Australian PM Morrison declares a national emergency in response to catastrophic floods

Australian Prime Minister Scott Morrison has declared a national emergency in response to catastrophic floods in northern New South Wales," per ABC News.

Morrison is said to announce new flood funding for disaster mitigation and clean-up efforts.

The Guardian reports, “the emergency declaration will give the federal government greater power to send in defence force assets and skirt around administrative “red tape” to get financial support out quicker. But the Morrison government is already facing questions over why it has taken so long to make such a call.”

AUD reaction

AUD/USD Is little affected by the above announcement, as it continues to hold the higher ground around 0.7280, adding 0.21% on the day.

The renewed upside in oil and gold prices is favoring the commodity currency alongside hotter Chinese inflation and less dovish comments from the RBA Governor Phillip Lowe.