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Millions of pensioners and welfare recipients will get $750 cash payments from March 31 to help them through the coronavirus crisis under the Federal Government's stimulus package.
The stimulus package will inject $17.6 billion into the Australian economy, $11 billion of which is to be spent before June 30 this year.
"As we confront the challenges of the coronavirus, its impact is felt not just here in Australia but around the world, jobs are so important as part of our plan to ensure Australia moves through these difficult months ahead," Prime Minister Scott Morrison said.
Australian Prime Minister Scott Morrison and Australian Treasurer Josh Frydenberg reveal $17.6b stimulus package. (AAP)
"This plan is about keeping a business in business, particularly small and medium-sized businesses, and this plan is about ensuring the Australian economy bounces back stronger on the other side of this and, with that, the Budget bounces back with it."
Mr Morrison said the impact of the stimulus is expected to be $22.9 billion over the next three financial years, amounting 1.2 per cent of the country's GDP.
Under the stimulus plan small and medium-sized employers will be able to apply for grants up to $25,000 aimed at supporting more than 690,000 businesses across Australia.
The package will also provide wage assistance for 117,000 apprentices and trainees to assist employers in keeping apprentices employed. That support will run over a period of nine months.
The government's stimulus package in numbers. (Graphic: Tara Blancato)
RELATED ARTICLES
The payments will also be extended to those who receive family tax benefits.
A coronavirus regional and community fund will also be established under the package to
assist communities and business in regional areas.
"There are businesses across this country that will be more impacted than most and there will be regions and communities across this country that will be more impacted than others, those in particular in more remote areas, those who are particularly exposed when it comes to the external sectors of the economy - the tourism sector, travel sector, parts of export sector, in crayfishing, in places where that is a predominant activity and that is a significant exposure," Mr Morrison said.
People are seen lining up to get tested for Coronavirus at the Royal Melbourne Hospital on Tuesday 10 March 2020. (Luis Enrique Ascui/The Age)
A $1 billion fund led by the Minister for Trade, Tourism and Investment, Simon Birmingham, will include subsidies and allowances including waiving marine park fees and National Park fees.
The package will be broken down into six key measures aimed at assisting individuals, businesses and sectors most likely to be impacted by the spread of coronavirus.
Support for investment
Around $3.9 billion will go toward two measures that are directly supporting investment for small to medium sized business - those with a turnover of up to $500 million.
The first is an increase in the instant asset write-off from $30,000 to $150,000. Any relevant purchase from now until June 30 – such as a truck, a tractor, or a shop fit-out - can be written off immediately.
The second is a 50 per cent accelerated depreciation deduction over and above what businesses can already deduct in the first year. The measure is available for 15 months to June 30, 2021.
"We want to keep Australian businesses investing and we want to reward Australian businesses for investing even more," Treasurer Josh Frydenberg said.
Support for employers and apprentices
Two measures designed to boost cashflow to small and medium-sized employers will also form part of the package, consisting of about $8 billion.
The first is an automatic, tax-free payment of up to $25,000 to businesses that employ people and have a turnover of up to $50 million.
The second is a 50 per cent wage subsidy for apprentices and businesses with less than 20 employees.
READ MORE: Who is most at risk on contracting coronavirus?
The world has faced yet another day of uncertainty amid the ongoing and widespread fallout of the global coronavirus outbreak. (AP)
Employers will receive up to $21,000 per apprentice to assist the 117,000 apprentices around the country to maintain employment.
One-off payments for households receiving benefits
The government will also deliver a one-off $750 stimulus payment to households who receive range of benefit payments including Newstart, the disability support pension, carers' allowance, youth allowance, veterans support payments, family tax benefits, the Commonwealth senior health card-holders and 2.4 million aged pensioners.
This one-off payment, which costs $4.8 billion, will flow automatically from March 31.
A coronavirus fund
A $1 billion coronavirus fund is being established designed to provide assistance that are most heavily impacted by the spread of the virus, primarily tourism. This will include the waiver of certain fees and charges for tourism businesses operating in Commonwealth National Parks, and the Great Barrier Reef Marine Park and increasing domestic tourism promotion.
The ATO will also be providing relief for those significantly affected with deferral of various tax obligations by up to four months. In addition, the government said they will lower deeming rates at a cost of $600 million to reflect the recent changes in interest rates. Both the lower and the upper deeming rates will be reduced by 0.5 per cent.
Overnight, the World Health Organisation declared the global coronavirus crisis was now a pandemic and sounded the alarm about mounting infection rates and slow government responses to curtail its spread.
How coronavirus cases have spread around the world since January. (Graphic: Tara Blancato)
There have been more than 110 confirmed cases of coronavirus in Australia, although more than half of those people have been cleared. Three Australians have died.
Financial market economists in Australia are predicting the country could fall into recession, a state of affairs that won't be known until at least two consecutive quarters of economic growth show negative growth.
The March and June quarter numbers compiled by the Australian Bureau of Statistics won't be released until later this year.
Despite predictions, Mr Morrison is confident Australia can afford the multi-billion dollar boost and is optimistic the package could help the country dodge a recession altogether.
Global share prices have been under a tense cloud of uncertainty for days amid the ongoing fallout from the world's coronavirus outbreak. (AP)
"We've been able to do puts Australia in a position to deal with the temporary shock of this virus and how long that goes for, whether it's six months or a bit less than that or a bit more than that, we're well positioned to deal with it," he told Today.
The bulk of the stimulus measures will need to be approved by the federal parliament, which next sits on March 23.
Opposition Leader Anthony Albanese said Labor would support any "necessary" funding for the virus response.
"The cost of inaction will be far greater than the cost of action," he said.
Tomorrow, the Council of Australian Governments will meet to discuss the stimulus plans of the states and territories, which will be on top of the federal government's plan.
https://www.9news.com.au/national/c...cipients/2cbe24f7-20d1-4b91-9244-6238e7abe691
The stimulus package will inject $17.6 billion into the Australian economy, $11 billion of which is to be spent before June 30 this year.
"As we confront the challenges of the coronavirus, its impact is felt not just here in Australia but around the world, jobs are so important as part of our plan to ensure Australia moves through these difficult months ahead," Prime Minister Scott Morrison said.
Australian Prime Minister Scott Morrison and Australian Treasurer Josh Frydenberg reveal $17.6b stimulus package. (AAP)
"This plan is about keeping a business in business, particularly small and medium-sized businesses, and this plan is about ensuring the Australian economy bounces back stronger on the other side of this and, with that, the Budget bounces back with it."
Mr Morrison said the impact of the stimulus is expected to be $22.9 billion over the next three financial years, amounting 1.2 per cent of the country's GDP.
Under the stimulus plan small and medium-sized employers will be able to apply for grants up to $25,000 aimed at supporting more than 690,000 businesses across Australia.
The package will also provide wage assistance for 117,000 apprentices and trainees to assist employers in keeping apprentices employed. That support will run over a period of nine months.
The government's stimulus package in numbers. (Graphic: Tara Blancato)
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The payments will also be extended to those who receive family tax benefits.
A coronavirus regional and community fund will also be established under the package to
assist communities and business in regional areas.
"There are businesses across this country that will be more impacted than most and there will be regions and communities across this country that will be more impacted than others, those in particular in more remote areas, those who are particularly exposed when it comes to the external sectors of the economy - the tourism sector, travel sector, parts of export sector, in crayfishing, in places where that is a predominant activity and that is a significant exposure," Mr Morrison said.
People are seen lining up to get tested for Coronavirus at the Royal Melbourne Hospital on Tuesday 10 March 2020. (Luis Enrique Ascui/The Age)
A $1 billion fund led by the Minister for Trade, Tourism and Investment, Simon Birmingham, will include subsidies and allowances including waiving marine park fees and National Park fees.
The package will be broken down into six key measures aimed at assisting individuals, businesses and sectors most likely to be impacted by the spread of coronavirus.
Support for investment
Around $3.9 billion will go toward two measures that are directly supporting investment for small to medium sized business - those with a turnover of up to $500 million.
The first is an increase in the instant asset write-off from $30,000 to $150,000. Any relevant purchase from now until June 30 – such as a truck, a tractor, or a shop fit-out - can be written off immediately.
The second is a 50 per cent accelerated depreciation deduction over and above what businesses can already deduct in the first year. The measure is available for 15 months to June 30, 2021.
"We want to keep Australian businesses investing and we want to reward Australian businesses for investing even more," Treasurer Josh Frydenberg said.
Support for employers and apprentices
Two measures designed to boost cashflow to small and medium-sized employers will also form part of the package, consisting of about $8 billion.
The first is an automatic, tax-free payment of up to $25,000 to businesses that employ people and have a turnover of up to $50 million.
The second is a 50 per cent wage subsidy for apprentices and businesses with less than 20 employees.
READ MORE: Who is most at risk on contracting coronavirus?
The world has faced yet another day of uncertainty amid the ongoing and widespread fallout of the global coronavirus outbreak. (AP)
Employers will receive up to $21,000 per apprentice to assist the 117,000 apprentices around the country to maintain employment.
One-off payments for households receiving benefits
The government will also deliver a one-off $750 stimulus payment to households who receive range of benefit payments including Newstart, the disability support pension, carers' allowance, youth allowance, veterans support payments, family tax benefits, the Commonwealth senior health card-holders and 2.4 million aged pensioners.
This one-off payment, which costs $4.8 billion, will flow automatically from March 31.
A coronavirus fund
A $1 billion coronavirus fund is being established designed to provide assistance that are most heavily impacted by the spread of the virus, primarily tourism. This will include the waiver of certain fees and charges for tourism businesses operating in Commonwealth National Parks, and the Great Barrier Reef Marine Park and increasing domestic tourism promotion.
The ATO will also be providing relief for those significantly affected with deferral of various tax obligations by up to four months. In addition, the government said they will lower deeming rates at a cost of $600 million to reflect the recent changes in interest rates. Both the lower and the upper deeming rates will be reduced by 0.5 per cent.
Overnight, the World Health Organisation declared the global coronavirus crisis was now a pandemic and sounded the alarm about mounting infection rates and slow government responses to curtail its spread.
How coronavirus cases have spread around the world since January. (Graphic: Tara Blancato)
There have been more than 110 confirmed cases of coronavirus in Australia, although more than half of those people have been cleared. Three Australians have died.
Financial market economists in Australia are predicting the country could fall into recession, a state of affairs that won't be known until at least two consecutive quarters of economic growth show negative growth.
The March and June quarter numbers compiled by the Australian Bureau of Statistics won't be released until later this year.
Despite predictions, Mr Morrison is confident Australia can afford the multi-billion dollar boost and is optimistic the package could help the country dodge a recession altogether.
Global share prices have been under a tense cloud of uncertainty for days amid the ongoing fallout from the world's coronavirus outbreak. (AP)
"We've been able to do puts Australia in a position to deal with the temporary shock of this virus and how long that goes for, whether it's six months or a bit less than that or a bit more than that, we're well positioned to deal with it," he told Today.
The bulk of the stimulus measures will need to be approved by the federal parliament, which next sits on March 23.
Opposition Leader Anthony Albanese said Labor would support any "necessary" funding for the virus response.
"The cost of inaction will be far greater than the cost of action," he said.
Tomorrow, the Council of Australian Governments will meet to discuss the stimulus plans of the states and territories, which will be on top of the federal government's plan.
https://www.9news.com.au/national/c...cipients/2cbe24f7-20d1-4b91-9244-6238e7abe691
