Coronavirus (COVID-19) updates from the Australian Government

Economic Response to the Coronavirus

The Coronavirus has presented a fast evolving and significant challenge to global health systems and economies.

The Government has acted decisively in the national interest to support households and businesses and address the significant economic consequences of the Coronavirus.

The Government’s economic support package of $259 billion represents fiscal and balance sheet support across the forward estimates of 13.3 per cent of annual GDP. Direct fiscal measures are equivalent to around 6.9 per cent of GDP.

The Government’s economic support package has provided timely support to affected workers, businesses and the broader community, and has kept Australians in work, and businesses in business.

These actions have put a floor under the economy during this extraordinary time, and have set the foundation for a strong economic recovery once the Coronavirus crisis passes.

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On 12 May 2020 the Treasurer provided a Ministerial Statement to the House of Representatives outlining the impact of the Coronavirus on the economy and the Government's response.

Ministerial Statement on the Economy