CANBERRA, Mar 9 (NNN-AGENCIES) – The Australian government confirmed a COVID-19 stimulus package, to support businesses affected by the COVID-19 outbreak, Treasurer, Josh Frydenberg, confirmed today.
The “substantial” package, which could be worth up to 10 billion Australian dollars (6.4 billion U.S. dollars), is expected to be announced within a week.
“It’s about focusing on investment jobs and supporting the cash flow of businesses, but obviously we will also have the budget in a matter of weeks, after that announcement,” he told Sky News Australia. “So there will be other opportunities too, to continue to provide the support to the economy where it needs it.”
“Our focus is on keeping people in jobs and businesses in business. That is the clear focus for us,” he said.
The outbreak of COVID-19 has exacerbated the damage done to the Australian economy by the bushfire crisis.
Frydenberg and Prime Minister, Scott Morrison, have previously promised to deliver a budget surplus in financial year 2019/20, the first since the Global Financial Crisis, but have since conceded that doing so is unlikely.
“The impact has been severe, but we’ve got the plan, we are prepared and we’ll continue to take what is the required action to keep the Australian economy strong,” Frydenberg said today.
According to the Australian Department of Health, the number of confirmed cases of COVID-19 had grown to 80, as of 11.00 a.m. (local time) today (Monday).
Half of the cases are in New South Wales (NSW) where two of the three deaths in Australia have occurred.
