The government is close to delivering a "substantial" economic rescue package to help key sectors which have been rocked by the coronavirus, the Treasurer said today.
Addressing the media, Josh Frydenberg admitted the coronavirus was already having a "very significant" impact on tourism, agriculture, fishing and education sectors.
"The Prime Minister has foreshadowed our economic response will be out shortly. That economic response will be substantial," Mr Frydenberg said.
"Australia is well prepared, economically, and we go into this challenge from a position of strength."
The Treasurer said the multi-billion dollar rescue package would go to businesses and people affected by the coronavirus.
Mr Frydenberg sought to calm anxiety around recent ASX losses and fears of a worldwide recession, but was realistic about how it could affect the economy.
"This is a health crisis with a significant economic impact," he said.
"There will be disruptions to supply chains ... there will be a hit on some sectors of our economy in particular, and we've already seen that.
"There are some 95,000 Chinese students that would otherwise be starting their semester that are unlikely to get here. And, of course, the number of tourists has dropped dramatically."
Mr Frydenberg said the rescue package would impact economic forecasts and his budget, but to what extent would only be made clearer on budget night.
Scott Morrison's economic stimulus package is expected to be worth as much as $10 billion.
The government may consider reducing deeming rates for pensioners, giving local councils funding for small projects and an expansion of instant asset write-offs for businesses.
Some 75 Australians have been confirmed as having the virus, which has so far killed three elderly people. Most of the cases are in NSW.
Source: 9News https://www.9news.com.au/national/coronavirus-josh-frydenberg-stimulus-package-to-help-sectors-rocked-by-outbreak/485c4b03-4971-44ea-bc8d-86141ef8fe8b