Australian Prime Minister Scott Morrison warned today that the coronavirus could have larger impact to Australian economy than the global financial finances in 2008. That’s because “the epicenter of this crisis as opposed to that one is much closer to home”, referring to the close tie with China.
Also, “there is the potential for heightened risk aversion to flow over into reduced business and consumer spending, reduced demand across our economy. These effects would be greater if coronavirus were to have a significant impact on the health of our workforce, which is what we need to plan for, and that’s something we’re working very hard to prevent at the moment.”
Morrison said the government will soon announce stimulus response to the coronavirus outbreak. It’s reported by the Australian newspaper that the measures could worth about AUD 10B.
