Prime Minister Scott Morrison has confirmed that eligible households will receive a once-off stimulus payment of $750 in light of an expected coronavirus-led downturn.
Over six million Aussies will be eligible for the federal government cheque, including those receiving Newstart, Family Tax Benefits and pensioners.
People receiving welfare, pensioners, carers, veterans, families, young people and those looking for work will receive the cash payment from the end of this month.
A broader, $17.6 billion stimulus package was announced earlier this week, although the finer details had not been confirmed.
The cash injection is intended to support small and medium businesses by encouraging spending within the Aussie economy, with those behind the stimulus hoping to avoid a recession.
The Prime minister told reporters in Canberra today that “the biggest beneficiaries” will be pensioners, who’ll “comprise around half of those who will receive those payments.”
Along with the $750 cheques to taxpayers, about 690,000 businesses across the country will also be eligible for grants of up to $25,000.
$11 billion of the package will make its way into the economy before the end of June, while the remainder will be injected before the end of next financial year.
Further details of the package are expected to be released tonight in a Prime Minister’s address.