Australian Prime Minister Scott Morrison said his government was considering a set of economic reforms to help Australia recover from the damage caused by the Coronavirus.
The Australian government expects the economy to contract by about 10 percent during the second quarter of this year due to closures due to the Corona virus.
Australian Treasury Secretary Josh Friedenburg said in a speech today, Tuesday, that the closure caused by Corona will cost the Australian economy 50 billion Australian dollars (32 billion dollars) during the quarter ending next June.
He continued, "Friedenburg": "Despite Australia's success so far on the health level, and the unprecedented scope of the economic response, our economic indicators will get significantly worse in the coming period before improving."
According to Treasury forecasts, Australia could head for the first recession since 1991 with massive closures in the services sector to stem the virus from spreading.
Australia has approved a stimulus plan worth A $ 320 billion ($ 201.82 billion), while the central bank has cut interest rates to a record low of 0.25 percent with the launch of an unlimited quantitative easing program.
The Australian treasury expected the unemployment rate to rise to 10 percent in the second quarter of this year.
Prime Minister Scott Morrison is expected to announce plans to ease the closure restrictions on Friday,