COVID-19: Australia Announces Additional $38 Billion Economic Stimulus Package

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The Australia government announced that it would pump A$105 billion, fuelling Canberra's stagnant economy as the country poised into global recession.

Written By Zaini Majeed | Mumbai | Updated On:
Australia

Australia's Prime Minister Scott Morrison reportedly pledged an additional AUS $66.4 billion ($38.50 billion) in fiscal stimulus to limit the economic damage from the coronavirus pandemic. The conservative government said in a press conference last week that it would pump AUS $105 billion, fuelling Canberra's stagnant economy as the country poised into a global recession after 29 years of economic growth. 

According to the reports, Treasurer Josh Frydenberg predicted that the latest AUS $66 billion announced by Prime Minister Morrison will fetch the government and central bank measures to support the economy to at least 10 per cent of gross domestic product (GDP), close to AUS $189 billion. The extraordinary times require extraordinary measures as the world faces a challenge like never seen before, he was quoted saying in a news conference. Today's announcement will provide hope and support for millions of Australians, he added. Speaking about the economic shock the country most as likely will suffer from the novel coronavirus outbreak, he reportedly said that it will be “deeper, wider, and longer”.  

Read: Iran Leader Refuses US Help, Citing Virus Conspiracy Theory

Read: Australia: NSW, Victoria To Shut Down All 'non-essential Services' Amid COVID-19 Outbreak

Rottnest Island to be quarantine site

Prime Minister Morrison announced that the government was adopting intrinsic measures against non-essential travel, adding that imminent efforts could slow down localized outbreaks, confirmed media reports. Australia has sealed the borders and has imposed an unprecedented ban on the entry of foreign nationals. The Island state of Tasmania, South Australia state, Western Australia state, and the Northern Territory are among regions that implemented the 14-day mandatory quarantine. 

Western Australia Premier Mark McGowan was reported saying that Rottnest Island, which is a popular tourist destination and former Aboriginal prison site, could be designed into a quarantine zone for the Australians that were reluctant to self-isolate. New South Wales and Victoria states announced the closure of non-essential services that exempt pharmacy, petrol stations, and supply stores going into effect in the next 48 hours, as per reports. The decision comes after NSW and Victoria recorded bulk cases of COVID-19 out of the 3,024 confirmed cases in Australia.

Read: Australian Leagues To Continue Despite Travel Restrictions

Read: Australian Sports Leagues Face Coronavirus Fallout

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