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Australia: $17.6 Billion Economic Stimulus Pakage announced
Billions of dollars pumped into coronavirus-hit economy in bid to stave off recession, Scott Morrison announces
By political correspondent Brett Worthington
Updated 9 minutes ago
Key points:
* The Government will pump $11 billion into the economy between now and July
* Welfare recipients will get $750, and there will be tax breaks for small businesses
* The Government concedes it will not deliver its forecast surplus for this financial year
The Federal Government has announced a $17.6 billion economic stimulus package in a bid to keep Australians in jobs as the economy takes a hit from the spread of coronavirus.
Prime Minister Scott Morrison said the package would provide an immediate stimulus to the economy amid fears Australia could slip into a recession.
The package includes tax relief for small businesses, one-off cash payments for welfare recipients and money to help keep apprentices in work.
More than 6 million welfare recipients, including pensioners, carers, veterans, families, young people and jobseekers will get a one-off cash payment of $750 from March 31.
"The biggest beneficiaries of that will be pensioners," Mr Morrison said.
https://www.abc.net.au/news/2020-03-12/federal-government-coronavirus-economic-stimulus/12042972
By political correspondent Brett Worthington
Updated 9 minutes ago
Key points:
* The Government will pump $11 billion into the economy between now and July
* Welfare recipients will get $750, and there will be tax breaks for small businesses
* The Government concedes it will not deliver its forecast surplus for this financial year
The Federal Government has announced a $17.6 billion economic stimulus package in a bid to keep Australians in jobs as the economy takes a hit from the spread of coronavirus.
Prime Minister Scott Morrison said the package would provide an immediate stimulus to the economy amid fears Australia could slip into a recession.
The package includes tax relief for small businesses, one-off cash payments for welfare recipients and money to help keep apprentices in work.
More than 6 million welfare recipients, including pensioners, carers, veterans, families, young people and jobseekers will get a one-off cash payment of $750 from March 31.
"The biggest beneficiaries of that will be pensioners," Mr Morrison said.
https://www.abc.net.au/news/2020-03-12/federal-government-coronavirus-economic-stimulus/12042972
This is very welcome news for me - I will be a recipient of the $750.