News – Budget Delay & 2nd Stimulus Package looms

The Budget will be delayed from May to October 

Prime Minister Scott Morrison says the Federal Government will delay its budget until October 6, five months later than usual, as it considers the economic damage of the coronavirus.

State and territory leaders have also agreed to delay their budgets until later this year.

“The idea that you can actually put together any sort of forecast around the economy at this time is simply not sensible,” Mr Morrison said.

Mr Morrison said National Cabinet, which includes the Prime Minister, premiers and chief ministers, would also bring in new social distancing rules for indoor gatherings.

In a wide-ranging press conference, he announced:

• Schools will remain open, following health officials’ advice
• A second stimulus package will be directed towards small and medium-sized business
• Australians should reconsider the need for unnecessary travel
• Travel to Indigenous communities will be restricted
• Aged-care facilities will receive an extra $444 million
• Commercial and residential tenants will receive financial relief

Second Stimulus Package Looms 

The Prime Minister and Treasurer last week announced a $17.6 billion stimulus package, described at the time as a bid to keep Australia out of a recession.

Treasurer Josh Frydenberg has since said a recession will be hard to avoid.

Today Mr Morrison said the Government was in the final stages of finalising a second stimulus package.

The details of the package are expected to be announced before the Parliament returns on Monday to pass the legislation needed to enact the stimulus measures.

“We are working on a package that will cushion the blow over the next six months, and will provide the necessary support so people can get on that bridge, to get them to the other side,” Mr Morrison said.

More to come.

https://www.abc.net.au/news/2020-03-20/coronavirus-puts-federal-budget-on-hold-until-october/12075238