Scott Morrison warns fallout from coronavirus could be as bad as GFC
Prime Minister Scott Morrison is set to announce stimulus measures to boost the economy as he warns the deadly Covid-19 could be as bad as the global financial crisis in 2007-2008.
VIC News
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The economic impact of coronavirus could equal that of the 2007-2008 global financial crisis, according to Prime Minister Scott Morrison.
Mr Morrison said the deadly Covid-19 was “a serious global health crisis that has very significant economic impacts”.
The government is expected to announce stimulus measures in coming days to boost the economy.
“We’re considering a wide range of options,” he said.
“When we finalise that, then we’ll obviously make our announcements,’’ he said, refusing to be drawn on whether he would recall parliament if enabling legislation was required.
The Victorian Government confirmed a host of infrastructure projects were ready for a federal funding boost.
“We have got proposals ready and we are having conversations with the Commonwealth Government, not just in relation to coronavirus stimulus,” Mr Andrews said.
Nationals Accounts figures released this week showed the Victorian economy shrunk by 0.1 per cent in the December quarter.
It puts Victoria on the brink of recession, and Treasurer Tim Pallas said on Thursday “we don’t know how this will play out”.
Asked if he was resigned to a technical recession, Mr Pallas said: “No, not at all.”
“I think it’s counter-productive for people to speculate about that because there’s certainly no indication that that’s where we’re heading,” he said.
“What we can say is the state of Victoria is the strongest economy in the nation is well prepared to deal with these issues, and we will be delivering a surplus.”
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