Australian PM Morrison to address media 1030 Sydney time (2330 GMT) – This is when it is expected that Australia will unveil details of the economic stimulus plan.
The Government wants its package to be temporary and offer an immediate boost to the economy, rather than making structural changes to the budget. Ahead of their announcement, the Finance Minister conceded the Government’s forecasted budget surplus, which the Coalition trumpeted ahead of the election, was gone.
“Obviously we already were under significant pressure given the impact on revenue from the economic impact of the coronavirus, so this is obviously not going to be a surplus year in 2019-20,” Mathias Cormann, the Minister for Finance, said.
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