Australia will spend 56 billion dollars to save the economy.

Sydney, Mar 19 (HS): Australia’s central bank and government said on Thursday that 100 billion Australian dollars would be invested in the economy to reduce the tremors of the global epidemic of coronavirus.

The Reserve Bank of Australia has cut interest rates to the lowest level ever. While the government has announced a 15 billion dollar loan assistance to small and medium lenders.

Australian authorities have stepped up financial measures to combat the coronavirus outbreak. Coronavirus has raised fears of recession and unemployment increase for the first time in nearly three decades in the country.

The RBA said in a statement, “The first priority for the Reserve Bank is to support jobs, income and businesses to help the country recover strongly when a health crisis strikes.”

As of now, around 600 infections and six casualties of coronavirus have been reported in Australia. This is a relatively small number compared to other countries, but authorities have warned about the possibility of a rapid increase in coronavirus cases.

The RBA has been investing in the financial system throughout the week to ensure business and home loans. It also announced a 90 billion dollar loan package for banks. The Government announced a package of 17.6 billion dollars for small and medium businesses earlier this month.