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Australia’s Treasurer Josh Frydenberg came out on the wires earlier this Thursday, via Xinhua news agency, responding to the latest Organization for Economic Co-operation and Development (OECD) forecasts on the Australian economy.

Key quotes

“The positive news for Australia in this report is that Australia stands out as a leader in economic recovery.”

“This report does signal the economic challenges that Australia and the world face, but as we have success on the health front, we are starting to ease restrictions, and it’s critically important that we maintain that momentum, that we lift those restrictions on the domestic borders. Closed borders cost jobs.”

“There is no clear medical reason as to why those domestic borders should be closed.”

“What we have been absolutely clear about is that people shouldn’t have gathered in those numbers for those rallies. In doing so, they put the broader community’s health at risk.”

“Obviously, we’ll wait and see what the health outcomes are in the weeks ahead.”

Market reaction

AUD/USD is on a road to recovery following the Asian session steep decline. The spot now loses 0.90% to trade around 0.6935, having hit a daily low of 0.6916. The price action in the spot is mainly driven by the dollar flows amid broad risk-aversion.

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