Treasurer Josh Frydenberg said the coronavirus will impact the Australian economy "more than the bushfires" but said any finite figure was still being considered by Treasury and depended on "how the virus evolves globally". "We've seen trade tensions between the US and China, we've seen extended drought, we've seen fires and floods and now the virus," Mr Frydenberg said.
"We are going into this situation in a much stronger position than many other countries - the Australian economy is remarkably resilient." Mr Frydenberg touted the government's "disciplined and considered" approach to its budget, saying the measures "helped prepare Australia for what is a very challenging global health crisis".
JoshFrydenberg Kidding right? Bushfires which have left many homeless, with a costing possible, versus a disease that has barely hit australia, and we have no idea if it will gain any momentum here. Basic fact vs hypothesis.
JoshFrydenberg So he still thinks he invested well, then who cleared out the warehouse ⬇⬇⬇
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Coronavirus to 'significantly' impact Aust economy | Sky News AustraliaTreasurer Josh Frydenberg has flagged the economic impact of the coronavirus will be “more significant” than the bushfires, amid growing speculation the promised budget surplus is all but gone.\n\nSpeaking in Parliament on Tuesday, Prime Minister Scott Morrison was flanked by Mr Frydenberg, Health Minister Greg Hunt and Chief Medical Officer Brendan Murphy to discuss the impacts of the coronavirus. \n\nThe prime minister was eager to promote the success of the government’s travel ban in preventing the spread of the virus in Australia, but was frank about the impact on the economy. \n\nWhen asked, Mr Frydenberg said Treasury was still finalising modelling on how the virus will affect the economy, but outlined it was now impacting on exports and the supply chain. \n\n“The message is very clear. The impact will be more significant than the bushfires, and it plays out more broadly across the Australian economy,” he said. \n\nOn if the government will still achieve the promised budget surplus, Mr Morrison stopped short of confirming it would not occur. \n\n“Hands up those who thought there was going to be a coronavirus epidemic when the budget was released last May? Of course, no one did,' he said. \n JoshFrydenberg can you get your economic expert PMOnAir Murray to cost this all for us? We need leadership in these times JoshFrydenberg 😂🤣😂🤣😂 The surplus that was never there JoshFrydenberg Of course it’s gone. LiberalAus are the worst economic managers known to mankind. They’ve squandered the benefits of our post GFC boom, more than doubled our debt and will now blame fires, storms, disease and pestilence for their incompetence!
Source: SkyNewsAust - 🏆 7. / 78 Read more »
'More significant than the bushfires': Coronavirus to pummel Australia's economy'The impact will be more significant than the bushfires, and it plays out more broadly across the Australian economy.' AusPol 9News
Source: 9NewsAUS - 🏆 10. / 72 Read more »
‘This is a global health crisis’: Prime Minister addresses coronavirusScott Morrison has described the coronavirus outbreak as a global health crisis, warning the economic impacts will stretch far beyond Australia’s tourism and education sectors. ScottMorrisonMP How good is WuFlu? All those students, wow. Great leadership ScottMorrisonMP Hands up those that thought the surplus was just for show, was never going to be sustainable long term and only achieved in the first place by ripping out money from NDIS and other important schemes. ScottMorrisonMP Hands up knew knew there was never going to be a surplus. 🖐️ auspol auspol2020 LNPlies LNPfail Fullofshit ScottyFromMarketing
Source: newscomauHQ - 🏆 9. / 77 Read more »
What will happen in Australia if the coronavirus outbreak becomes a pandemic?The coronavirus may soon turn into a pandemic. SBS News looks at what that means for Australia. Good thing I don't go outside Crapp Fails to mention if the Chinese industries are mit making all our cheap throw away rubbish who will? Who will buy our commodities? We have sold out all our manufacturers we have no secondary industries,bye bye piss weak economy hello crash. Over 65% of employment is in services.
Source: SBSNews - 🏆 3. / 89 Read more »
Coronavirus 'starting to have a real dent in sentiment' | Sky News AustraliaEconomics Fellow from the University of NSW Tim Harcourt says now that the coronavirus is impacting “Italy, Iran, and South Korea,” the “markets have reacted”. \n\nMr Harcourt told Sky News it was “still six per cent off Wall Street high,” meaning there was “no reason to panic yet”. \n\n“It is still starting to have a real dent in sentiment and seen more as a global phenomenon than something just affecting China or Wuhan alone, so perhaps less isolation than we had expected a few weeks ago,” he said. \n\nImage: Getty Even if, 100m old, sick & young people died globally from the coronavirus, the economic impact would be minimal on 7B people. The big economic losses will come from the crazy overreach of the various responses & reactions to the coronavirus risk. Watch the nutters step up!
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Reports of coronavirus vaccine leads to 'significant correction' to ASX plunge | Sky News AustraliaBusiness editor Ticky Fullerton says “the market is moving all the time and it has actually come back” following a significant ASX drop due to coronavirus fears. \n\nThe ASX dropped 4.33 per cent amid concerns the widening spread of the coronavirus would have a large impact on global economies however there was “quite a significant correction to that big jump” on Tuesday. \n\nMs Fullerton told Sky News “extraordinarily the markets here have reacted” after a “report” US drug company Moderna “shipped the first batch of rapidly developed coronavirus vaccine to US government researchers”.\n\nShe said there was an “overwhelming sense” in the market that the impact of the coronavirus was “really going to hurt”. \n\n“There is this genuine fear about the virus but extraordinary developments with Moderna,' she said. \n\nImage: AP
Source: SkyNewsAust - 🏆 7. / 78 Read more »