{"id":7914,"date":"2020-03-23T09:05:00","date_gmt":"2020-03-22T22:05:00","guid":{"rendered":"http:\/\/yinghuiinternational.com\/?p=7914"},"modified":"2020-07-14T09:43:53","modified_gmt":"2020-07-13T23:43:53","slug":"second-stimulus","status":"publish","type":"post","link":"https:\/\/yinghuiinternational.com\/index.php\/2020\/03\/23\/second-stimulus\/","title":{"rendered":"Second stimulus to pump $66B into Australian economy"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.insideconstruction.com.au\/wp-content\/uploads\/2019\/11\/Money-hand.jpg\" alt=\"A $17.6 billion stimulus package has been announced for businesses and households to deal with challenges posed by the spread of the coronavirus.\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The Federal Government has released its second stimulus package, which will see a total of $189 billion injected into the economy to keep businesses in business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This funding figure includes $66.1 billion of new funding from the latest economic support package.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The package will include assistance for businesses to keep people in a job, regulatory protection and financial support for businesses to stay in business, and support for households including casuals, sole-traders, retirees and people on income support.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Up to $100,000 is available for eligible small and medium sized businesses that employ people, with a minimum payment of $20,000, to help them keep operating, pay the rent and bills, and retain staff.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under the enhanced scheme from the first package, employers will receive a payment equal to 100 per cent of their salary and wages withheld, up from 50 per cent, with the maximum payment increased from $25,000 to $50,000. Additionally, the minimum payment has been increased from $2000 to $10,000. It will be available from 28 April 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Related stories:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.insideconstruction.com.au\/section\/projects\/sa-releases-350m-stimulus-package-supports-local-projects\/\">SA releases $350M stimulus package to support local projects<\/a><\/li><li><a href=\"https:\/\/www.insideconstruction.com.au\/section\/industry-news\/construction-firms-to-benefit-from-17-6b-coronavirus-stimulus-package\/\">Construction firms to benefit from $17.6B coronavirus stimulus package<\/a><\/li><li><a href=\"https:\/\/www.insideconstruction.com.au\/section\/industry-news\/scott-morrison-announces-3-8b-infrastructure-cash-splash\/\">Scott Morrison announces $3.8B infrastructure cash splash<\/a><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The Federal Government aims to incentivise businesses to hold on to more of their workers by linking the payments to staff wage tax withholdings. The payments are tax free and will flow automatically through the Australian Taxation Office.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It expects to benefit around 690,000 businesses employing around 7.8 million people.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Small and medium business entities with aggregated annual turnover under $50 million and that employ workers are eligible.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An additional payment is also expected to be made from 28 July 2020. Eligible entities will receive an additional payment equal to the total of all of the Boosting Cash Flow for Employers payments received.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This measure is estimated to cost $31.9 billion over the forward estimates period, including the value of the measure around the first package.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, the Federal Government will establish the Coronavirus SME Guarantee Scheme, which will support small and medium enterprises (SME) to access the working capital needed to get through the impact of the coronavirus.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under the scheme, the Federal Government will guarantee 50 per cent of new loans issued by eligible lenders to SMEs. It aims to do so by enhancing lenders\u2019 willingness and ability to provide credit to SMES, with the scheme able to provide up to $40 billion of lending to SMEs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It aims to complement the reduction in red tape to help SMEs get access to credit faster and the announcement made by Australian banks to support small businesses with existing loans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prime Minister Scott Morrison said the Federal Government was acting to cushion the blow from the coronavirus for businesses and households to help them get through to the other side of the crisis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe want to help businesses keep going as best they can and for as long as they can, or to pause instead of winding up their business. We want to ensure that when this crisis has passed Australian businesses can bounce back,\u201d Morrison said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cOur focus is on cushioning the blow and providing hope to every Australian that we will get through this and come out the other side together.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe know this will be temporary. That\u2019s why all our actions are geared towards building a bridge, keeping more people in work, enhancing the safety net for those that aren\u2019t and keeping businesses alive so they can get to the other side and stand up their workforce as quickly as possible.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Treasurer Josh Frydenberg said the $189 billion economic support package was the equivalent of 9.7 per cent of GDP.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe Government is taking unprecedented action to strengthen the safety net available to Australians that are stood down or lose their jobs and increasing support for small businesses that do it tough over the next six months,\u201d Frydenberg said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThese measures build significantly on what we have already announced.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThese extraordinary times demand extraordinary measures.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Government has released its second stimulus package, which will see a total of $189 billion injected into the economy to keep businesses in business. This funding figure includes $66.1 billion of new funding from the latest economic support package. The package will include assistance for businesses to keep people in a job, regulatory &hellip; <a href=\"https:\/\/yinghuiinternational.com\/index.php\/2020\/03\/23\/second-stimulus\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Second stimulus to pump $66B into Australian economy&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[156,180,7],"tags":[],"class_list":["post-7914","post","type-post","status-publish","format-standard","hentry","category-156","category-go-australia","category-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p83F9T-23E","jetpack-related-posts":[{"id":7931,"url":"https:\/\/yinghuiinternational.com\/index.php\/2020\/07\/14\/commonwealth-victorian-governments-commit-more-funds-to-infrastructure-projects\/","url_meta":{"origin":7914,"position":0},"title":"Commonwealth, Victorian Governments commit more funds to infrastructure projects","author":"yinghui","date":"July 14, 2020","format":false,"excerpt":"Amid growing concerns over Victoria\u2019s COVID-19 situation, the Federal and State Governments have announced a $525 million joint investment for further infrastructure. The package will deliver \u201cshovel-ready\u201d infrastructure projects and road safety upgrades across Victoria. A total $320 million investment has been provided by the Federal Government under the package,\u2026","rel":"","context":"In &quot;Go Australia (\u8d70\u8fdb\u6fb3\u6d32)&quot;","block_context":{"text":"Go Australia (\u8d70\u8fdb\u6fb3\u6d32)","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/go-australia\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2072,"url":"https:\/\/yinghuiinternational.com\/index.php\/2016\/12\/22\/queensland-government-invests-in-the-future-of-mount-isa-mines-smelter\/","url_meta":{"origin":7914,"position":1},"title":"Queensland Government invests in the future of Mount Isa Mines smelter","author":"yinghui","date":"December 22, 2016","format":false,"excerpt":"The Queensland Government has made a $15 million offer of support for rebricking of Glencore\u2019s Mount Isa Mines copper smelter. Acting Premier Curtis Pitt said the joint-funding proposal was a way of underpinning the north-west region\u2019s economy to keep local workers on the tools. \u201cThe offer of a $15 million\u2026","rel":"","context":"In &quot;UMECC-SLAG POT&quot;","block_context":{"text":"UMECC-SLAG POT","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/umecc-slag-pot\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/yinghuiinternational.com\/wp-content\/uploads\/2016\/12\/mountisasmelter-300x147.png?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/yinghuiinternational.com\/wp-content\/uploads\/2016\/12\/mountisasmelter-300x147.png?resize=350%2C200 1x, https:\/\/i0.wp.com\/yinghuiinternational.com\/wp-content\/uploads\/2016\/12\/mountisasmelter-300x147.png?resize=525%2C300 1.5x"},"classes":[]},{"id":3103,"url":"https:\/\/yinghuiinternational.com\/index.php\/2018\/07\/04\/six-government-grants-for-businesses-that-you-might-not-know-about\/","url_meta":{"origin":7914,"position":2},"title":"Six government grants for businesses that you might not know about","author":"yinghui","date":"July 4, 2018","format":false,"excerpt":"For business owners and entrepreneurs, grants and investment from the Australian government can be a godsend, and popular local grants such as the Entrepreneurs\u2019 Programme and CSIRO\u2019s KickStart are likely already familiar to company founders. But beyond the five most common startup grants exists a world of grant programs, with\u2026","rel":"","context":"In &quot;Go Australia (\u8d70\u8fdb\u6fb3\u6d32)&quot;","block_context":{"text":"Go Australia (\u8d70\u8fdb\u6fb3\u6d32)","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/go-australia\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":793,"url":"https:\/\/yinghuiinternational.com\/index.php\/2015\/01\/24\/australian-dollar-goes-under-us-80-cents-for-first-time-since-2009\/","url_meta":{"origin":7914,"position":3},"title":"Australian dollar goes under US 80 cents for first time since 2009","author":"yinghui","date":"January 24, 2015","format":false,"excerpt":"The Australian dollar went under US 80 cents this morning for the first time in five-and-a-half years. AAP reports that the dollar fell as low as US 79.96 cents this morning and was trading at US 80.05 cents at 8:30 am, following the announcement of a 60 billion Euro per\u2026","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/news\/"},"img":{"alt_text":"Australian-dollar-goes-under-US-80-cents-for-first-time-since-2009-659065-l","src":"https:\/\/i0.wp.com\/www.bnmme.com.au\/wp-content\/uploads\/2015\/01\/Australian-dollar-goes-under-US-80-cents-for-first-time-since-2009-659065-l.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2996,"url":"https:\/\/yinghuiinternational.com\/index.php\/2018\/05\/09\/federal-budget-2018-24b-for-new-infrastructure-projects\/","url_meta":{"origin":7914,"position":4},"title":"Federal budget 2018: $24B for new infrastructure projects","author":"yinghui","date":"May 9, 2018","format":false,"excerpt":"The federal government handed down its 2018-19 budget this week and $24 billion has been earmarked for infrastructure projects. The big spend on infrastructure is forecasted provide four-fold benefit to the economy, i.e. \u00a0\u00a0every dollar the government invests will deliver a $4 return to the economy. This $24 billion allocation\u2026","rel":"","context":"In &quot;2018\u5e74\u8d8b\u52bf\u9884\u6d4b&quot;","block_context":{"text":"2018\u5e74\u8d8b\u52bf\u9884\u6d4b","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/2018\/"},"img":{"alt_text":"image","src":"https:\/\/i0.wp.com\/www.insideconstruction.com.au\/w-images\/3cda2f13-3001-4203-afe4-61cd45d26a10\/2\/calculator-670x300.jpeg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.insideconstruction.com.au\/w-images\/3cda2f13-3001-4203-afe4-61cd45d26a10\/2\/calculator-670x300.jpeg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.insideconstruction.com.au\/w-images\/3cda2f13-3001-4203-afe4-61cd45d26a10\/2\/calculator-670x300.jpeg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":776,"url":"https:\/\/yinghuiinternational.com\/index.php\/2015\/01\/16\/the-future-of-office-video-conferencing-microsoft-lync-to-be-combined-with-skype\/","url_meta":{"origin":7914,"position":5},"title":"The future of office video conferencing: Microsoft Lync to be combined with Skype","author":"yinghui","date":"January 16, 2015","format":false,"excerpt":"Microsoft is preparing to combine its business-focused Lync video conferencing and instant messaging app with Skype to create a new package called Skype for Business. The package, set to be released in the first half of 2015, will see the creation of a new Skype-like client app, an upgrade of\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/posts\/7914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/comments?post=7914"}],"version-history":[{"count":5,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/posts\/7914\/revisions"}],"predecessor-version":[{"id":7929,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/posts\/7914\/revisions\/7929"}],"wp:attachment":[{"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/media?parent=7914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/categories?post=7914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/tags?post=7914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}