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.
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.
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.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.