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COVID-19: Aus approves USD 49 bn stimulus packages

Press Trust of India  |  Canberra 

Australia's Parliament has passed two economic stimulus packages worth 83.6 billion Australian dollars (USD 49.56 billion) to counter the effects of the deadly coronavirus that has infected over 2,000 people in the country.

The two packages worth 17.6 billion and 66 billion dollars each will cover jobseekers' and youth allowance, parenting and special benefit payments and welfare receipt remittances, Nine reported.

In a boost to the business sector, the packages have 15 billion dollars funds for small lenders and targetted aid for the tourism and aviation sectors.

Further, in a separate legislation, the government has provisioned 40 billion dollars for urgent virus-related expenditure.

"For many, young and old, 2020 will be the toughest year of our lives. This is a time for national leadership, consistent messages, clear directions," Prime Minister Scott Morrison was quoted as saying by Nine in the Parliament session on Monday night.

The coronavirus death toll reached eight in Australia with the death of a 70-year-old woman on Tuesday. With fears of a slowdown, it is estimated that over 2 million Australians could lose their jobs.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 24 2020. 22:58 IST