Via the excellent Damien Boey at Credit Suisse:
The Australian government has pledged an additional $130 billion over the next 6 months in wage subsidies. Eligible firms will be paid $1500 per fortnight to subsidize workers stood down in the wake of COVID-19 shutdowns.
The stimulus comes on top of the second $66 billion stimulus package, and the first $17.6 billion package. In total, fiscal stimulus will be worth $213.6 billion, equivalent to 10.6% of annual GDP. This is an unprecedented amount of deficit spending. Importantly, the stimulus package is incredibly front-loaded, meaning that over the next 6 months, the annualized impact could be nearly double.