Left Menu
Development News Edition

Australia's parliament set to pass huge stimulus plan

Reuters | Updated: 08-04-2020 05:03 IST | Created: 08-04-2020 05:03 IST
Australia's parliament set to pass huge stimulus plan

Australia's parliament will return on Wednesday in a slimmed down version to pass an emergency A$130 billion ($80 billion) stimulus package as the coronavirus pandemic wreaks havoc on the country's economy.

Federal Treasurer Josh Frydenberg said Wednesday would become "one of the most important days in the history of the Australian parliament, as we come together across the political divide to save millions of Australian jobs". "What we are absolutely focused on is getting the support to people who need it most," he told the Australian Broadcasting Corp.

Parliament will sit with fewer than normal lawmakers amid efforts to stop the virus from spreading, with some MPs given special permission to cross state boundaries to pass the legislation, the ABC reported. The support measures come as economists predict the worst recession in Australia's history, with the unemployment rate almost doubling to near 10%. The Reserve Bank of Australia on Tuesday predicted a "very large" economic contraction in the current quarter.

Restrictions on people movement and gatherings to curb the spread of infection have forced many businesses in the hospitality, retail, transport and education sectors to shut down. Businesses that remain open face falling sales and increasing operational restrictions. Police in Australia's most populous state of New South Wales (NSW) will patrol caravan parks over the long Easter weekend to make sure holidaymakers are not camping.

"People will be given one opportunity to pack up, go back to your home state and go back home. Otherwise, we will, unfortunately, have to issue tickets," NSW Police Commissioner Mick Fuller said. The total number of cases across Australia is creeping toward 6,000 with 49 deaths, although the pace of infections has slowed.

The early success in controlling the spread of the virus has fanned speculation some of the mobility restrictions could be eased from the beginning of May. Asked about such a move, NSW Premier Gladys Berejiklian said in a televised briefing in Sydney that "there could be a chance, if the health experts deem it appropriate."

However, she warned it could lead to a second wave of infections. "Every time you relax a restriction, more people will get sick. More people will die. And it's a horrible situation to be in, but they're the choices and we need to be up-front about that." ($1 = 1.6226 Australian dollars)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

Brazil airlifts emergency oxygen into pandemic-struck state, vaccine drive lags

Brazils Air Force flew emergency oxygen supplies on Friday to the jungle state of Amazonas devastated by a resurgent pandemic and the government scrambled to organize nationwide vaccinations while President Jair Bolsonaro said he should be ...

U.S. regulators approve Lithium Americas' Nevada lithium mine

The U.S. Bureau of Land Management gave final approval on Friday to Lithium Americas Corps Thacker Pass lithium mine in northern Nevada, part of a push by policymakers to boost domestic output of the white metal for electric vehicle batteri...

U.S. blacklists Cuban interior ministry over alleged human rights abuses

The United States slapped sanctions on Cubas interior ministry on Friday, accusing it of serious human rights abuses as Washington kept up sanctions into the final days of President Donald Trumps administration. In a statement, the U.S. Tre...

After long journey, Fiat Chrysler and PSA to seal merger to become Stellantis

Fiat Chrysler and PSA will seal their long-awaited merger on Saturday to create Stellantis, the worlds fourth-largest auto group with deep enough pockets to fund the shift to electric driving and take on bigger rivals Toyota and Volkswagen....

Give Feedback