Australia's government will spend additional A$66.4 billion ($38.50 billion...
MELBOURNE/SYDNEY - Australia’s government will spend additional A$66.4 billion as part of a second stimulus package to shelter the economy from the financial impact of the coronavirus, Prime Minister Scott Morrison said on Sunday, as states moved to impose major lockdowns.
“We will be focusing on those in the front line, those who will be feeling the first blows of the economic impact of the coronavirus,” Morrison said in Canberra on Sunday. “There will be more packages and more support.” Morrison said that the government would help underwrite loans to small and medium-sized businesses and boost unemployment benefits as companies are forced to lay off staff.
“The degree of stimulus released in such a short period of time highlights the scale of the looming demand shock ,” economists at the National Australia Bank said in a note.While mineral-rich Australia has enjoyed a near 30-year stellar economic run and passed through the global financial crisis without falling into recession, economists are now forecasting a sharp pull-back in spending.
The governments of Australia’s of New South Wales and Victoria, where more than half of Australians live, said they will impose major lockdowns next week closing restaurants and many shops.
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