Australian PM Morrison: To commit A$130 bln over six months to support jobs

Dhwani Mehta FXStreet

Australia’s government will commit A$130 bln over six months to support jobs, said Prime Minister Scott Morrison in a televised briefing from Canberra on Monday.

Further comments

Crisis needs unprecedented action.

Our goal is to protect the lives and livelihoods.

To introduce A$1500 per fortnight job keeper payment.

Want to keep engine of economy running.

This is an extraordinary level of support.

Parliament to reconvene to approve job keeper bill.

We will pay employers to pay their employees and make sure they do, to keep them in the businesses that employ them and to ensure they can get ready together to bounce back on the other side.

Market reaction

Additional stimulus measures announced by the Australian government combined with the turn around in the S&P 500 futures, jolted Australia’s ASX 200 index to close the day higher by 7% while the Aussie bounces-off lows but remains capped below 0.6185.

AUD/USD Price Analysis: Struggles between short-term support trendline, 61.8% Fibonacci

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.

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