Australia announces $11.4 bln economic stimulus plan to counter virus impact

Reuters
Updated

SYDNEY, March 12 (Reuters) - Australia announced an A$17.63 billion ($11.41 billion) economic stimulus plan on Thursday that includes wage subsidies and cash payments for small businesses, to counter the impact of the coronavirus.

"Both this financial year and in the next two financial years, the gross impact of that stimulus is A$22.9 billion ($14.82 billion). That's 1.2% of GDP," Prime Minister Scott Morrison told reporters in Canberra.

($1 = 1.5449 Australian dollars) (Reporting by Renju Jose in Sydney; Editing by Muralikumar Anantharaman)