Australia Unveils A$17.6 Billion in Stimulus to Combat Virus

Small businesses, jobs targeted in bid to combat virus impact
Morrison joins leaders worldwide in opening the fiscal spigots

WATCH: Australia’s Morrison unveils the details of the country’s economic stimulus plan to counteract the impact of coronavirus on the economy.(Source: Bloomberg)

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By Jason Scott and Alexandra Veroude

March 11, 2020 at 11:30 AM UTC

Updated on

March 12, 2020 at 2:26 AM UTC

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Australia unveiled a A$17.6 billion ($11.4 billion) fiscal stimulus package geared toward the second quarter as it tries to buttress the economy from the coronavirus outbreak that threatens to end an almost 30-year recession-free run.

The program announced by Prime Minister Scott Morrison Thursday includes A$1.3 billion to safeguard the jobs of 120,000 apprentices and one-off cash payments to welfare recipients and lower-income households. The government will also spend A$6.7 billion to support the cash flow of small- and medium-sized firms to allow them to keep paying wages during the expected downturn.