January 17, 2021

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Coronavirus boost package announced

2 min read
<p>The Prime Minister has announced a stimulus package will be introduced to preserve jobs as the coronavirus threat increases, as experts urged people not to panic buy.</p>

The Prime Minister has announced a stimulus package will be introduced to preserve jobs as the coronavirus threat increases.

Scott Morrison did not go into any details as to the package, but said the Treasury was working closely with other agencies "to address the boost that we believe will be necessary".

Scott Morrison has said a stimulus package will be introduced as coronavirus wreaks havoc on markets.

"It will be a targeted plan. It will be a measured plan. It will be a scalable plan.

"It will be targeted on the real diagnosis of the economic issue we are looking to confront here.

"We will ensure that we do not make the same mistakes of previous stimulus measures that have been put in place."

Countries with confirmed coronavirus cases according to WHO.

Mr Morrison emphasised the difference between the current economic downturn and the global financial crisis of 2008.

"There is no problem with the banking system," he said.

"There is no problem, structurally, with the stability of the economy or things of that nature.

"This is a health crisis which has had serious disruptive impact on the trouble, the movement of people, and of goods around the world."


The Prime Minister also addressed the panic buying which had been reported at supermarkets across the country.

"I spoke to Coles and Woolworths on the way in," he told reporters in Canberra.

"They would send the same message I am sending you today.

"It is important that people just go about their business and their normal processes in a calm manner."

Coles at Chatswood ran over out rice on the weekend as customers stocked up.

Chief Medical Officer Brendan Murphy said there was "no reason for people to panic buy".

"We do have a very advanced pandemic plan, we are working across every part of the health system to make sure that we are prepared for any eventuality," he said.

"But at this stage, we have small numbers of cases that are controlled and the community can be reassured that there is no reason to change normal behaviours."

The announcement comes ahead of the RBA rates decision this afternoon.

The ASX 200 bounced back today after last week's substantial losses.

READ MORE: How to spot the symptoms of coronavirus

Coronavirus: How to protect yourself and others

Source: 9News https://www.9news.com.au/national/coronavirus-stimulus-package-announced-after-serious-market-losses/4a44a905-f234-4361-b7fe-ad2edc7ab1db

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