The Australian Treasury Secretary Steven Kennedy offered optimistic remarks on the economic recovery while delivering a lunchtime briefing on Tuesday.
Key quotes
“Australia’s economic recovery is stronger than in many other countries.”
“Iron ore price is a key uncertainty for the outlook for the Australian economy.”
Meanwhile, Shadow Treasurer Jim Chalmers is likely to address an event run by peak welfare group ACOSS.
He is expected to say, “for two million Australians who can’t find a job or enough work, or those caught in long term unemployment at 20-year highs, it still feels like a recession.”
“The budget was a missed opportunity to make the economy stronger and more inclusive after the COVID-19 pandemic,” he may add.
Market reaction
AUD/USD holds the higher ground just shy of the 0.7800 mark, underpinned by the risk-on market mood and persistent weakness in the US dollar across the board. The aussie bulls also cheer the above upbeat comments and RBA minutes.
