Australian PM Morrison: Expect strong Q4 economic recovery if Sydney comes out of covid lockdown


Australian Prime Minister Scot Morrison rolls out an outline of the covid restrictions in the country while expressing his take on the economic outlook.

Key quotes

80% of adult population needs to be fully vaccinated before considering reopening borders.

Those vaccinated will have "special rules" applied to them.

That considering they pose a lesser health risk to the community.

Phase A as is the current situation.

Phase B is when 70% of the vaccine-eligible population is fully vaccinated both nationally and, in that state,/territory.

Phase C is when the fully vaccinated target hits 80%.

Only when reaching Phase C it can lead to extension of "travel bubbles" with other candidate countries.

If health advice changes on vaccinating children will refresh reopen plan accordingly.

Have not set a timetable for hitting COVID-19 vaccination targets.

I believe we can hit 70% vaccination rate by year-end.

Expect strong economic recovery in Q4 if Sydney comes out of COVID-19 lockdown.

AUD/USD reaction

Amid fresh US dollar selling, AUD/USD is testing offers around 0.7400 once again. The spot has erased earlier losses and trades flat on the day.

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