10 things you need to know this morning in Australia

Happy Thursday, team. Today we're grappling which a bunch of retail stories, as the coronavirus shutdowns continue to bite the sector hard. Let's get into it.

Virgin Australia will pay out Velocity points in cash if it collapses, with money from a trust

Virgin Australia's Velocity points will be paid out to its members if it collapses, the embattled airline has revealed to Business Insider Australia.

The RBA says now is the time to rebuild the economy, because we're not rushing back to 'business as usual'

The Reserve Bank of Australia (RBA) has laid down its thinking on how Australia will fare economically throughout the coronavirus crisis. Forecasting 10% unemployment, a 20% fall in hours worked and a 10% economic contraction by the middle of the year, Governor Phillip Lowe said there were "difficult" months ahead.

Netflix membership is up by 3.6 million in the Asia Pacific region, as people stay home through the coronavirus pandemic

Netflix released its first quarter 2020 results, reporting a rise in membership in the Asia Pacific. Netflix recorded 19.8 million paid memberships in the first quarter of this year, compared to 16.2 million in the fourth quarter of 2019.

Panic buying has kept Australia's retail sector chugging along, but economists worry about what happens next

Australia's preliminary retail figures show supermarket turnovers have rocketed up by 22.6% compared to last year. However, as panic-buying levels recede, the retail sector is in for a rude shock, according to BIS Oxford Economics chief economist Sarah Hunter.

Coles, Aldi and Woolworths have lifted buying restrictions on some products, as demand begins to return to more normal levels

Coles, Aldi and Woolworths have eased restrictions on some items after panic buying triggered by the coronavirus pandemic subsided. Aldi is easing restrictions on UHT milk, canned foods, sugar and microwave rice.

Coronavirus could kill more than 300,000 people if US restrictions are lifted prematurely, federal documents show. Experts say even that's optimistic.

Governors across a swath of states are beginning to lift coronavirus social-distancing rules. But documents from the Department of Health and Human Services, obtained by the Centre for Public Integrity, show that 300,000-plus people could die of COVID-19 in the absence of such measures.

Here's how to ask for a rent reduction if you've been affected by the coronavirus pandemic

With the coronavirus-related business shutdowns keeping many Australians out of work, it can impact the ability of tenants to pay rent. Real estate company Ray White offered suggestions on the best way tenants should approach asking for a rent reduction.

Elon Musk says possible oil industry bailouts would be 'not the greatest use of money'

Allowing oil and gas companies to tap credit facilities created by the CARES Act is "not the greatest use of money," Elon Musk tweetedWednesday. The Tesla CEO later said "much of the stimulus money is questionable, but this much to oil & gas seems especially so."

5 startups explain how being away from the big smoke of Sydney and Melbourne helped their success

Sydney and Melbourne might be the traditional hotspots for business, but many startups are discovering the wisdom of escaping the big smoke for somewhere with the same amenities, but a lot more support from the locals. Not to mention an all-round better lifestyle.

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