Morrison Offers $17.6bn Injection
CANBERRA: Prime Minister Scott Morrison has outlined a $17.6 billion stimulus package, aimed at heading off full-blown recession, partly brought on by the coronavirus.
The nation’s first stimulus package since the 2008 global financial crisis has apparently been aimed at preventing the coronavirus outbreak from pushing Australia into recession.
The package will subsidise the wages of 120,000 apprentices, offer one-off cash payments for welfare recipients and deliver payments of up to $25,000 for small businesses, Morrison said in Canberra.
Additionally, the Government has pledged $700 million to increase the instant asset write-off threshold from $30,000 to $150,000 and expand access to include businesses with annual turnover of less than $500 million until June 30, 2020.