Australian Treasurer Frydenberg: Recession will dampen participation, productivity

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“The budget coming up on October 6 will be addressed at a ‘unique’ recession, said Australian Treasurer Josh Frydenberg while speaking at a news briefing in Canberra this Thursday.

Additional quotes

“Strategy is for a focus on a jobs-led recovery.”

“Recession will dampen participation, productivity.”

“Medium-term budget position to weaken.” 

“Australia to have a lower level of prices, wages.” 

Market reaction

The above comments failed to move the aussie, as AUD/USD licks its wounds around 0.7075, finding some support from the bounce in the S&P 500 futures.

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