She was born in North York, a borough of Toronto, but relocated to Hong Kong along with her family (who are all originally from there) back in 1999 — going against the wave of immigration that was flowing in the opposite direction, after Britain handed back control of Hong Kong to China in 1997.
As protests have raged on since last year against China’s increasingly aggressive attempts to exert control over the semi-autonomous city, realtors across Toronto and Vancouver with clients primarily from Hong Kong and mainland China, have braced for a wave of inquiries about Canadian real estate.
Real estate prices in Toronto and Vancouver have largely held up throughout the pandemic.
Scarrow believes that one of the less considered trends that’s taking place because of the pandemic and China’s looming grip on Hong Kong is fewer Canadians migrating to Hong Kong.
So a second wave of government supports must extend the emergency lifeline for the economy beyond September.
The list is long: JobKeeper ends, the doubling of unemployment benefits through JobSeeker stops, the pause in payments on half a million mortgages runs out, the rental eviction ban is lifted, government loan guarantees for small businesses pull back, and the clock runs out on extra wage subsidies for apprentices.
Or, to put that another way, if you want to know what will happen with JobKeeper, keep watching the virus numbers in Melbourne.
But the recession is changing shape fast, so the nature, timing and dollars of government support needs to change fast too.
So whatever happens, we shouldn’t be scared of spending more money if that’s needed to get unemployment back down.
The mistake the world made after the GFC was pulling back government support too soon.
He questioned the merit of negative interest rates and pointed to a lack of demand to borrow money, when asked if the central bank considering further subsidising bank lending by adjusting its $135 billion Term Funding Facility bank funding program.
While the Reserve Bank's actions have been highly effective in stabilising bond markets and lowering borrowing costs, other central banks have taken more extreme measures- such as purchasing corporate bonds, expanding bond purchase programs and exploring negative interest rates.
The Reserve Bank's deputy governor said liquidators are preparing for a delayed but inevitable rise in business failures in the coming months while uncertain businesses are reluctant to take advantage of historically low interest rates.