Australia put forward a A$17.6 billion (US$11.4 billion) stimulus package meant to stave off a recession due to the impact of the coronavirus global pandemic on its economy. The package includes cash payments for small businesses and welfare recipients to counter the impact of the disease, which has infected more than 126,000 people worldwide. The Australian government will spend 11 billion Australian dollars (US$7.1 billion) before June 30, the end of the financial year, with the remainder to be spent before July 2021. Prime Minister Scott Morrison said the package would provide an immediate stimulus to Australia's economy. ''They comprise around half of those who will receive those payments.``Morrison said small and medium businesses will receive cash payments of between 2,000 Australian dollars (US$1,294) and 25,000 Australian dollars (US$16,184) to help pay wages or hire extra staff.

Source: The Standard March 12, 2020 07:26 UTC