SYDNEY - Australian Prime Minister Scott Morrison on Monday announced a A$130 billion scheme to provide replacement wages to up to six million people who may lose their jobs otherwise due to the Covid-19 outbreak.
Australia, like many other countries around the world, should enter a recession,later this year. ending its world-beating 28-year run of continuous growth. Mr Morrison said the scheme was crucial to avoid economic collapse due to the sudden halt to business activity, warning that the pandemic could result in countries around the world descending into chaos.Business groups welcomed the measures yesterday, urging employers to rehire staff if possible.
The Foreign Investment Review Board, which oversees foreign investment, will now screen all investments to ensure they are in the national interest.
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