A measure of Australian business conditions extended its blistering run to reach all-time highs in May with sales, profits and employment all up strongly, a sign the economy has the momentum to cope with a coronavirus lockdown.

Australia business activity climbs to fresh highs in May, says survey

Australian economy is facing its first recession in 29 years. The Finance Minister Mathias Cormann has his task cut out as China has compounded problems with tariffs.

Gravitas: Australian Finance Minister Speaks To Wion

The Reserve Bank of Australia has cut official interest rates to a new record low of 0.5% due to the “significant effect” of the coronavirus outbreak on the Australian economy and has signalled it is prepared to cut further if needed.

Australia cuts rates to record low amid coronavirus concerns | Covid -19