Australian Treasurer Frydenberg: Significant growth expected post-Delta

Dhwani Mehta FXStreet

Speaking at an online address to major businesses on Friday, Australian Treasurer Josh Frydenberg said that he believes the country will witness significant growth next year once the negative effects of the Delta covid variant-induced restrictions subside.

Key quotes

"We will start to see a strong comeback for household consumption,"

"We're expecting consumption and investment to pick up once we're out of lockdown in the two major states of NSW and Victoria."

“The Reserve Bank of Australia had also forecast similar growth levels for the country in the months ahead.”

"Delta has been a big hit to the economy, and not just in economic activity, but the fiscal cost that has been running to support households."

"It's important to stick to the national plan agreed to at national cabinet and open in accordance with the plan, because we expect to see the economy bounce back."

AUD/USD pares weekly gains near 0.7300 as IMF, Evergrande and China poke bulls

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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