Australian PM Morrison announces $38 bln, second stimulus measures to combat the coronavirus impact

Australian Prime Minister (PM) Scott Morrison said in Canberra on Sunday, the government will pump in A$66.4 billion ($38.50 billion) into the economy to help contain the economic impact of the coronavirus pandemic.

This comes as part of a second stimulus package, with the initial A$17.6 billion ($10.20 billion) economic response announced last week. The financial measures now equal about 10% of the country’s GDP.

Key quotes

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.

There will be more packages and more support.

The government would help underwrite loans to small and medium-sized businesses and boost unemployment benefits as companies are forced to lay off staff.

Too many Australians are not taking these issues seriously enough.

The measures that we will be considering tonight means that state premiers and chief ministers may have to take far more draconian measures to enforce social distancing particularly in areas of outbreaks than might otherwise be the case.

• Germany to raise about EUR350 bln in new debt to finance stimulus measures amid coronavirus crisis – Reuters
• WH Eco. Adviser Kudlow: Stimulus package under negotiation to be around $2 tln
• AUD/USD: Rise is unlikely to happen in the upcoming week