CANBERRA (Boscutti Report) — Treasurer Scott Morrison has rattled investors by remaining panic-stricken in the face of volatile swings that have engulfed global equity markets this week.
The Australian stock market recouped some of the $85 billion of losses over the previous two days but then fell after Wall Street ended on a weak finish during its Friday session.
‘It’s a shit show,’ he said.
‘Everyone is losing their minds.’
Markets remain jittery - led by concerns the US Federal Reserve may need to quicken the pace of interest rate rises - and as witnessed by the Dow Jones index swinging between gains and losses in a 1200-point range overnight, after posting a record points tumble on Wednesday.
Mr Morrison said markets and economies were intrinsically linked.
‘There is no difference between what happens in the real economy and what happens in markets,’ he said.
‘The fundamentals of the global and Australians economies? The fundamentals are completely up shit creek.’