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Fitch revises Australia’s outlook to negative, affirms rating at ‘AAA’.

Key notes

Says negative outlook reflects significant impact global coronavirus pandemic has on Australia’s economy and public finances.

Forecasts Australia’s GDP to contract by 5% in 2020, driven by a plunge in economic activity during Q2 due to virus containment measures.

Says expect gradual economic recovery in Australia to begin in second half of 2020 and forecast GDP to grow by 4.8% in 2021.

Says Australia’s banking system is relatively well positioned to manage current shock.

More to come