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An Australian newspaper reported on Monday that the government is launching to implement monetary measures by injecting A$10 billion ($6.6 billion) in circulation to battle the economic impact of the coronavirus spread.
“The details of our fiscal response are still being finalized and we will be working with the colleagues in coming days to conclude that,” Treasurer Josh Frydenberg told Sky News. Frydenberg did not deny nor confirm the size or total amount of the proposed measures.
“We will be making a substantial fiscal response and the prime minister has foreshadowed that it’s about keeping businesses in businesses and Australians in job,” Frydenberg furthered.
The coronavirus, aside from killing 3,400 people across the globe, continues to negatively impact the markets by lowering the volume of consumer spending in the Australian economy. This has the potential to edge Australia on the verge of a recession that last devastated the country in almost 30 years.
The Australian government and the Reserve Bank of Australia (RBA) forecast dropping 0.5 percentage points of economic growth in the first quarter of the year.
As of writing, the country has 74 reported cases of coronavirus with three casualties from the infectious disease.
Apple, Google, Amazon, and Facebook’s chief executive officers faced Republican and Democratic U.S. lawmakers on Wednesday for the much-anticipated congressional hearing. The CEOs were questioned for alleged abuse of their market power ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
Indonesia on Wednesday rolled out a 100 trillion Rupiah ($6.92 billion) loan guarantee scheme for prioritized businesses to keep them afloat as the COVID-19 situation continued to worsen around the world, the country’s finance minister ...
Australia had seen its employment rate dropping 1.1% between mid-June and mid-July, weekly data showed on Tuesday. In addition to this, the southeastern state of Victoria recorded the sharpest plunge in employment as the state suffers from ...
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