The government has unveiled a $66 billion stimulus package designed to be the “bridge to recovery” for businesses on the brink of collapse and assist those left unemployed by the coronavirus crisis. Cash payments and a new loan guarantee scheme for small to medium enterprises, and income support for workers and businesses form the backbone of the second tranche of stimulus, bringing the total value of economic assistance to $189 billion. Prime Minister Scott Morrison also announced the government “safety net” will be “supercharged”, by expanding the eligibility of income support payments and establishing a time-limited coronavirus supplement. In addition to the $750 payment for welfare recipients announced previously, an additional $750 will be paid to social security and veteran income support recipients and eligible concession card holders. Individuals feeling the financial stress of coronavirus can also gain access to $10,000 of their superannuation tax free in 2019-20 and a further payment in 2020-21. Prime Minister Scott Morrison warned not all hardship could be prevented but urged Australians to keep up spirits. “We cannot prevent all the many hardships, many sacrifices that we will face in the months ahead,” he said. But the Prime Minister has warned this may not be enough and on Sunday foreshadowed a third round of stimulus. “This will not be the Treasurer and my last visit to these podiums to make announcements on these measures,” he said. “There will be more issues that even now have not presented themselves or could not even be conceived at this point with what we may face over the next six months and we will be working night and day to ensure we bring forward the measures Australia needs to get them on this bridge to the recovery on the other side.”
from National | Daily Telegraph https://ift.tt/3do4ueW
Saturday, March 21, 2020
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