Australian Prime Minister (PM) Scott Morrison revealed on Monday, his government is considering a Kevin Rudd-style cash handout as part of its multi-billion-dollar coronavirus stimulus package.
“The Coalition will also consider dishing out hundreds of millions in cash to small businesses – most likely those with a turnover of $50 million or less - in wage subsidies to keep the economy going and attempt to keep people in jobs.
Also on the table are business tax incentives, including potentially increasing the asset write-off under which businesses with a turnover of between $10 million and $50 million are able to claim the full amount of a capital cost – like buying a van or a trailer – up to $30,000. That write-off could be increased to $50,000 for example.”
AUD/USD licks wounds
AUD/USD consolidates the sharp dive to a new 11-year low of 0.6320, as the bears take a breather above the 0.65 handle at the moment.
Despite the swift reversal, the spot is still down 1.60% on a daily basis.
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