theAustralian: Banking system set to collapse., page-14

It's a planned economic implosion: All the benefits of a world war reset with none of the infrastructure damage.
It was on the cards anyway in almost every country just as it was with Aus with widespread mismanagement and failing central-planning policies as per the Liberals, never mind Labor.

Note: The Coronavirus is just the scapegoat so the political parties do not get blamed for what is coming due to their policies.

Hence every government stacking on as much debt as possible before inflating it away.