Tornado Alley (PROG)

[conix]

Trump has DEPRESSED the economy?

Oh...Kayyyy...

I guess unemployment rates are not part of the economy.

Or labor participation rates.

Or wage growth.

Maybe I should post info on your economy.



Australia Flags ‘Targeted’ Stimulus as Coronavirus Hits Economy

See article on: www.bloomberg.com

Edward Johnson

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(Bloomberg) -- Australia’s Prime Minister Scott Morrison indicated the government is considering targeted stimulus for sectors of the economy most severely impacted by the coronavirus outbreak.
a large body of water with a city in the background: The Celebrity Solstice cruise ship, operated by Celebrity Cruises Inc., right, sits moored at the Overseas Passenger Terminal as commercial and residential buildings stand in the central business district in Sydney, Australia, on Thursday, April 13, 2017. The Australian economy will expand 2.5 percent in 2017, 2.8 percent in 2018 and 2.6 percent in 2019, according to a survey conducted by Bloomberg News.© Bloomberg The Celebrity Solstice cruise ship, operated by Celebrity Cruises Inc., right, sits moored at the Overseas Passenger Terminal as commercial and residential buildings stand in the central business district in Sydney, Australia, on Thursday, April 13, 2017. The Australian economy will expand 2.5 percent in 2017, 2.8 percent in 2018 and 2.6 percent in 2019, according to a survey conducted by Bloomberg News.

Treasury’s advice is that any stimulus should be “targeted, modest and scalable,” Morrison said in a televised interview with Channel Nine Friday.

The tourism and education sectors have been particularly hit by the outbreak, with the government announcing yesterday that a ban on people traveling from mainland China will be extended by another week. The travel restrictions have left thousands of Chinese students, a key source of income for Australian universities, locked out of the country just as the academic year begins.

Australia’s China Reliance Backfires as Virus Fallout Spreads

The fallout from the virus could cost the tourism industry A$2 billion a month, according to a report to be released Friday by the Tourism Transport Forum, the Australian Financial Review reported.

With the economy set to take a “significant” hit from the virus, Treasurer Josh Frydenberg is walking back the government’s commitment to return the budget to surplus.

Morrison yesterday said that the risk of a pandemic was “very much upon us” and activated emergency measures that will allow health screening at borders and stockpiling of medical equipment.

Morrison has sought to reassure Australians that containment processes were working. All 15 patients directly related to Wuhan, the epicenter of the outbreak in China, have made full recoveries, while eight more cases linked to the Diamond Princess cruise ship in Japan are still being monitored.