FOREX TradingCharts.com

Financial News: Australian Govt Announces A$17.6 Bln Stimulus Package

Australian Govt Announces A$17.6 Bln Stimulus Package

03/11/2020 - 23:47:00 (RTTNews)

(RTTNews) - The Australian government unveiled a A$17.6 billion economic plan to tackle the significant challenges posed by the spread of the coronavirus.

"Our targeted stimulus package will focus on keeping Australians in jobs and keeping businesses in business so we can bounce back strongly," Prime Minister Scott Morrison said on Thursday.

"The economy needs temporary help right now to bounce back better so the livelihoods of all Australians are protected," he added.

The stimulus includes A$1.3 billion to support small businesses and safeguard the jobs of around 120,000 apprentices and trainees and a A$6.7 billion to boost cash flow for employers.

As part of stimulus, pensioners and other eligible individuals will receive a one-off A$750 tax free payment. The payment will be made from March 31.

The government will provide cash flow support to businesses with a turnover of less than A$50 million, which is set to assist nearly 690,000 firms.

In order to support business investment, the government will increase the instant asset write off threshold to A$150,000 from A$30,000 until June 2020. This will cost A$700 million to the government.

Further, A$1 billion is allocated to support those sectors, regions and communities that have been disproportionately affected by the economic impacts of the Coronavirus, including those heavily reliant on industries such as tourism, agriculture and education.

"Given Australia's strong economic and fiscal position, the international credit rating agency Standard and Poor's indicated that temporary stimulus would be "unlikely to strain Australia's creditworthiness, Treasurer Josh Frydenberg said.

The large fiscal stimulus package may be able to prevent a recession, Marcel Thieliant, an economist at Capital Economics, said. But the central bank is expected to cut rates to 0.25 percent and launch quantitative easing over the next few months. Last week, the Reserve Bank of Australia had reduced the interest rate by 25 basis points to a new record low of 0.50 percent. Deputy Governor Guy Debelle on Wednesday said a mix of fiscal and monetary policy will help the economy to navigate through difficult period.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


S&P Lowers Australia's Rating Outlook To Negative (54 min(s), 12 sec(s) ago)
(RTTNews) - S&P Global Ratings revised the outlook on Australia's rating outlook to negati ...Full Story»

Philippine Trade Deficit Narrows In February (51 min(s), 12 sec(s) ago)
(RTTNews) - The Philippine trade deficit declined in February from last year as exports rose and i ...Full Story»

Japan Feb. Core Machine Orders Climb 2.3% (23 min(s), 12 sec(s) ago)
(RTTNews) - Core machine orders in Japan rose a seasonally adjusted 2.3 percent on month in Februa ...Full Story»

Japan Has Y3,168.8 Billion Current Account Surplus In February (58 min(s), 12 sec(s) ago)
(RTTNews) - Japan had a current account surplus of 3,168.8 billion yen in February, the Ministry o ...Full Story»

Japan Core Machine Orders Rise 2.3% In February (48 min(s), 12 sec(s) ago)
(RTTNews) - Core machine orders in Japan were up a seasonally adjusted 2.3 percent on month in Feb ...Full Story»

Japan Core Machine Order Data Due On Wednesday (38 min(s), 12 sec(s) ago)
(RTTNews) - Japan will on Wednesday release February figures for core machine orders and current a ...Full Story»

U.S. Consumer Credit Jumps More Than Expected In February (02 min(s), 12 sec(s) ago)
(RTTNews) - Consumer credit in the U.S. jumped much more than expected in the month of February, a ...Full Story»

UK Labor Productivity Rises In Q4 (24 min(s), 12 sec(s) ago)
(RTTNews) - UK labor productivity increased for the second straight time in the fourth quarter of ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

S&P Lowers Australia's Rating Outlook To Negative

04/07/2020 - 23:16 PM (RTTNews)
(RTTNews) - S&P Global Ratings revised the outlook on Australia's rating outlook to negati ...Full Story>>

Philippine Trade Deficit Narrows In February

04/07/2020 - 23:13 PM (RTTNews)
(RTTNews) - The Philippine trade deficit declined in February from last year as exports rose and i ...Full Story>>

Japan Feb. Core Machine Orders Climb 2.3%

04/07/2020 - 20:45 PM (RTTNews)
(RTTNews) - Core machine orders in Japan rose a seasonally adjusted 2.3 percent on month in Februa ...Full Story>>

Japan Has Y3,168.8 Billion Current Account Surplus In February

04/07/2020 - 20:20 PM (RTTNews)
(RTTNews) - Japan had a current account surplus of 3,168.8 billion yen in February, the Ministry o ...Full Story>>

Japan Core Machine Orders Rise 2.3% In February

04/07/2020 - 20:10 PM (RTTNews)
(RTTNews) - Core machine orders in Japan were up a seasonally adjusted 2.3 percent on month in Feb ...Full Story>>
Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.