Financial market economists in Australia are predicting the country could fall into recession, a state of affairs that won't be known until at least two consecutive quarters of economic growth show negative growth.
"We've been able to do puts Australia in a position to deal with the temporary shock of this virus and how long that goes for, whether it's six months or a bit less than that or a bit more than that, we're well positioned to deal with it," he told Today. The Coalition government's stimulus package could offer individual cash payments to pensioners and welfare recipients of around $500.
The government will also spend $700 million over four years to expand the instant asset write-off for businesses. Today's announcement of the full details of the stimulus plan will follow the announcement of $2.4 billion for health measures to combat the coronavirus.
Get more people tested. Contain the virus first.
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'Confidence is key' for Morrison on coronavirus and stimulus | Sky News AustraliaNews Corp Business Columnist Terry McCrann says Prime Minister Scott Morrison is coming across “as calm and measured” in addressing the threat of coronavirus in Australia and his government's stimulus package. \n\nPrime Minister Scott Morrison is set to announce a stimulus package on Thursday to fight the economic effects of coronavirus which will include one-off payments of approximately $500 to Newstart recipients and pensioners, and cash injections for small business, according to Sky News.\n\nMr McCrann told Sky news the stimulus package must be viewed “in context' and should be 'something more than 10 billion dollars”. \n\n“Because 10 billion dollars in a two trillion-dollar economy is really petty cash”. \n\nHe said he was “impressed” with the prime minister’s “projection” during an interview with Sky News host Peta Credlin. \n\n“He came across as calm and measured and I think that’s the fundamental thing that needs to be delivered”. \n\nFellow panelist, The Australian's Adam Creighton said, 'frankly at this stage I think the federal government is probably already doing enough'. \n\nImage: Getty ScottMorrisonMP Is Terry McCrann still alive? ScottMorrisonMP he needs to clearly think outside the square & stop ridiculous bandaid approaches as we see from previous governance, he needs trusted devoted Ministers with courage & sensible organisation skills reducing waste toward expenditure & insurance where taxpayer funds being spent! ScottMorrisonMP Funny that, everyone I’ve chatted to thinks he’s a bonehead.
Source: SkyNewsAust - 🏆 7. / 78 Read more »