COVID-19 Economic Stimulus Package UPDATE
The Commonwealth Government has released the second stage of its stimulus plan to cushion the economic impact of the coronavirus and help build a bridge to recovery.
Supporting Australian workers and business
A total of $189 billion is being injected into the economy by all arms of Government in order to keep Australians in work and businesses in business.
This includes $17.6 billion for the Government’s first economic stimulus package, $90 billion from the RBA and $15 billion from the Government to deliver easier access to finance, and $66.1 billion in today’s economic support package.
The economic support package includes:
- Support for households including casuals, sole-traders, retirees and those on income support
- Assistance for businesses to keep people in a job
- Regulatory protection and financial support for businesses to stay in business
Prime Minister Scott Morrison said the Government was acting to cushion the blow from the coronavirus for businesses and households to help them get through to the other side of the crisis.
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