Tax breaks for businesses and cash for local councils could be part of a huge government spending program to fight off a looming recession. The federal government will announce a plan later this week to splurge up to $10billion to boost economic growth. State governments are also expected to announce their own measures to save jobs and businesses as the coronavirus outbreak hammers the economy. The Australian stock market plunged by 6.24 per cent on Monday, erasing close to $120billion as traders braced for recession. The benchmark S&P/ASX 200 has suffered its worst one-day fall since November 2008, at the height of the global financial crisis. The value of shares have plunged by 19 per cent or $360billion since reaching a record high on February 20. The federal government is reportedly finalising a $10billion economic stimulus package amid the coronavirus outbreak. Pictured: People wearing masks on public transport What measures could stimulate economy?Give cash to local councils to bring forward infrastructure projects Tax breaks for businesses buying assets such as machineryDelay payroll tax paid by employersBring forward bushfire relief paymentsChanges to Newstart to allow casual workers access to paid sick leaveReduce deeming rates (so pensioners and veterans can receive more government money)Pause… Read full this story
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Tax breaks, asset write-offs, changes to the dole and cash for nation-building: What Scott Morrison's $10BILLION stimulus plan to fight off the coronavirus and avoid a recession means for you - as he vows not to do a Kevin Rudd have 369 words, post on www.dailymail.co.uk at March 8, 2020. This is cached page on IT Breaking News. If you want remove this page, please contact us.