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Australian Treasurer Josh Frydenberg has said that the details of fiscal response to virus being finalised.

Key comment

Focus of stimulus is protecting jobs, businesses.

Frydenberg has promised the government’s stimulus package to counter the effect of the coronavirus crisis on the economy will be announced “sooner rather than later”. Mr Frydenberg reiterated the impact on the global economy from COVID-19 will be significant and Australia is not immune to it. “There will be a comprehensive suite of measures that are designed to provide a significant boost to the Australian economy to help businesses stay in business and Australians stay in jobs,” he said in Melbourne on Saturday.

“We’ve heard firsthand today of declines in activity at some of these restaurants, furniture shops and other businesses of between 50 and 80 per cent,” he said. “The fact is this economy was tanking well before the bushfires and the coronavirus. The economy needed support much earlier.”

FX implications

AUD/USD drops back to revisit near 0.6600 region as coronavirus fears intensify