Australian Prime Minister Scott Morrison said the economic impact of coronavirus outbreak is complete different to those of the global financial crisis. “This health crisis – with economic, significant economic implications – is different from a global financial crisis.”
“This is a health crisis which has had serious disruptive impact on … the movement of people, and of goods around the world. That obviously disrupts supply chains and has a suppressing impact on demand,” he added.
“It is a very different set of economic circumstances and issues we are seeking to address. The most important thing is the cashflow, particularly of more vulnerable small- and medium-sized enterprises; the workers – those who work for those businesses – and ensuring that they are in a position to be there on the other side when the economy bounces back.”
He said the Treasury is working through the details of a “targeted”, “measured” and “scalable” fiscal plan. The plan will be ” targeted on the real diagnosis of the economic issue we are looking to confront here.”
