The Australian Governments response to COVID19
The Australian economy is resilient and we are well placed to navigate the economic implications arising from the Coronavirus.
The Government has moved quickly to put in place health measures to protect the Australian community from this complex and rapidly evolving challenge.
Today we announce an economic response totalling $17.6 billion across the forward estimates, representing 0.9 per cent of annual GDP. This package will protect the economy by maintaining confidence, supporting investment and keeping people in jobs. Additional household income and business support will flow through to strengthen the wider economy.
The Australian Government is acting decisively in the national interest to address the potentially significant economic consequences of the virus, without a permanent or structural impact on the budget balance.
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