Australia Prepares to Scale Up Stimulus to Save Jobs, Businesses

(Bloomberg) -- Australia’s government is preparing to scale up fiscal stimulus just days after announcing a A$17.6 billion ($10.7 billion) support package as it seeks to save businesses and jobs from the impact of the coronavirus.

Finance Minister Mathias Cormann told Sky News it was clear the government needed to do more to help companies transition through the crisis, though said it was a “grim reality” that some firms would close and people would lose their jobs.

Australia Unveils A$17.6 Billion Stimulus to Stave Off Recession

Cormann declined to say whether the government would bail out airlines, which have been badly hit amid global travel restrictions. He said ministers were “carefully considering” challenges to the aviation sector.

The national Cabinet, which also includes state and territory leaders, will meet later today in Canberra.

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