Labor open to virus support package
Shadow treasurer Jim Chalmers says Labor is willing to back a long-overdue economic stimulus package in the face of a worsening coronavirus crisis.
Prime Minister Scott Morrison hinted last week the government is putting together assistance for the likes of the tourism sector, which is suffering due to the travel ban on Chinese visitors in an attempt to contain COVID-19.
"We've always acknowledged that the impacts of the coronavirus on the economy will be substantial," Dr Chalmers told Sky News on Sunday.
"If the government comes forward with a plan specifically to support businesses and workers during the fall-out from the coronavirus, we will obviously look at that and support it if it's good."
Global stock markets have been in a tailspin over the past week on fears the coronavirus could trigger a global recession.
Australian shares are set for a weak opening on Monday after another sell-off on Wall Street on Friday, albeit paring its earlier losses by the close.
Even so, Dr Chalmers said the Australian economy was quite weak before the coronavirus and this summer's bushfires hit .
"The treasurer (Josh Frydenberg) unfortunately wants people to forget that growth was already slowing and wages were already stagnant," he said.
"We've had some long-standing problems in the economy which pre-date these challenges which have popped up recently."
The December quarter national accounts are due for release on Wednesday.
Economists' forecasts centre on a slim 0.4 per cent rise in the quarter, lifting the annual rate slightly to two per cent, but still well below its long-term trend.
Australian Associated Press