Economics
Australia Passes Massive Stimulus Measures as Virus Spreads
- Small businesses to get cash payments of as much as A$100,000
- Unemployment allowance in the country will be doubled
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Australia’s parliament rushed through more than A$80 billion ($46.3 billion) in fiscal stimulus for the coronavirus-stricken economy at a special sitting in Canberra on Monday.
Lawmakers passed the Coronavirus Economic Response Package Omnibus Bill 2020, legislation aimed at saving businesses and jobs as the nation lurches toward its first recession since 1991. As the crisis continues, another injection is likely from the government.