Australia unveils stimulus to offset coronavirus impact

Thu, Mar 12, 2020 - 8:47 AM

"Both this financial year and in the next two financial years, the gross impact of that stimulus is A$22.9 billion (S$20.7 billion). That's 1.2 per cent of GDP," Prime Minister Scott Morrison told reporters in Canberra.

PHOTO: EPA-EFE

[SYDNEY] Australia's government said on Thursday it would pump A$17.6 billion (S$15.9 billion) into the economy to prevent the coronavirus outbreak pushing the country into its first recession in nearly 30 years.

The package wipes out a long-promised budget surplus with money amounting to...

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