Rationale: The total size of stimulus package is $17.6 billion, delivering an economic boost equivalent to $22.9 billion or 1.2 per cent of GDP and stopping the June quarter from contracting and causing a recession

Centrelink

• one-off, $750 payments to all welfare recipients including pensioners, Commonwealth seniors cards holders, Newstart recipients, plus carers, veterans and people on disability support and family tax benefit recipients.

• rolled out on 31st March

• Reduce deeming levels

• “The lower deeming rate will be cut from 1.0 per cent to 0.5 per cent for financial investments up to $51,800 for single pensioners and $86,200 for pensioner couples,”

• “The upper rate, which only impacts about 40 per cent of payment recipients with deemed assets, will decrease from 3.0 per cent to 2.5 per cent.

Business’

• an increase in the instant asset write-off from $30,000 to $150,000 (from now until June 30 for business turnover $500m +, up from current $50m)

• 50 per cent accelerated depreciation deduction over and above existing deductions, available to June 30, 2021.

• businesses with turnover up to $50 million receive payments of up to $25,000 tax free, and there will be a 50 per cent wage subsidy for apprentices that will deliver up to $21,000 per apprentice to employers

$1 billion would go to a regional and community fund that would support industries particularly hard-hit by the economic fallout from the virus, such as tourism.