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ASX rallies for best ever day

Published: (Updated: ) in Australian News by .

The Australian share market has rallied hard in its final minutes for its best day ever after Prime Minister Scott Morrison announced the government’s fiscal stimulus measures.

The Australian share market has rallied hard in its final minutes for its best day ever after Prime Minister Scott Morrison announced the government's fiscal stimulus measures.

The S&P/ASX200 benchmark index gained 163.1 points in the final 24 minutes of trade to finish Monday up 399 points, or 7.0 per cent, to 5,181.4 points.

Updates: PM unveils $130 billion package

The All Ordinaries index rose 319.8 points, or 6.56 per cent, to 5,194.

The Australian dollar was buying 61.45 US cents, up from 61.08 US cents as the market closed on Friday.

Australian companies to get wage subsidies

Businesses will be given wage subsidies of up to $1500 a fortnight for each worker to keep staff on during the coronavirus crisis as part of an unprecedented $130 billion package.

Prime Minister Scott Morrison unveiled the federal government's third and biggest round of economic stimulus on Monday.

"We want to keep the engine of our economy running through this crisis," he said.

The federal government will give the $1500 allowance to businesses that have taken a 30 per cent hit to turnover because of the coronavirus.

Companies turning over more than $1 billion will be eligible if they have taken a 50 per cent hit.

The subsidies will last for six months, with full-time, part-time and casual workers who have been with their employer for at least 12 months eligible.Sole traders have also been included in the package.

Source: 9News https://www.9news.com.au/national/coronavirus-asx-rallies-for-best-ever-day-after-prime-minister-scott-morrison-stimulus-package/df203333-fe03-4246-91b0-fccb1e9aa424

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