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read moreAmid the economic slowdown due to Coronavirus, Australian Prime Minister Scott Morrison has announced $17.6 billion in stimulus measures.
Focused on businesses, millions of Australians will also receive cash payments.
The package includes:
• Welfare recipients: an extra $750 per person
• Small businesses with apprentices: up to $21,000 to keep apprentices in work through wage subsidies
• Small to medium-sized businesses: between $2,000 and $25,000 to help with cashflow
• Businesses generally (excluding the very largest): the instant asset write-off threshold raised to $150,000 and an extra depreciation discount to encourage investment
• Affected businesses: access to a new $1 billion fund
Announcing the stimulus, Prime Minister Morrison (pictured below) said the focus of the stimulus was on businesses "because our goal is to keep people in work", advising "it is about a cash injection into the Australian economy, which supports small businesses and supports medium businesses.”
He also confirmed that all measures were temporary, meaning while welfare recipients receive a short-term cash boost, payment rates remain fixed.
The Government promised that payments to welfare recipients will start on 31st March 2020 with more than 90% payments "expected to be made" by mid-April.
Legislation will be introduced into Federal Parliament later this month to give effect to these measures.
Federal Treasurer Josh Frydenberg said $11 billion of the $17.6 billion package would be paid by the end of June.
Cash flow support for businesses will arrive by way of payments of 50% of their Business Activity Statements or Instalment Activity Statement from 28th April, with refunds to then be paid within 14 days.
Businesses will be able to register for apprentice wage subsidies from 2nd April, but more than $1 billion of this $1.3 billion measure isn't budgeted until next financial year.
Business claiming tax write-offs will benefit the next time their tax is calculated, while benefits from the depreciation deduction will extend to 30th June 2021.
The cash payments to small and medium businesses is the largest component of the package, worth around $8 billion.
Changes to the instant asset write-off and deprecation deduction tally around $4 billion.
Prime Minister Morrison indicated earlier this week that the economic impact of the coronavirus could be worse than the global financial crisis.
He flagged there might be more spending in the May Federal budget, but said in relation to today's announcement, "we believe these measures are the measures that can do the job and we will continue to monitor events as we go forward."
11th March 2020 - Coronavirus fears impacting music festivals around the world with Coachella postponed and Tasmania’s Dark Mofo cancelled
11th March 2020 - Fitness Australia releases advice on Coronavirus
9th March 2020 - Australian Grand Prix to proceed despite Coronavirus fears
9th March 2020 - Hygiene essential in fitness facilities reassuring members over Coronavirus fears
6th March 2020 - Tourism leaders look for Federal rescue package amid Coronavirus fears
6th March 2020 - ATEC highlights the ongoing threat of Coronavirus to export tourism industry
4th March 2020 - Coronavirus fears sees AFL cancel Shanghai fixture
25th February 2020 - New research highlights impact of Coronavirus and bushfires on Australian business
13th February 2020 - ATIC calls for government support to counter coronavirus impact on tourism industry
12th February 2020 - Coronavirus continues to impact China’s sports events
27th February 2020 - Sport rorts inquiry implicates Prime Minister Scott Morrison
6th December 2019 - Prime Minister Morrison abolishes Department of Communications and Arts as part of public service restructure
3rd July 2019 - Prime Minister Scott Morrison backs Brisbane bid to host Olympic Games
26th May 2019 - Prime Minister Scott Morrison names leisure portfolios in new cabinet
4th April 2019 - New activity guidelines backed by record recreation and sport investment in Federal budget
4th April 2019 - Sport Australia’s John Wylie welcomes Federal budget funding boost
3rd April 2019 - Federal budget includes $385 million to implement Sport 2030 plan
3rd April 2019 - Federal Budget delivers for live music but fails creative industries
3rd April 2019 - Mixed reactions to Federal budget tourism spending
2nd April 2019 - Federal budget delivers pre-election funding commitments for arts, sport and tourism
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