Australian PM Morrison announces A$1 billion health fund for coronavirus outbreak

Australian Prime Minister Scott Morrison said on Friday that his government in collaboration with the country's states would create a one billion dollar fund to treat coronavirus patients. Australia has recorded 60 cases of the coronavirus while two elderly people have died from the virus while authorities struggle to contain the outbreak. in late February, Morrison said a global pandemic of the coronavirus was likely, and on Friday, he detailed the healthcare costs for the first time.

The spread of the coronavirus is expected to have a significant economic toll with the government on Thursday warning the crisis would subtract at least half a percentage point from first quarter growth. Australia's government is poised to announce a stimulus package to cushion the economic hit of the virus.