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Speaking at the Australian Financial Review (AFR) conference in Sydney on Tuesday, Australian PM Morrison the government is on its way to announce a package to stimulate an economy battered by the negative impact of the coronavirus outbreak.

Key quotes

“Our objective is this – keep people in jobs, keep businesses in business, and ensure we bounce back stronger on the other side.”

“We must favor measures that will lift productivity to enable the Australian economy to sustain an even stronger growth trajectory than we were on prior to the crisis.”

“We need you to support your workers by keeping them employed. Whenever possible, support them. Full-time, part-time, casual, including with paid leave if they need to take time off during the course of the virus.”

Earlier today he said that the coronavirus impact on Australia may be greater than the global financial crisis (GFC).

AUD/USD remains pressured

AUD/USD extends losses towards 0.6550 amid downbeat NAB Business Survey, Chinese PPI figures and risk-off action in the Asian equities. Broad-based US dollar rebound alongside the US Treasury yields appears to further weigh down on the Aussie.