More than six million Australians will be getting a cheque for $750 as part of the Morrison Government’s $17.6 billion coronavirus stimulus package.
Households receiving government benefits including pensioners and those getting Newstart, Carer’s Allowance and Family Tax Benefits will get the one-off payments from March 31.
Prime Minister Scott Morrison said the payments would inject cash into the economy to support small and medium businesses.
“Households will receive a stimulus payment of $750 across the full gambit of those who receive all sorts of benefit payments,” Mr Morrison told reporters today.
“The biggest beneficiaries of that will be pensioners. They comprise around half of those who will receive those payments, but they also will be extended to those in family tax benefits, which obviously goes to those in earning households.”
The Prime Minister said other measures included supercharging the instant asset write-off, backing business investment with an accelerated depreciation scheme and a cashflow boost for small and medium-sized employers.
About 690,000 businesses across Australia will be able to get grants for up to $25,000.
The government will also support employers to keep 117,000 apprentices in jobs over nine months.
“Importantly, these measures do not extend beyond 30 June next year and that means that gives the budget and the community the opportunity to bounce back shortly,” Mr Morrison said.
Treasurer Josh Frydenberg said the package was worth $17.6 billion, $11 billion of which would be spent before June 30.
A $1 billion tourism fund will also be established to assist the sector, which was badly affected by COVID-19 and travel bans which were created to help curb its spread.
Mr Morrison said the plan was about ensuring “the Australian economy bounces back stronger on the other side”.
“This plan is about keeping Australians in jobs. This plan is about keeping a business in business, particularly small and medium-sized businesses,” he said.