Says risk aversion may see reduced spending, reduced demand.
If Morrison really believes his 'greater impact than the global financial crisis' comment, and if his government is looking for provide a commensurate fiscal response then the package would need to be in the order of AUD 70bn or so over the next couple of years and would need a hiking of the debt ceiling.
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When I consider Morrison's comment, TBH I think its overblown. Yes there will be severe economic impacts. China and South Korea, though, it appears to me, have already seen the worst and have turned the corner. There is a ways to go yet globally, especially in the US where large scale testing is yet to be undertaken but, and maybe I will be wrong, I see light at the end of the tunnel (oncoming train?).
