The fight against the coronavirus has swollen in cost to reach almost 10 per cent of Australia’s annual economic output, far greater than some other countries but falling short of some demands for greater action.
Beanbah Expresso cafe owner Craig Dixon said business declined by about 40 per cent last week as more people work from home.The spending includes $17.6 billion in government spending announced two weeks ago as well as a $90 billion lending facility from the Reserve Bank and $15 billion in linked measures from the federal government announced last Thursday.
The government estimates the Australian economic response is greater than the stimulus measures worth 4.5 per cent of GDP in Canada, 4.5 per cent in Hong Kong and 4 per cent in South Korea. Peak union group the ACTU is demanding the federal government agree to "at least the equivalent" of UK Prime Minister Boris Johnson's wage subsidy of 80 per cent of British workers' pay if they remain employed.
CroweDM Dana_Adele Too little, too late
CroweDM Dana_Adele Governments trying to save businesses, is this a matter of: Don’t try to catch a falling knife!