More than six million low-income earners will receive a $750 cash payment under a $17.6bn government stimulus package targeted at keeping Australians in work and avoiding the country’s first recession in almost 30 years caused by the impact of the coronavirus.
The one-off tax free payment will go to pensioners and others who receive income support, including those who get the family tax benefit – with pensioners numbering about half the beneficiaries.
The payment will cost $4.8 billion, and go out from March 31. Almost all payments are expected to be made by the middle of April, in an attempt to boost spending for the vital June quarter, which will be hit hard by the fallout from the virus.
Today, Australian Prime Minister has warned people to “stop hoarding,” as shoppers across the country empty supermarket shelves amid rising alarm over the rapid spread of the novel coronavirus, which has infected almost 180,000 people worldwide.