r
· Australia will spend 10% of its GDP
to save the economy
· Fears of a deeper, wider and
longer-term economic shock than anticipated 10 days ago
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Australia's government announced on Sunday to spend $ 38 billion (66 Australian dollars), intensifying the war to protect the economy from coronavirus. Australia's Finance Minister Josh Fienberg said that after the latest package announced on Sunday, the total package announced by the government of Australia and the central bank to protect the economy from the virus increased to about $ 109 billion (189 billion AD). This is equivalent to around 10 per cent of Australia's GDP.
Who gets what under the package?
Australia can be stuck in recession after registering continuous growth for 29 years
Freedenberg said the economy is expected to suffer a deeper, wider and longer-term setback than predicted 10 days earlier. Therefore, additional steps will be taken. Australia may be stuck in recession. Earlier it was developing continuously for 29 years.
More than 1,300 infected in Australia, 7 killed by virus
There have been more than 1,300 reported cases of new corona virus (Kovid-19) infection in Australia. 7 people have died due to the virus. Australia has sealed its borders to protect the country from viruses. Those coming from other countries have been banned. Four regions of Australia, Tasmania Island, South Australia Province, Western Australia Province and Northern Territory have also made 14-day isolation mandatory for those coming from outside. The provinces of New South Wales and Victoria announced the closure of non-essential services on Sunday. However, some essential services such as supermarkets, pharmaceuticals and petrol pumps are not banned.
Australia's government announced on Sunday to spend $ 38 billion (66 Australian dollars), intensifying the war to protect the economy from coronavirus. Australia's Finance Minister Josh Fienberg said that after the latest package announced on Sunday, the total package announced by the government of Australia and the central bank to protect the economy from the virus increased to about $ 109 billion (189 billion AD). This is equivalent to around 10 per cent of Australia's GDP.
Who gets what under the package?
· Out of the relief package, small
businesses and non-profit organizations will get a cash subsidy of up to 1 lakh
Australian dollars (AD).
· The unemployment allowance will be
doubled at present.
· Pensioners will get 750 ADS in cash.
· Workers whose income has fallen by at
least 20 per cent after the outbreak of the virus, will be able to withdraw
from their retirement funds before the scheduled time.
· People facing financial constraints
will be able to withdraw a total of 20 thousand AD in the next two years.
Australia can be stuck in recession after registering continuous growth for 29 years
Freedenberg said the economy is expected to suffer a deeper, wider and longer-term setback than predicted 10 days earlier. Therefore, additional steps will be taken. Australia may be stuck in recession. Earlier it was developing continuously for 29 years.
More than 1,300 infected in Australia, 7 killed by virus
There have been more than 1,300 reported cases of new corona virus (Kovid-19) infection in Australia. 7 people have died due to the virus. Australia has sealed its borders to protect the country from viruses. Those coming from other countries have been banned. Four regions of Australia, Tasmania Island, South Australia Province, Western Australia Province and Northern Territory have also made 14-day isolation mandatory for those coming from outside. The provinces of New South Wales and Victoria announced the closure of non-essential services on Sunday. However, some essential services such as supermarkets, pharmaceuticals and petrol pumps are not banned.
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