Coronavirus stimulus package: More than 6 million Australians to receive $750 cash payment

The federal government has unveiled plans for a massive stimulus package to prop up the Australian economy as the COVID-19 coronavirus threatens to cause a recession.

Over the next three years, the plan will inject $17.6 billion into the economy. An estimated $11 billion will be rolled out by June 30.

A further $5.3 billion will be spent on health services to reduce the impact of the virus.

“We see this as a health crisis with significant economic consequences that needs strong action, targeted action, but we want to ensure that assistance gets out the door very quickly and that’s what we’re ensuring happens,” Assistant Treasurer Michael Sukkar told Neil Mitchell.

“What we’re trying to do is make sure it hits the economy quickly, deals with the immediate issue, and when we get through it we’ll be in much better shape to come out the other side.

“We want that money flowing into the economy very quickly.”

Here’s what we know:

• Benefit recipients will get a $750 cash payment

Around 6.5 million Australians will receive an instant cash payment of $750.

Pensioners and all recipients of Newstart allowance, disability support payments, carers allowance, youth allowance, veterans support and the family tax benefit will receive the payment. health care card holders will also receive the cash payment.

Payments will begin being rolled out from March 31.

• Businesses who employ apprentices will get wage subsidy payments

The government has announced payments of up to $21,000 per small business to ensure they can afford to keep almost 120,000 apprentices employed.

“We know that in difficult economic times its the people with the least experience that are the hardest to keep on the books,” Mr Sukkar said.

• Small and medium sized businesses will receive cash flow payments

Almost 700,000 small businesses will be eligible for payments of up to $25,000 to assist through the tough period.

These payments will be available through businesses BAS.

Instant asset write off limits for businesses with a turnover of up to $500 million will also be expanded from $30,000 to $150,000.

• A coronavirus regional and community fund will be set up

Regions and businesses which are most heavily impacted by the virus will be eligible for additional financial support through a regional and community fund established by the federal government.

The $1 billion fund will be available for things such as waiving national park fees and providing a tourism boost.

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Image: Mark Evans / Stringer