criticism by government members for suggesting it.

"We are glad to see that it will apply to all businesses and most workers," she said, adding she believed it may not be enough.

"We believe that allowing this amount to increase up to the median wage of $1375 a week is what is needed."

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Source: 9News

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