Morrison Government considering second stimulus package

author-avatar By on March 16, 2020
Morrison Government considering second stimulus package

Pictured: Prime Minister Scott Morrison with Finance Minister Mathias Cormann. Image byG20 Argentina via Flickr

The Morrison Government is considering rolling out a second stimulus package to cushion the economic blow from the global coronavirus pandemic.

*** BREAKING NEWS ***

Less than a week after rolling out a $17.6 billion stimulus package in a bid to boost the worsening economy, the Morrison Government is considering rolling out a second round of government spending.

Reportedly, Prime Minister Scott Morrison is currently in meetings with Treasurer Josh Frydenberg and Finance Minister Mathias Cormann to finalise the details of the package which could be rolled out within days.

The development comes as the Reserve Bank today announced it would buy government bonds, a form of quantitative easing, in response to the COVID-19 pandemic.

In a sign there could be a second rate cut in March, RBA Governor Philip Lowe said the central bank would make another announcement later this week.

"The Bank will announce further policy measures to support the Australian economy on Thursday," he said.

The US Federal Reserve and the Reserve Bank of New Zealand slashed their interest rates to close to zero overnight. 

More to come...

The table below displays some of the highest-rate six-month term deposits on the market.


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Emma Duffy is Assistant Editor at Your Mortgage and  Your Investment Property Mag, which are part of the Savings Media Group. In this role, she manages a team of journalists and expert contributors committed to keeping readers informed about the latest home loan and finance news and trends, as well as providing in-depth property guides. She is also a finance journalist at Savings.com.au which she joined shortly after its launch in early 2019. Emma has a Bachelor in Journalism and has been published in several other publications and been featured on radio.

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