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Coronavirus’ economic impact ‘more significant that the bushfires’

The coronavirus outbreak is a global health crisis, says Scott Morrison, while Treasurer Josh Frydenberg has warned its economic impacts will be more significant than the bushfires.

As the nation deals with the economic fallout, the Prime Minister confirmed 15 people who returned to Australia had been cleared of the virus, while seven others from the Diamond Princess cruise ship have mild symptoms.

Mr Morrison described the virus as an “unknown global shock”.

“This is not like a global financial crisis. This is a global health crisis,” he told reporters in Canberra on Tuesday.

Mr Frydenberg said his department had not yet finalised its advice on the economic impacts, but warned of the coronavirus’ effects as it “plays out more broadly across the Australian economy.”

The Prime Minister said speculation about the impact on the budget bottom line was unhelpful.

“Hands up those who thought there was going to be a coronavirus epidemic when the budget was released last May? Of course no one did,” Mr Morrison said.

Australia has imposed a strict travel ban on visitors arriving from China.

The Prime minister appears reluctant to extend the ban to other countries where the virus has taken hold.

“We have no advice from the medical experts to suggest that that should be done at this point,” he said.

-with AAP

The post Coronavirus’ economic impact ‘more significant that the bushfires’ appeared first on The New Daily.


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