Much like in many countries across the globe, COVID-19 is set to have a profound impact on the Australian economy but the government is confident that this stimulus package will boost the economy and avoid Australia’s first recession in 30 years.
In addition, the Australian government has announced that it will allow businesses to defer their tax obligations and offer relief to the companies that have been hit hardest by this downturn in trade.
Payments begin on 31st March and will be available to those on welfare, concession card holders, pensioners and those with a commonwealth seniors card, not only to benefit recipients but to also stimulate the economy.
The Australian government also insist that this response to the economic downturn caused by COVID-19 is scalable and that they will do and offer more if and when it is necessary in order to feed money into the economy and keep Australians in work.
To keep informed on the Australian government’s response to COVID-19, please visit the government website: https://www.australia.gov.au/