Prime Minister Scott Morrison says the Victorian coronavirus wave is hurting the national economy and it is in everyone’s interest to tackle it.
Mr Morrison’s comments came as the Australian Prudential Regulation Authority updated its guidance on capital management to banks and insurers and the Australian Office of Financial Management issued a new $15 billion, 30-year Treasury bond.
“There is a significant Victorian wave, but that Victorian wave is impacting the national economy more broadly,” he told reporters in Canberra on Wednesday.
“We’re seeing that in the payroll data, we’re also seeing that in things like table bookings at restaurants and in states that aren’t affected by COVID in the same way that Victoria has been.
“Australia wins when Victoria wins.”
He said the APRA decision would ensure banks will have continued flexibility to be able to deal with the commitments that their clients have on their mortgages and business loans.
The bond issue meant a changing in the profile of Australia’s debt, he said.
“It’s an indication of the confidence that world financial markets have in both how Australia is managing the COVID pandemic, but also the financial management of the country through this pandemic,” Mr Morrison said.