Frydenberg speaking in response to the GDP data earlier:
Says the measures taken against the COVID-19 outbreak have come at a cost. The response in Australia was swift, and was aimed at 'flattening the curve', preparing ICUs for an influx, and providing more ventilators. Now the ICU and ventilator goals have been met the restrictions on people and the economy are being eased, on a state-by-state case basis (decision left to state authorities).
As I post there are something like 7230 cases and 103 deaths to date. This is in contrast to places where the response was inept (US at 105,000 deaths, for example).
Anyway, more from Frydenberg:
- Q1 fall in consumption was the largest in 34 years
- seeing some encouraging signs across the economy as restrictions ease
- not through crisis yet, difficulties ahead
