Govt's $18bn package to boost small business, pensioners | Sky News Australia

Businesses and pensioners will be supported in the Morrison government's stimulus package, which is designed to prevent the economy from slipping into recession. Treasurer Josh Frydenberg told Sky News the package would be in the ballpark of $18 billion and would focus on keeping employers afloat to save jobs during the coronavirus pandemic.

Prime Minister Scott Morrison also confirmed there would be a cut to the deeming rate. Meanwhile, Labor frontbencher Bill Shorten urged the government to act and consider the cancellation of mass gatherings, insisting it only had “days” to get it right. “This is going to be a major policy question, not in the matter of weeks or months, but in days," he said.

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Thank you I desperately need a new tv

So it is a stimulus now? But, but, but... I thought we were back in black? I thought the great economic managers said the economy was in great shape? Guaranteed, this govt will fcuk this response like they have every other crises so far backinblack auspol

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Morrison govt 'need to be mindful' with stimulus package: Latham | Sky News AustraliaNSW One Nation leader Mark Latham says Prime Minister Scott Morrison and Treasurer Josh Frydenberg need to be cautious with their stimulus package because “once you get into deficit it is very hard to get out, particularly with the economy slowing”. \n\nThe Morrison government announced it would unveil a stimulus package expected to be around $15 to $20 billion in value to help the economy cope with the impacts of the coronavirus. \n\nMr Latham told Sky News host Chris Kenny the stimulus implemented by Kevin Rudd was excessive and dismissed the former prime minister's claims to credit the current proposed stimulus because Mr Rudd’s “package was very much flawed”. \n\nThe prime minister and treasurer “need to be mindful” of where they targeted the stimulus and its size as “it has taken Australia more than a decade to have any glimmer of hope of getting out of that cycle of budget debt and deficit, so you can over-do it,” he said.\n\nMr Latham said the government was correct in targeting “low income earners, welfare recipients and pensioners” because “they do tend to spend most of their budget”. \n\n“If you get it to the people who spend it all you get the maximum hit for the government dollar.”\n\nImage: News Corp Australia ScottMorrisonMP JoshFrydenberg And once you get into recession... well, what then, Mark? ScottMorrisonMP JoshFrydenberg Mark Latham is a tool who would say black is white (and they're some kind of PC reverse racism going on) if you gave him 5 minutes worth of attention. ScottMorrisonMP JoshFrydenberg When you never got out of deficit, its hard to go back into it.
Source: SkyNewsAust - 🏆 7. / 78 Read more »

'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 »

Govt shouldn’t ‘risk’ stimulus success over concerns of Labor comparison | Sky News AustraliaThe federal government has been warned to not risk the success of its impending stimulus package due to fears of being compared to Labor.\n\nUTS economics professor Warren Hogan said he is concerned fiscal policy could be held back by the Coalition's reluctance to follow in the footsteps of the Rudd government, which allocated $900 to every taxpayer to stimulate growth during the 2008 Global Financial Crisis (GFC).\n\nScott Morrison is expected to announce his government's multi-billion-dollar fiscal stimulus by the end of the week, which he insisted would not be comparable to Labor’s global financial crisis “cash splash”. \n\nThe stimulus package is designed to help boost the economy, which is stalling in the wake of the unfolding coronavirus crisis.\n\n“I think their (the government's) initial instinct to go targeted is exactly right. Hone in on the industries that are under stress,” Mr Hogan said.\n\n“The concern I have is they seem to be stuck in this mode that what the Labor Party did in the GFC was wasteful. \n\n“The problem with trying to stimulate an economy that’s been hit by a severe shock is you sort of can’t be too targeted. You need to throw money at the economy.”\n\nImage: Getty Labor stopped the country going into recession The LNP have spent the past 12 year berating Labor’s GFC policy. Love to see how the LNP spin this. I am not totally sure that giving it to people on Newstart will serve its purpose. People on Newstart will pay bills with it and to me, it sounds like it will do nothing to stimulate the economy. I don't think cash handouts are going to do anything other that put us in debt.
Source: SkyNewsAust - 🏆 7. / 78 Read more »