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Ahead of Australia’s annual budget release on Tuesday, Treasurer Josh Frydenberg said that the main objective of the budget is to creating employment in the country.

Key quotes

“The government has pledged A$314 billion ($225.8 billion) of fiscal stimulus to soften the economic blow,” adding that “the budget will include sweeteners aimed at lowering unemployment.”

“I will lay out our economic recovery plan to rebuild the Australian economy.”

“It’s all about helping those who are out of a job get into a job. It’s all about helping those that are in work, stay in work.”

Market reaction

AUD/USD keeps its range play intact below 0.7200, having failed to resist above the latter following the RBA’s status-quo.

  • RBA leaves OCR unchanged at 0.25%, AUD/USD regains 0.7200