“There is good reason to believe that if the virus comes under control in the next two to six months and we minimise the collateral damage from the shutdowns that the hit to activity may be shorter,” Dr Oliver said.
“Growth could rebound quickly once the virus is under control and policy stimulus impacts, which in turn should benefit share markets.”
Like many others, Dr Oliver believes the key for a longer-lasting share market recovery will be when the number of new cases of coronavirus globally starts to slow.
Fitting with the size of gain on the broader benchmark index, all sectors closed higher, led by information technology and healthcare which jumped more than 6.5 per cent.
Payment providers led the gains for the session.
EML Payments surged 32.9 per cent to $1.92 following a broker upgrade. Afterpay Touch continued its breakneck rebound from the multi-year lows hit on Monday, surging another 29.4 per cent to $19.41, leaving it up 142.3 per cent in less than four sessions.
Star Entertainment Group was also helped by broker upgrades from Citi and Credit Suisse, jumping 21 per cent to $1.96.
At the other end of the scoreboard, gold miner Northern Start Resources slumped 15 per cent to $11.47 after it withdrew guidance and delayed its interim dividend payment.