Australia’s Treasurer Frydenberg: Will now allow banks to provide low-interest rate loans of up to $1 million up to 5 years

Australian Treasurer Josh Frydenberg crosses wires, via SkyNews, during the weekend. The diplomat provided hints of the Aussie government’s upcoming stimulus to combat the coronavirus (COVID-19).

Key quotes

Will now allow banks to provide low-interest rate loans of up to $1 million for terms of up to 5 years.

FX implications

Because the government help earlier had a time period of 3-years and that too up to $250,000, the news seems to help the AUD/USD pair. As a result, the quote manages to ignore the spike in Victoria’s cases by an upward swing from 0.6984 to attack 0.7000 by the press time.