Australian Treasurer Frydenberg: Will lift debt ceiling to A$850 billion

Dhwani Mehta FXStreet

Australian Treasurer Frydenberg is back on the wires now, via Reuters, noting that they are considering lifting the debt ceiling to A$850 billion.

The debt ceiling imposed by the Australian Federal government is A$600 billion while the country’s debt stands just under that level at A$573 billion.

The announcement comes as the authorities strive hard to cushion the economic blow from the coronavirus outbreak.

Earlier today, Frydenberg said that the Australian banks' decision to defer loan repayments for small businesses is a game-changer.

Australian banks announce $57 billion loan relief package for businesses

AUD/USD reaction

AUD/USD regains the recovery momentum above 0.5900 on the aforesaid comments, having dipped to 0.5665 in early Asia.

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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