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The Reserve Bank of Australia deputy governor, Debelle, says coronavirus causing large increase in risk aversion, uncertainty.

Key statements

Says lower interest rates to help offset demand shock from virus.
Says recent fall in a$ will provide a helpful boost to economy.
Says government stimulus package will provide welcome support to economy.
Combined fiscal and monetary policy will help navigate a difficult period.
Says the effect of the virus will come to an end at some point.
Repeats impact of virus on tourism, education to take 0.5ppt from Q1 GDP.
Says too uncertain to assess impact of the virus beyond march quarter.
Australian banking system well capitalised, in a strong liquidity position.
Have not seen any particular sign of pressure in our daily market operations.
Liaison indicates no material disruption to exports of iron ore and coal at this stage.
Says global economy will be materially weaker in Q1 and period ahead.

More to come…

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