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Australia PM to unveil up to $10b in stimulus as early as Tuesday

00:05  08 march  2020
00:05  08 march  2020 Source:   skynews.com.au

Australian stocks slip as investors watch for stimulus with virus spread continuing

  Australian stocks slip as investors watch for stimulus with virus spread continuing Investors continued to watch for developments around government stimulus as the coronavirus continued spreading globally.The Nikkei futures contract in Chicago was at 19,735 while its counterpart in Osaka was at 20,050. That compared against the Nikkei 225's last close at 19,867.12.

EconomyDec 04, 2019 03:22 PM ET. The stimulus measures are likely to have a headline figure of about 25 trillion yen (0 billion), according to a senior Abe administration That said, Prime Minister Shinzo Abe may need to ramp up the fiscal stimulus in 2020 if overseas demand deteriorates again.”

The package would aim to get Japan’s economy up and running again and avoiding a further deterioration in global demand triggering a recession early next year. That said, Prime Minister Shinzo Abe may need to ramp up the fiscal stimulus in 2020 if overseas demand deteriorates again.”

The government will unveil up to $10 billion in stimulus measures as early as Tuesday, Sky News Political Editor Andrew Clennell says.

Prime Minister Scott Morrison and Treasurer Josh Frydenberg flagged last week they would introduce “scalable and targeted” stimulus measures to help offset the impact of COVID-19 on the economy.

Treasury on Thursday estimated the virus is likely to wipe 0.5 per cent of growth from the economy in the March quarter and warned the June figures and beyond could also take a hit.

Mr Clennell said it is expected the stimulus costing will be closer to $10 billion.

“Several ministers in key areas including education, tourism, trade, industry, infrastructure, and agriculture are expected to take their proposals for stimulus to the expenditure review committee on Tuesday,” he said.

“Scott Morrison is expected to begin stimulus announcements as early as Tuesday.”

The RBA has slashed interest rates to their lowest level in Australian history as the economy gets set for a coronavirus battering .
The official cash rate has never been lower than today. The Reserve Bank of Australia (RBA) set the interest rate at just 0.5% on Tuesday, just a third of what it was less than 12 months ago. The Reserve Bank of Australia (RBA) set the interest rate at just 0.5% on Tuesday, just a third of what it was less than 12 months ago.

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