Economics
Australia Unleashes Record Stimulus in A$130 Billion Jobs Plan
- Government to subsidize wages to help keep workers on payroll
- Total economic stimulus now at A$320 billion, or 16.4% of GDP
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Australia has unleashed a record A$130 billion ($80 billion) jobs-rescue plan, pledging to subsidize workers’ wages as the coronavirus outbreak wreaks havoc on the economy.
The package will see the government pay wage subsidies of A$1,500 every two weeks per employee to help struggling businesses keep people in work, Prime Minister Scott Morrison told reporters in Canberra on Monday.