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‘Now is a time for team Australia’: Josh Frydenberg’s message to Australians amid coronavirus panic

Federal Treasurer Josh Frydenberg has urged Australians not to panic as global markets plummet over COVID-19 coronavirus fears.

The Dow Jones had its worst day since 1987, closing down 10 per cent.

The Australian stock market yesterday fell 7.4 per cent to close at the lowest level since 2016.

“This volatility just reflects the uncertainty that we’re seeing with the spread of the virus,” Mr Frydenberg told 3AW’s Neil Mitchell.

The government yesterday announced the details of a $17.6 billion stimulus package designed to help Australia avoid a recession caused by coronavirus.

The Treasurer called on Australians to band together in the face of uncertainty.

“Now is a time for calm. Now is a time for team Australia, for governments both federal and state to come together, for businesses to be flexible about their employees and their situations, and of course for Australians to get out there and spend,” he said.

“My advice is just to go about your daily lives.

“Businesses need to continue to employ people, people need to continue to shop, to go out to their restaurants.

“The economy is actually in a position of strength to respond and yesterday’s announcement about our stimulus package will support our economy at this time.

“We will get over this and when we’re over this we want to be stronger and we want to be more productive as a nation.”

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Image: Rohan Thomson / Stringer