Australian PM said some nations around the world may collapse as the COVID-19 Crisis escalates around the globe.
In his opening remarks before announcing a massive economic package to save the Aussie economy, the PM said many countries could see their economies “struggle in the months ahead, others will hollow out.”
He warned some countries could collapse as a result of COVID-19.
“This will not be Australia,” the PM said.
In a major press conference Monday, the Australian PM announced another massive $130 billion as an economic boost for the Australian economy.
“Today I announce we’re committing $130 billion over the next six months to support the jobs and livelihoods of what we anticipate will be 6 million Australians”
That is on top of $105 billion already announced.
Total support for the crisis is $320 billion or 16.4% of the entire GDP of Australia.
Paying Worker Wages
“Today we are introducing a $1,500 per fortnight job keeper” initiaive.
“We will pay employers to pay their employees,” the PM said.
Treasurer announced details
Extraodinary times call for extraordinary measures,” the Treasure said.
“This $1,500 payment…represents about 100% of the medium wage in industries most impacted” by Covid-19.
“Employers and sole traders will be able to apply… The payments will flow from the first week of May and backdated to today.”
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The Sydney News Authors