The Government is acting decisively in the national interest to support households and businesses and address the significant economic consequences of the Coronavirus.
While the full economic effects from the virus remain uncertain, the outlook has deteriorated since the Government’s initial Economic Response announced on 12 March 2020.
The spread of the virus worldwide has broadened, and is expected to be more prolonged. Governments, both international and domestic, have announced stricter mitigation measures to slow the spread of the virus, which are having significant economic impacts.
Today we announce a second set of economic responses which, combined with our previous actions, total $189 billion across the forward estimates, representing 9.7 per cent of annual GDP.
These actions provide timely support to affected workers, businesses and the broader community.
The Government’s economic response targets three areas: