Australia will spend A$16.8 billion ($11.8 billion) to extend its wage subsidies for businesses hit by the coronavirus pandemic, as a surge in new infections in the country’s southeast threatens to keep the economy in recession.
Qantas 747s carried more than 250 million people in almost half a century of service, including Queen Elizabeth II and every Australian Olympic team since 1984.
Australia’s central bank (CB) held its cash rate at an all-time low on Tuesday, in a widely expected decision, and said it will help buttress the economic recovery by maintaining its accommodative approach as long as the support is required.
Australia announced on Wednesday a health package worth A$2.4 billion ($1.56 billion) that proposes setting up fever clinics, among other measures to rein in the spread
Treasurer Josh Frydenberg said the latest Aus$66 billion announced Sunday brought government and central bank measures to support the economy to Aus$189 billion — or nearly 10 per cent of gross domestic product (GDP).
Australia’s central bank injected A$6.90 billion ($4.10 billion) into the financial system on Tuesday and bought A$4 billion in bonds as economists predicted a spike in unemployment and the worst recession in the country’s history due to the coronavirus.
Australia will spend A$130 billion ($79.85 billion) to subsidise the wages of an estimated 6 million people, marking a third tranche of stimulus designed to limit the fallout of the coronavirus pandemic on the country’s economy.
Australia’s central bank (CB) has slashed its benchmark interest rate to a record low on Tuesday, putting the bank among the first in the world to ease policy to fight the economic fallout from the coronavirus epidemic.
Australia’s financial regulators scheduled an emergency call on Monday to discuss the impact of the coronavirus outbreak, two sources familiar with the matter told Reuters, as the country looks to reduce the risk of recession.
Australia is pumping about A$100 billion ($56 billion) into the economy as it seeks to minimise the blow from the coronavirus epidemic. The Reserve Bank of Australia (RBA) slashed interest rates in an out-of-cycle cut to an all time low