On Wednesday, the government of Australia announced a health package to fight the outbreak of coronavirus which worth AUD2.4 billion (USD1.56 billion) while it prepares to announce further stimulus.
rime Minister Scott Morrison said that this financial year, the country would just spend AUD1.2 billion (USD780 million) as the impact of the outbreak would hit the hardest in the upcoming months.
According to the federal government, the latest funding package would include the USD500 million (USD325.5 million) announced last week to support the costs to the health system from the outbreak.
It also stated that on Thursday, an additional economic stimulus package would be announced.
Broadcaster Sky News, informed by government sources, said that the stimulus package was likely worth AUD20 billion (USD13 billion). It will include one-off individual cash payments of about AUD500 (USD325) to pensioners, those claiming unemployment benefits, and small businesses.
The PM said that the package would include arrangements for the government to pay half the wages of about 117,000 apprentices at small businesses that employ fewer than 20 people, at an expected cost of AUD1.3 billion (USD846 million) for young people in jobs and keeping them in training.
Guy Debelle, deputy governor of the Reserve Bank of Australia said opined that while the general effect of the virus outbreak on the country’s economy was still uncertain, the combined effect of fiscal and monetary policy would still assist activities.