Australian PM Morrison announces $38 bln second stimulus measures to combat the coronavirus impact
Australian PM Morrison announces $38 bln second stimulus measures to combat the coronavirus impact

A tribute to Australia's new move to reduce economic harm to citizens and the recovery of the Australian economy Australia announced today, Sunday, a 66 billion Australian dollar spending plan to reduce the economic damage caused by the emerging Corona pandemic.

www.alnasr.news .. Australian Prime Minister (PM) Scott Morrison said in Canberra on Sunday, the government will pump in A$66.4 billion ($38.50 billion) into the economy to help contain the economic impact of the coronavirus pandemic.

In that regard This comes as part of a second stimulus package, with the initial A$17.6 billion ($10.20 billion) economic response announced last week. The financial measures now equal about 10% of the country’s GDP.

www.alnasr.news .. We will be focusing on those in the front line, those who will be feeling the first blows of the economic impact of the coronavirus.

There will be more packages and more support.

The government would help underwrite loans to small and medium-sized businesses and boost unemployment benefits as companies are forced to lay off staff.

Too many Australians are not taking these issues seriously enough.

In that regard The measures that we will be considering tonight means that state premiers and chief ministers may have to take far more draconian measures to enforce social distancing particularly in areas of outbreaks than might otherwise be the case.

Australian PM Morrison announces $38 bln second stimulus measures to combat the coronavirus impact

Small and not-for-profit companies will receive sums up to A $ 100,000, and the salaries of the unemployed will double for a while and retirees will get A $ 750.

Workers whose income has fallen by at least 20% due to the outbreak of the epidemic will be able to reach their compensation early, and those facing difficulties will be allowed to withdraw from their compensation an amount of up to A $ 20,000 over two years.

Australia appears to be on the verge of slipping into recession as a result of the virus, after registering for 29 years in record time.

Australia has reported more than 1,300 new cases of corona and seven deaths. Prime Minister Scott Morrison said the government was "moving immediately" to recommend against traveling if there was no necessity, warning of the possibility of taking additional measures to cope with the outbreak.

"Tougher measures will be taken in specific areas to deal with the outbreak," he said, noting that "what will be necessary in some part of Sydney will not be necessary throughout ... and other parts of the country."

Australia closed its borders in a move to prevent unprecedented entry for non-residents, hoping to stop the spread of the Covid-19 virus.