Australian PM Morrison declares a national emergency in response to catastrophic floods
Australian Prime Minister Scott Morrison has declared a national emergency in response to catastrophic floods in northern New South Wales," per ABC News.
Morrison is said to announce new flood funding for disaster mitigation and clean-up efforts.
The Guardian reports, “the emergency declaration will give the federal government greater power to send in defence force assets and skirt around administrative “red tape” to get financial support out quicker. But the Morrison government is already facing questions over why it has taken so long to make such a call.”
AUD reaction
AUD/USD Is little affected by the above announcement, as it continues to hold the higher ground around 0.7280, adding 0.21% on the day.
The renewed upside in oil and gold prices is favoring the commodity currency alongside hotter Chinese inflation and less dovish comments from the RBA Governor Phillip Lowe.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
