Coronavirus to ‘significantly’ impact Aust economy

Treasurer Josh Frydenberg has flagged the economic impact of the coronavirus will be “more significant” than the bushfires, amid growing speculation the promised budget surplus is all but gone. Speaking in Parliament on Tuesday, Prime Minister Scott Morrison was flanked by Mr Frydenberg, Health Minister Greg Hunt and Chief Medical Officer Brendan Murphy to discuss the impacts of the coronavirus. The prime minister was eager to promote the success of the government’s travel ban in preventing the spread of the virus in Australia, but was frank about the impact on the economy. When asked, Mr Frydenberg said Treasury was still finalising modelling on how the virus will affect the economy, but outlined it was now impacting on exports and the supply chain. “The message is very clear. The impact will be more significant than the bushfires, and it plays out more broadly across the Australian economy,” he said. On if the government will still achieve the promised budget surplus, Mr Morrison stopped short of confirming it would not occur. “Hands up those who thought there was going to be a coronavirus epidemic when the budget was released last May? Of course, no one did," he said. Via news.com.au — Australia’s #1 news site https://www.news.com.au