Prime Minister Scott Morrison has unveiled another $66 billion worth of stimulus measures in an effort to help keep businesses going and workers in jobs during the coronavirus crisis.
The new package takes Australia’s total stimulus to a massive $189 billion, or the equivalent of 9.7 of our GDP. This is a big step as Canada’s stimulus is 4.5 per cent of its GDP and South Korea’s is 4 per cent.
Here are the main measures announced as part of the stimulus package:
Some quotes from the Prime Minister Scott Morrison today:
“There is a lot of pain coming, but we’re going to cushion the blow as best we can,”
“We’re already seeing the devastating economic impact coronavirus is having for Australia’s local businesses. Unfortunately, it is going to get worse before it gets better but it will get better.”
“We want to help businesses keep going as best they can or to pause instead of falling apart. We want to ensure that when this crisis has passed, Australia can bounce back,”
“In the event that someone does regrettably lose their job because of the coronavirus, it’s very important that businesses give their workers the confidence that this is just temporary. And that when they reopen their doors and get back to business, that they will want to get them back on the payroll as soon as possible.”
“This is all about getting through the next six months or longer as the virus takes its course. Our support is all about building an economic bridge to get us to the other side, so together, we get through this.”
At the moment conditions are constantly changing and therefore so are the proposals being made by the government so to make sure everything is up to date be sure to check the treasury’s Coronavirus page at https://treasury.gov.au/coronavirus
As always, if you have any questions please don’t hesitate to email me at firstname.lastname@example.org
Zac is a qualified financial planner at Pekada and host of the Wealth Collective Podcast. Living in Melbourne, Zac has six years of experience in advice and specialises in wealth accumulation and protection strategies. He loves to keep his finger on the pulse for the best strategies for wealth accumulators looking to build and protect their wealth tax effectively. Zac has been featured as an expert in Money Magazine.