The conservative administration of Australian Prime Minister Scott Morrison has launched an A $ 300 billion emergency stimulus to support economic growth from the impact of the coronavirus pandemic.
Today, Treasurer Josh Frydenberg announced a personal tax cut of A $ 17.8 billion and a new A $ 5.2 billion program to help improve jobs in the recovery plan aimed at creating one million new jobs over the next four years.
Such measures are expected to drive the deficit budget to increase A $ 213.7 billion, or 11% of gross domestic product (GDP) for the fiscal year ended 30 June 2021.
Australia's unemployment rate reached a 22-year high of 7.5% in July after being hit by sanctions that have crippled almost all of the country's economic activity.
Although the number of cases of infection and death due to Covid-19 in Australia is relatively low compared to most other countries, the impact on the national economy is very severe.
Australia will spend A $ 4 billion until next year to help businesses that hire those under 35 as it targets youth unemployment.
The budget also brings back the previous provision of tax cuts for the middle-income group and extends the tax relief for individuals offered in last year's budget for the low-income and middle-income groups.
