Australia has announced a second support package worth $38 billion to help deal with the economic impacts of the coronavirus.
In a press conference Sunday, local time, Australian Treasurer Josh Frydenberg said the new package is designed to “cushion the blow to households as a result of the coronavirus and to support businesses.””Since the government announced the first stimulus package over a week ago, the global and domestic economic environment has deteriorated,” he said.
He added that the government now “expects the economic shock to be deeper, wider and longer.”
Who will it benefit? Prime Minister Scott Morrison said the “safety net package” includes support for “sole-trader, retirees and those on income support,” as well as assistance for businesses to keep employees. The Prime Minister added that the government is providing up to $57,900 to eligible small and medium sized businesses to help them continue operations and pay rent, bills and staff. “Our focus is on cushioning the blow and providing help to every Australian,” the Prime Minister said.
The Australian government has now injected $109 billion into the economy including the new $38 billion support package announced Sunday, local time. Treasurer Frydenberg said the sum of the support packages released so far is equivalent to 9.7% of Australia’s GDP.
Australia has more than 1,070 confirmed cases of coronavirus.
Source: CNN News