The benchmark ASX200 share index market closed with a drop of 7.9 percent, tumbling 455.6 points down to 5,760.6, the
The losses on the stock market are estimated at AU$140 billion (
"Australian shares have slumped to their worst day since the global financial crisis with futures markets indicating a market bloodbath awaits the US and
The stock exchange reaction is blamed on the global COVID-19 crisis, which has claimed the lives of three people in
"Market volatility is not uncommon at times like this,"
"So there are a number of factors at play when it comes to the equity markets, but our financial system remains strong, our economy remains strong. This is a very different situation to what we saw through the GFC, which was essentially a problem with the banking and the financial system and issues of liquidity," he added.
"We haven't seen those same problems in relation to this health crisis. What we have seen is a supply and demand side constraints, and that's where our [stimulus] package will be focused," Frydenberg said.
Experts have predicted the country is on track for its first recession since 1991. EFE
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