RBA’s strategy: Two women wear protective face masks amidst fears of the coronavirus disease in Sydney. RBA says its priority is to support jobs, incomes and businesses, so that when the health crisis recedes, the country is well placed to recover strongly, — Reuters
SYDNEY: Australia’s central bank and government announced support packages that will pump around A$100bil (US$56bil) into the economy, as they seek to cushion the blow from the global coronavirus epidemic.
The Reserve Bank of Australia (RBA) slashed interest rates in an out-of-cycle cut to an all time low and embarked on a quantitative easing programme for the first time, while the government unveiled A$15bil in loan support for small and medium lenders.Australian authorities have been ramping up their financial response to the coronavirus outbreak amid fears it will tip the country into its first recession in nearly three decades and lead to a surge in unemployment.
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