Australia on Thursday put forward a USD 11.4 billion stimulus package meant to stave off a recession due to the impact of the coronavirus outbreak on its economy.
The package includes cash payments for small businesses and welfare recipients to counter the impact of the disease, which has infected more than 126,000 people worldwide.
Australia has recorded 127 cases of the virus and three deaths. The World Health Organization declared Wednesday that the global coronavirus crisis is now a pandemic causing, jolting markets worldwide and raising the sense of urgency surrounding efforts to contain it.
The Australian government will spend 11 billion Australian dollars (USD 7.1 billion) before June 30, the end of the financial year, with the remainder to be spent before July 2021.
Published 12 March 2020, 08:08 IST