Australia announces economic stimulus

Australia, 16th March: In response to the COVID-19 outbreak, the Australian federal government has announced an AUD$17.5 billion (US$10.5 billion) stimulus package to support the ailing economy.

The package includes household stimulus payments for lower income Australians, tax free-cash flow boosts for small- and medium-sized businesses, an increase in the “instant assets write-off threshold” and various incentives aimed at driving new investment in the country.