The pandemic has wreaked havoc on Australian economy and the government has pledged over A$160 billion, or 8 per cent of GDP, in fiscal stimulus to shore up the economy.
Australia has been among the most successful countries in curbing the spread of the coronavirus but an outbreak in the state of Victoria has dimmed hopes of a faster and sharper economic recovery. More than 15,600 businesses so far have applied for loans worth A$1.5 billion in the first phase of the plan, which is due to end on Sep 30, according to government estimates.
Source: Loan Digest (loandigest.net)
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