Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Australia 01 - Liquidity Support
Australia 01A - Short-term lending International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020); Reserve Bank of Australia (RBA) https://www.rba.gov.au/speeches/2020/sp-gov-2020-03-19.html (accessed 11 April 2020).

No amount/estimate: April, To support liquidity, the Reserve Bank of Australia (RBA) will conduct one-month and three-month repo operations daily until further notice.

Australia 01B - Support policies for short-term lending
Australia 01C - Forex operations IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020).

No amount/estimate: April, The exchange rate has been allowed to adjust flexibly to absorb economic shocks.

Australia 02 - Credit creation 110,000,000,000 68,397,999,953
Australia 02A - Financial sector lending/funding 90,000,000,000 55,961,999,961 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020); RBA. https://www.rba.gov.au/mkt-operations/term-funding-facility/ (accessed 11 April 2020).

(i) April, The government is allocating up to AUD15 billion to invest in residential mortgage-backed securities and asset-backed securities to help funding for small banks and non-bank financial institutions (See Measure 9: No breakdown); (ii) To allow banks to lend more to small and medium enterprises (SMEs) during the period of disruption caused by COVID-19, RBA has established a Term Funding Facility (TFF) of at least AUD90 billion for SMEs lending (TFF will offer three-year funding to authorized deposit-taking institutions [ADIs]).

Australia 02B - Support policies for long-term lending IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020); RBA. https://www.rba.gov.au/speeches/2020/sp-gov-2020-03-19.html (accessed 11 April 2020).

No amount/estimate: (i) March 3 and 19, The policy rate was cut by 25 basis points twice to 0.25%; (ii) The Australian Prudential Regulation Authority (APRA) has (a) provided temporary relief from its capital requirement, allowing banks to utilize some of their current large buffers to facilitate ongoing lending to the economy as long as minimum capital requirements are met, and (b) March 30, announced that it is deferring its scheduled implementation of the Basel III reforms in Australia by one year to January 2023.

Australia 02C - Loan guarantees 20,000,000,000 12,435,999,991 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020); Organisation for Economic Co-operation and Development (OECD). http://www.oecd.org/coronavirus/en/ (accessed 11  April 2020); Department of the Treasury, Government of Australia. https://treasury.gov.au/coronavirus/sme-guarantee-scheme (accessed 16 April 2020).

April, Under a new Coronavirus SME Guarantee Scheme, the Government will guarantee 50% of new loans issued by eligible lenders to SMEs with total lending capacity of AUD40 billion (2% of GDP) (AUD20 billion of the total AUD40 biilion is lumped in the AUD194 billion package. See Measure 9: No breakdown).

Australia 03 - Direct long-term lending
Australia 03A - Long-term lending
Australia 03B - Forbearance
Australia 04 - Equity support
Australia 05 - Government support to income/revenue 17,054,600,000 10,604,550,273
Australia 05A - Health 5,554,600,000 3,453,850,278 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020).

April, The Commonwealth government has (i) committed to spend almost an extra AUD5 billion (0.3% of GDP) to strengthen the health system and protect the vulnerable people, including those in aged care, from the outbreak of COVID-19; and (ii) introduced temporary measures to ensure the continuity of aged care, amounting to an additional AUD544.6 million.

Australia 05B - Non-health 11,500,000,000 7,150,699,995 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020).

April: (i) AUD194 billion (9.7% of GDP) support on measures including (a) wage subsidies (6.7% of GDP), (b) income support to households, (c) cash flow support to businesses, (d) investment incentives, (e) targeted measures for affected regions and industries, and (f) an advance authorization of AUD40 billion for unforeseen events. (See Measure 9: No breakdown); (ii) State and territory governments announced stimulus packages of a total of AUD11.5 billion (0.6% of GDP) including payroll tax relief for businesses and relief for households, such as (a) discount utility bills, (b) cash payments to vulnerable households, and (c) support for health spending.

Australia 06 - Budget reallocation
Australia 07 - Central bank financing government
Australia 07A - Direct lending & reserve drawdown
Australia 07B - Secondary purchase: government securities IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020).

No amount/measure: (i) April, The RBA has announced yield targeting on 3-year government bonds at 0.25% through purchases of government bonds in the secondary market.

Australia 08 - International Assistance Received 96,494,049,600 60,000,000,000
Australia 08A - Swaps 96,494,049,600 60,000,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020); New York FED. https://apps.newyorkfed.org/markets/autorates/fxswap (accessed 16 April 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-09.html (accessed on 11 April 2020).

March 20, RBA has established a swap line with the United States (US) Federal Reserve for the provision of US dollar liquidity in amounts up to USD60 billion. Amount oustanding as of April 16, 2020: USD1.15billion.

Australia 08B - International loans/grants
Australia 08B1 - Asian Development Bank
Australia 08B2 - Other
Australia 09 - International Assistance Provided
Australia 09A - Swaps
Australia 09B - International loans/grants
Australia 10 - No breakdown 194,000,000,000 120,629,199,917 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020); Department of the Treasury, Government of Australia. https://treasury.gov.au/coronavirus (accessed 16 April 2020).

April, Three economic stimulus packages, i.e., (i) support to individuals; (ii) support to businesses; and (iii) support to flow of credit are put in place at the Commonwealth level, with total expenditure and revenue measures of AUD194 billion (9.7% of GDP) through FY2023-24, the majority of which to be executed in FY2019-20 and FY2020-21 (See Measure 2: Actions that increase liabilities to the central bank or government and loan guarantees; and Measure 5: Direct support to income/revenue).

Australia 11 - Other Economic Measures
Australia 12 - Non-Economic Measures Department of Health, Australian Government. https://www.health.gov.au/news/health-alerts/novel-coronavirus-2019-ncov-health-alert/government-response-to-the-covid-19-outbreak (accessed on 11 April 2020).

March: (i) Travel restrictions, screening travelers who arrive in Australia and ensuring they self-isolate on arrival, continuing with border surveillance; (ii) Enforcing social distancing measures, testing people suspected of the disease, and isolating people with the virus and their close contacts; (iii) Increasing of health system capacity; (iv) Delivering support to Australians experiencing domestic, family and sexual violence due to the fallout of coronavirus; (v) Putting limits on some prescription and over the counter medications, to make sure those who need them can access them.