Aus­tralian gov’t’s debt will in­crease sig­nif­i­cantly

Fiji Sun - - ASIA/CHINA/AUST/NZ NEWS -

Can­berra: Aus­tralia’s Trea­surer has declared that the na­tion is “at war” with the COVID-19.

Josh Fry­den­berg on Tues­day fronted Par­lia­ment to de­liver a spe­cial min­is­te­rial state­ment on the eco­nomic im­pact of the COVID-19 cri­sis.

He said that the eco­nomic fall­out of the virus has been “sober­ing”, re­veal­ing that the to­tal face value of Aus­tralian Govern­ment Se­cu­ri­ties on is­sue has risen from AU$560 bil­lion to AU$618bn as of last Fri­day.

Ac­cord­ing to fig­ures cited by the Trea­surer, the ASX200 (Aus­tralian Se­cu­ri­ties Ex­change) lost more than a third of its value over four weeks be­tween March and April, house sales have fallen 40 per cent and in­ter­na­tional and do­mes­tic air travel has de­clined 97 per cent.

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