The Stimulus package: What You Need To Know

The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus.

The yet to be legislated four part package focuses on business investment, sustaining employers and driving cash into the economy.

For business

  1. Business investment
    1. Increase and extension of the instant asset write-off
    1. Accelerated depreciation deductions
  2. Cash flow assistance for small and medium sized business
    1. Tax-free payments up to $25,000 for employers
    1. Wage subsidy of up to 50% of an apprentice or trainee wage
  3. Targeted support for severely affected sectors, regions and communities

For individuals

  • Household stimulus payments to drive cash into the economy
    • Tax-free $750 payment to social welfare recipients

Parliament sits on 23 March. The Prime Minister has stated, “we have no plans to change the parliamentary sitting schedule.”

Further details on the Stimulus package

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