The $130bn support package announced by the Morrison government on Monday is the largest plank in a raft of measures to keep Australians in jobs and support those out of work, unprecedented in its scale.
Every state and territory has announced stimulus packages that, along with the impact of Covid-19-related closures on their revenue, are expected to put them all in deficit.
By the end of March, the measures announced totalled $213.6bn in direct, on-budget spending from the federal government, $11.8bn from the states and $105bn in lending from the Reserve Bank and the federal government.
19 March – the Reserve Bank of Australia announces a $90bn three-year funding facility to help banks continue to lend to business, and the Morrison government contributes $15bn skewed to smaller banks and non-authorised deposit-taking institution lenders.
22 March – government announces a second major economic rescue package worth $66bn including a $550 coronavirus supplement to jobseeker payments and a second $750 payment to welfare recipients.
30 March – government announces $130bn in the third support package, including a $1,500 fortnightly jobkeeper payment for employers to pass on to employees to keep them in work, and extending eligibility for jobseeker payments.
New South Wales
17 March – state government announces a $2.3bn stimulus package including $700m in extra health funding and $1.6bn in other measures including waiving payroll tax and bringing forward infrastructure investment.
27 March – government announces a second $1bn funding package to boost employment in Services NSW, and defer payroll taxes and other levies.
21 March – state government announces a $1.7bn economic survival package including $500m to support workers to transition to new jobs and a $500m business support fund for the hardest-hit sectors, including hospitality, tourism, accommodation, arts and entertainment, and retail.
26 March – government announces a second package worth $650m, including $300m for businesses and industries and $250m for community organisations and training.
18 March – government announces a $420m stimulus package, including $50m to fast-track maintenance, $20m in interest-free loans to affected business and payments of $250 for individuals and $1,000 for families required to self-isolate.