Australian Prime Minister Scott Morrison announced an unprecedented “AUD 1500 per fortnight job keeper allowance” to safeguards jobs during the coronavirus pandemic. As much as AUD 130B would be spent over six month. “Our job keeper plan sees every Australian worker the same, no matter what you earn,” he said. “If anyone falls on a hard time … we are all in this together.”
Treasurer Josh Frydenberg warned, “the weeks gone have been tough but those to come will be even tougher”. “Today we go further … we are providing support to the Australian worker like never before. This payment will give working Australians the best chance of keeping their job and being connected to their employers.”
The ASX 200 had the biggest one-day surge in decades, by 339ts or 7% to close at 5181. AUD/USD, however, has little reactions.
