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Frydenberg in new crisis talks with RBA and regulators

"I asked the question," he said.

"Our banking system is strong and well-capitalized and corporate balance sheets are better than they were during the GFC. & amp; # 39;

Short selling involves investors borrowing stocks from fund managers, selling them for the price down, and then buying them back at a cheaper price. The fund manager receives fees in return.

ASX at the end of the turn

On Thursday, Frydenberg and Prime Minister Scott Morrison announced a $ 17.6 billion stimulus package to avoid the recession. Either way, the ASX 200 lost 7 points the same day due to unrest in the United States, caused by a lack of leadership from Donald Trump.

Friday, the ASX 200 experienced a remarkable recovery to close at 4.4% after an initial fall of 6.7%.

Mr Frydenberg has already indicated that the May 12 budget could include a new stimulus cycle and he has not given up on doing something more ahead of the budget, although this is considered unlikely.

"We are requesting more real-time information from the Australian Bureau of Statistics and Banks and we will be working closely with the Australian Tax Office, but we will be monitoring all of this very closely," he said.

"Because this situation is changing quite quickly, we are going to maintain a briefing to watch. & amp; # 39;

Dr Lowe addressed the Council of Australia governments meeting on Friday and told the Prime Minister and the Prime Ministers and Heads of Government that they should further tighten their budgetary positions to fight against the economic downturn.

Frydenberg and the COFR – which includes the RBA, ASIC, APRA and the Treasury – will meet on Saturday after Wall Street closes. It will be the second such meeting in less than two weeks.

He said the economic turmoil caused by the virus epidemic would not end quickly.

"I don't think it will go away anytime soon, but we know there will be another aspect and we just need to be able to bounce back stronger."

He said the country was as well prepared as possible for what was to come.

"Our banking system is in good condition and corporate balance sheets are in good condition, but it is clear that uncertainty, cancellation of major events, developments in Europe and the United States all play in people's uncertainty. "

"This volatility only reflects uncertainty and, of course, I speak regularly with our regulators. We have very experienced regulators to help us manage our way."

Prime Minister Scott Morrison said the crisis "will continue to escalate".

"It will be several months to come as we work through this. What you have seen are governments across the country, going forward, working together to stay ahead and I can tell you, we all have to keep our heads. "

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