Labor welcomes today’s news that the Reserve Bank and Australia’s financial regulators are taking coordinated action to support the functioning of markets, and boost credit, liquidity and economic activity during this challenging time.

Of course there should be a Coronavirus Business Liaison Unit in the Federal Treasury.

Labor is supportive of the Government’s stimulus measures announced this morning.

The National Accounts confirm that quarterly growth slowed in the December quarter and was below average before the Coronavirus outbreak hit.

Today’s decision by the Reserve Bank to cut the cash rate to 0.5 per cent is a new low for the cash rate and a new low for the Morrison Government’s economic credibility.

New data showing capital expenditure has collapsed again absolutely destroys Josh Frydenberg’s claim that the economy was performing strongly before the Coronavirus outbreak hit.

New data has revealed that weak wages growth has stalled further.

It has been an extraordinary honour to serve alongside Wayne Swan, to have worked for him, and to know him as a mate and a mentor.

Today the Reserve Bank downgraded its forecasts for economic growth for the third time since the May 2019 election.

New data out today shows that retail trade plunged by 0.5 per cent in December and annual growth in retail values and volumes is weak.