According to an Australian daily, the economic stimulus package likely to be announced on Thursday by PM Morison to combat the economic fallout from the coronavirus outbreak will be between $15bn-$20bn.
The local media added that the package will include one-off cash payments $500 for pensioners and those on Newstart (unemployment benefit).
- Australian PM Morrison announces AUD 2.4 bln health package to combat coronavirus – Reuters
- S&P: Australia’s economy will move into recession by June 2020
AUD/USD cheers economic stimulus news
On positive developments out from Australia, the AUD/USD pair remains well bid above the 0.65 handle, as broad USD weakness also supports.
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