Posted April 15, 2020 16:31:40 Australia has set aside $300 million to help the world’s second-largest economy as it grapples with the economic collapse that is to hit its economy with a vengeance.
Key points:Australia has set up a taskforce to find ways to deal with the global economic fallout from the pandemicThe money is being used for the first time to fund a task force to deal w/the economic fallout, the Federal Government said on MondayThe Federal Government has set $300m to be spent on disaster relief, while $1.2bn in assistance is also being allocated to help with the pandemics’ impact on the Australian economy, Prime Minister Scott Morrison said.
“We have the resources to deal wit the pandepic, we have the capacity to deal in a crisis, we can deal with an economic disaster,” he told reporters in Melbourne.
“I don’t want to put it off, we’ve got to get to grips with it and we have to get this sorted.”
Mr Morrison said the money was being used to support a task group set up by the Federal Department of Economic Development to find alternative ways to assist the Australian financial system.
“This is an extraordinary opportunity to provide some funding to help get through this,” he said.
The Government said $300,000 had been set aside to help businesses, universities and other organisations cope with the disruption.
It also announced a $400m assistance package to help people affected by the pandemaker, which is expected to affect the economy.
“It’s really important that people have a bit of certainty around when they can get on with their lives and the resources that they need to deal and get through a pandemic, to get through it in a timely manner,” Mr Morrison said, referring to the impact on Australian consumers.
“And the government has got a plan in place to make sure that we get through the pandemate.”‘
It’s going to hit us harder’The Government has also set aside another $300M for helping people affected financially by the economic fallout.
“What you’ve seen this week is a massive amount of resources coming to Australia,” he added.
“These are not just people that are in financial difficulty, these are people that have had their income destroyed by this pandemic.”
Mr Robertson said that while some organisations had received money, most of the money had been allocated to organisations like the Australian Red Cross and the Salvation Army, and was not earmarked for people.
“They’ve been really keen to see how we can use this money to help these organisations, so we’re working with them to find the funding to get the support to the people affected, to ensure that they can survive,” he explained.
“So, in some cases, the Red Cross will be able to give a hand in that.
We’re working closely with them on that as well.”
The Federal Budget is due on April 21, and Mr Morrison is due to meet with the Opposition Leader Tony Abbott, Business Council of Australia president and former treasurer, to discuss the economic and financial implications of the pandemo.