Australia's PM Morrison says government will announce stimulus package soon

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Australia's PM Morrison says government will announce stimulus package soon

 

FILE PHOTO: Australian Prime Minister Scott Morrison speaks during a joint press conference held with New Zealand Prime Minister Jacinda Ardern at Admiralty House in Sydney, Australia, February 28, 2020. REUTERS/Loren Elliott

 

SYDNEY (Reuters) - Australian Prime Minister Scott Morrison said on Tuesday the government would soon announce a package to stimulate an economy hammered by the effects of the coronavirus outbreak, but did not give financial details of the plan.

 

"Our objective is this - keep people in jobs, keep businesses in business, and ensure we bounce back stronger on the other side," Morrison said at the Australian Financial Review conference in Sydney.

 

"We must favour measures that will lift productivity to enable the Australian economy to sustain an even stronger growth trajectory than we were on prior to the crisis."

 

The prime minister said the impacts from the coronavirus outbreak were "potentially greater" than the global financial crisis of 2008, and the stimulus package would be geared to meet the "unique nature" of the challenge from the virus outbreak.

 

A report in the Australian newspaper on Monday said the Australian government was planning measures worth about A$10 billion (5.04 billion pounds) to combat the economic impact of the coronavirus, abandoning plans for a budget surplus in the current fiscal year.

 

The coronavirus has killed about 3,900 people across the globe, with three deaths in Australia. Stock markets have plunged, prompting central banks to ease monetary policies.

 

The virus has wreaked havoc on the tourism and education sectors, both big money spinners for Australia, with the Treasury department estimating that the epidemic will cut 0.5 percentage points off economic growth in the first quarter.

 

Morrison also said big businesses in the country should step up and assist the government in its economic recovery efforts.

 

"We need you to support your workers by keeping them employed. Whenever possible, support them. Full-time, part-time, casual, including with paid leave if they need to take time off during the course of the virus," he said.

 

(Reporting by Renju Jose, Editing by Rosalba O'Brien)

 

-- © Copyright Reuters 2020-03-10

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[Peterw42]

Stimulus package, ie: print money, what could go wrong.

This is what Australia did after the GFC, and is still paying for it today.

[legend49]

8 hours ago, Peterw42 said:

Stimulus package, ie: print money, what could go wrong.

This is what Australia did after the GFC, and is still paying for it today.

This is what Australia did after the GFC, and is still paying for it today. Where is your evidence?????????????

[Aussieroaming]

<deleted>....would be nice to have a decent PM like NZ'ed one

[Roadman]

2 hours ago, Aussieroaming said:

<deleted>....would be nice to have a decent PM like NZ'ed one

You can have her. She’s good for hugs, tears, photo shoots. She’s clueless in everything else. Morrison as a leader ie someone who has leadership skills and has the ability to use them leaves our chippie wrapping hollow head for dead. Try looking at the economical and political mess happening in NZ rather than the leftie press opportunist tearful photos on the world stage. 
And NZ is no further advanced in having a corona action plan in place soon. Only difference is our wimmin are not fighting over dunnie paper.
 

Edited March 10, 2020 by Roadman