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.

AUD/USD reaction

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

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