Coronavirus second stimulus package not far off

- March 20, 2020 < 1 MIN READ

The treasurer Josh Frydenberg has done several rounds of interviews in the past 24 hours hinting that a second stimulus package will soon be announced.

The package is likely to address the concerns of micro business owners, sole traders and households who are likely to be severely impacted by the coronavirus crisis.

Speaking to ABC’s Leigh Sales on the 730 Report Frydenberg said it was a “team Australia moment”.

“Whether you’re an energy company or a landlord or a bank, you need to fully understand the predicament in which your customers are finding themselves, through no fault of their own. We need to build that bridge to the recovery phase and there’s an alignment of interests here between the small businesses and their banks because both parties want to succeed.”

While the government’s first package seemed to focus on helping welfare recipients and businesses with employees with $750 going to 6.5 million Australians and a number of tax incentives announced, the second stimulus will hopefully be a largely different affair.

“I’m not ruling in or out anything,” Frydenberg said.

“Everything is actually on the table. Because what this second package will be designed to do is to cushion the blow for Australians, particularly those who have lost their jobs, but also for those small businesses who are facing this very, very difficult moment.”

Speaking with ABC this morning Frydenberg also said the major banks would be making a very significant statement this morning that would be of great assistance to small business owners.

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