Australia announces nearly $40 billion in virus relief

Sydney: Australia on Sunday announced a $38 billion spending plan to limit the economic damage from the coronavirus pandemic, as citizens were told to cancel domestic travel plans to slow the virus spread. Treasurer Josh Frydenberg said the latest Aus$66 billion announced on Sunday brought government and central bank measures to support the economy to Australian dollars 189 billion - or nearly 10% of GDP.

“These extraordinary times require extraordinary measures and we face a global challenge like we have never faced before,” he told reporters in Canberra. “Today’s announcement will provide hope and support for millions of Australians at a time when they need it most.” Small businesses and non-profits will receive cash subsidies of up to Aus$100,000, unemployment payments will be temporarily doubled and pensioners will receive Aus$750 cash.