The economy will "bounce back" quickly, with Australians having accumulated 250 billion AUD (183.2 billion USD) in savings during the COVID-19 pandemic, Australia's Treasurer Josh Frydenberg said in a press conference on Wednesday.

Additional takeaways

“Expect Australia's gross domestic product (GDP) to fall by three percent or more in the September quarter due to more than half the population being locked-down in Sydney, Melbourne and Canberra.”

“The sharp economic downturn put the cost of the strict restrictions at approximately two billion Australian dollars (1.4 billion US. dollars) per week.”

"We are seeing a light at the end of the tunnel as vaccination rates rise.”

"Vaccines are the cheapest form of economic stimulus available."

Market reaction

AUD/USD is little changed on the above comments, consolidating its Asian rebound below 0.7490.

At the press time, the currency pair is trading at 0.7481, adding 0.13% so far.