Josh Frydenberg confident in economy surviving pandemic
Treasurer Josh Frydenberg is confident Australia will be able to recover economically from the global pandemic.
Along with announcing a rate cut to a historic low of 0.25 per cent, the Reserve Bank of Australia will provide at least $90 billion at 0.25 per cent over three years to banks if they lend that cash to small and medium-sized businesses.
Treasurer Josh Frydenberg announced, shortly after, that the government would spend up to $15 billion to help small lenders support small and medium-sized businesses.
The Treasurer tells Ben Fordham the changes announced today put the economy in a strong position to endure the pandemic.
“This is designed to decrease the cost of borrowing, but also to increase the flow of credit to make it easier for small to medium-sized business to have access to capital at this difficult time.
“We are going to build a bridge to the recovery.”
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Image: Getty/Tracey Nearmy