That's $130B in AUD
Australia's package is subsidizing wages and means the government will pay wage subsidies of A$1500 biweekly. It's equivalent to 70% of the median wage and can be paid for six months.
Countries have increasingly shifted to plans like this that aim to keep people 'employed'. The thinking is that it will allow people to continue to contribute to their workplace in some way. It will also allow companies to gradually ramp up as the virus subsides.
Perhaps most-importantly, workers will continue to feel an attachment to their jobs and will benefit from that sense of stability.
Total Australian spending on COVID-19 is now A$320B, which is 16.4% of GDP. That's an eye-watering number.
The central bank today said GDP is down 2.8% so far.
