Other ADB Members
Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline|
|01A - Short-term lending info_outline||
No amount/estimate: April 2020, To support liquidity, the Reserve Bank of Australia (RBA) will conduct one-month and three-month repo operations daily until further notice.
|01B - Support policies for short-term lending info_outline||
No amount/estimate: May 2020, To assist with the smooth functioning of Australian capital markets, the RBA has broadened the range of eligible collateral for open market operations to include securities issued by non-bank corporations with an investment grade.
|01C - Forex operations info_outline||
No amount/estimate: April 2020, The exchange rate has been allowed to adjust flexibly to absorb economic shocks.
|02 - Credit creation info_outline||AUD255,000,000,000||USD158,558,999,891|
|02A - Financial sector lending/funding info_outline||AUD215,000,000,000||USD133,686,999,908||
(i) April 2020, 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; (ii) April 2020, 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]). On 1 September 2020, RBA announced an expansion to the TFF. ADIs will have access to additional funding, equivalent to 2% of their outstanding credit, at a fixed rate of 25 basis points for three years. ADIs will be able to draw on this extra funding up until the end of June 2021. As of 1 September 2020, ADIs have drawn AUD52 billion under the TFF. The current expansion brings the total amount available under this facility to around AUD200 billion.
|02B - Support policies for long-term lending info_outline|
|02B1 - Interest rate reductions||
No amount/estimate: (i) 3 March 2020 and 19 March 2020, The policy rate was cut by 25 basis points twice to 0.25%. 5 May 2020, 2 June 2020, 7 July 2020, 4 August 2020, 1 September 2020, and 6 October 2020, the RBA announced that it will maintain the current rates. 30 June 2020, While the cash rate target has remained at 25 basis points, the actual cash rate traded in the market has declined to around 13–14 basis points. 3 November 2020, The RBA announced a reduction in the cash rate to 10 basis points; (ii) 3 November 2020, The RBA reduced the interest rate on new drawings under the TFF to 10 basis points, from the current 25 basis points.
|02B2 - Other policies to support long-term lending||
No amount/estimate: (i) April 2020, The Australian Prudential Regulation Authority (APRA) has 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. 9 July 2020, APRA has issued a letter to ADIs, advising that this measure will be extended to cover a maximum period of 10 months from the start of a repayment deferral, or until 31 March 2021, whichever comes first. 29 July 2020, APRA has updated its capital management guidance for ADIs, i.e. (a) retain at least 50% of earnings when making decisions on capital distributions and raise more capital through dividend reinvestment plans; (b) conduct regular stress testing to inform decision-making and demonstrate ongoing lending capacity; and (c) make use of capital buffers to absorb the impacts of stress, and continue to lend to support households and businesses; (ii) 30 March 2020, APRA announced that it is deferring its scheduled implementation of the Basel III reforms in Australia by one year to January 2023.
|02C - Loan guarantees||AUD40,000,000,000||USD24,871,999,983||
April 2020, 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. 20 July 2020, The government announced that it plans to expand the SME Guarantee Scheme to help small businesses to adapt, grow and create jobs. The changes include widening the range of investments that can be funded, increasing maximum loan size, and increasing the maximum long term to five years, among others. The second phase of the Scheme will start on October 2020 and will be available until June 2021.
|03 - Direct long-term lending info_outline|
|03A - Long-term lending info_outline||
No amount/estimate: 2 September 2020, Government announced interest-free loans to Australians who are stranded overseas and in financial distress.
|03B - Forbearance|
|04 - Equity support info_outline|
|05 - Health and income support||AUD360,924,500,000||USD224,422,853,946|
|05A - Health support||AUD141,037,100,000||USD87,696,868,720||
(i) 11 March 2020, The Australian Government has unveiled a comprehensive AUD2.4 billion health package to protect all Australians, including vulnerable groups such as the elderly, those with chronic conditions and Indigenous communities, from the coronavirus (COVID-19); (ii) 21 March 2020, The National Cabinet announced additional funding of AUD444.6 million for the aged care sector to ensure the continuity of the aged care workforce. 5 May 2020, The Australian Government is providing an additional AUD205 million in specific COVID-19 aged care funding. 31 August 2020, an additional AUD563.3 million has been allocated to the aged care sector; (iii) 29 March 2020, (a) AUD669 million will be provided to expand Medicare-subsidised telehealth services for all Australians, with extra incentives to GPs and other health practitioners also delivered; and (b) AUD74 million will be provided to support the mental health and wellbeing of all Australians; (iv) 15 April 2020, AUD3 million further funding to support frontline health workers with training and information on the treatment of coronavirus; (v) 15 May 2020, The government announced AUD48.1 million funding for the National Mental Health and Wellbeing Pandemic Response Plan; (vi) 25 May 2020, An additional AUD20 million is announced for Mental Health and Suicide Prevention Research; (vii) 29 May 2020, The Commonwealth will invest an estimated AUD131.4 billion in the new 2020‑25 National Health Reform Agreement to provide additional funding to public hospitals over five years from 2020–21; (viii) 7 September 2020, The Australian government will invest AUD3.2 billion in a supply and production agreement with pharmaceutical companies to provide free vaccines by 2021, if trials prove successful; (ix) 18 September 2020, The government announced to extend a range of COVID-19 health measures, including mental health interventions until 31 March 2021 amounting to more than AUD2 billion; (x) No amount/estimate: 13 November 2020, National Cabinet endorsed the Australian COVID-19 Vaccination Policy, which sets out the roles and responsibilities of the Commonwealth, states and territories in rolling out COVID-19 vaccination. National Cabinet welcomed the Commonwealth Government’s announcement that Australia had secured access to 134.8 million doses of four leading vaccine candidates; (xi) 3 January 2021, AUD10.1 million from the government's Medical Research Future Fund’s Clinical Trials Activity Initiative is allocated for high potential COVID-19 related clinical trials [update].
|05B - Income support||AUD205,887,400,000||USD128,020,785,232|
|05B1 - Tax and contribution deferrals and policy changes||AUD1,150,000,000||USD715,070,000||
March 2020, Temporary early release of superannuation (AUD1,150 million).
|05B2 - Tax and contribution rates reduction||AUD17,800,000,000||USD11,068,039,992||
6 October 2020, The Government is delivering an additional AUD17.8 billion (from 2020 to 2024) in personal income tax relief to support economic recovery.
|05B3 - Wage support and subsidies to individuals and households||AUD34,020,900,000||USD21,154,195,605||
(i) March 2020, Support for individuals and households including (a) income support for individuals (AUD14,133 million), (b) payment to support households (AUD8,830 million), (c) lower the social security deeming rates (AUD876 million); (ii) 29 March 2020, AUD150 million will be provided to support Australians experiencing domestic, family and sexual violence due to the fallout from coronavirus; (iii) 4 June 2020, The government announced a HomeBuilder program offering AUD25,000 grants to new home builders and renovators from June 4 to December 31, 2020. HomeBuilder will be implemented via a National Partnership Agreement, signed by the Commonwealth and State and Territory governments and is expected to cost AUD680 million; (iv) 8 June 2020, The government announced that it will resume the Child Care Subsidy (CCS) to support families to access affordable child care starting 13 July 2020 and will pay approximately AUD2 billion this quarter to eligible families; (v) 21 July 2020, The Government will extend the payment period of the temporary Coronavirus Supplement for those on income support from September to December 2020. The new arrangements for the Coronavirus Supplement are expected to cost an additional AUD3.8 billion; (vi) No amount/estimate: 22 July 2020, Mutual obligation requirements will continue to be gradually introduced starting August 4, 2020. Job seekers must be willing to accept any offer of suitable paid work or face penalties if a job seeker refuses a job without a reasonable excuse. Mutual obligation requirements are tasks and activities agreed upon while getting certain payments from the government; (vii) 5 August 2020, The Australian Government announced the Pandemic Leave Disaster Payment support for Victorians who can't earn an income because they must self-isolate or quarantine at home or they are caring for someone with COVID-19. The support runs until February 2021. 16 September 2020, The government has extended the payment arrangements to include Western Australia. More than AUD13.3 million in Pandemic Leave Disaster Payments has been paid for some 9,000 granted claims since 6 August 2020 ; (viii) 5 August 2020, The Australian government announced that it will invest AUD33 million to provide child care relief for Victorian families. Families in Stage 4 lockdown are also entitled to receive an additional 30 days, or six weeks, of allowable absences from childcare; (ix) 20 September 2020, The government will provide an additional AUD305.6 million for families and child care providers under the Child Care Recovery Package starting 28 September 2020 until 31 January 2021; (x) 10 November 2020, The Australian Government will extend temporary support through the social security system, for those Australians seeking work, from January to March 2021. The extension of temporary measures is estimated to cost an additional AUD3.2 billion.
|05B4 - Subsidies to business||AUD149,850,000,000||USD93,176,729,936||
(i) March 2020, Support for business including (a) JobKeeper payment (AUD70,000 million), (b) boosting cash flow for employers (AUD31,900 million), (c) No amount/estimate, temporary relief for financially distressed businesses, (d) increasing the instant asset write-off (AUD700 million), (e) backing business investment (AUD3,200 million), (f) supporting apprentices and trainees (AUD1,265 million), (g) support for Coronavirus affected regions and communities (AUD1,000 million), (h) support for Australian airlines and airports (AUD715 million); (ii) 25 June 2020, AUD250 million targeted package through the JobMaker plan to be implemented in the next 12 months to help restart the creative economy and get the entertainment, arts and screen sectors back to work; (iii) 16 July 2020, AUD2 billion support for the JobTrainer package to give Australians access to new skills by retraining and upskilling them into sectors with job opportunities, as the economy recovers from COVID-19; (iv) 21 July 2020, The Government is extending the JobKeeper Payment until March 2021 with a reduced payment rate. Support will be targeted to businesses (including the self-employed) and not-for-profits that continue to be significantly impacted by the coronavirus. The new arrangements for the JobKeeper Payment are expected to cost an additional AUD16.6 billion; (v) 7 August 2020, The JobKeeper program was adjusted to expand employee eligibility to accommodate more firms needing the support. The adjustment is expected to cost around AUD15.6 billion in 2020-21; (vi) 26 August 2020, The government has announced a AUD1 billion investment package to boost Australia’s defence industry and support jobs across the country. The package is estimated to support around 4,000 jobs across Australia and help many small and medium sized businesses in the defence-industry supply chain; (vii) 17 September 2020, The Australian Government announced a new total funding package of AUD1.62 billion for the Australian Renewable Energy Agency (ARENA) to support Australia's clean energy transition as the country recovers from the COVID-19 pandemic; (viii) October 6, The Government announced the JobMaker Hiring Credit package worth AUD4 billion (from 2020 to 2023) to give businesses incentives to take on additional young job seekers.
|05B5 - Indirect income support||AUD2,938,500,000||USD1,827,159,299||
(i) 29 March 2020, An additional AUD200 million will be provided to support charities and other community organisations which provide emergency and food relief as demand surges as a result of coronavirus; (ii) 2 April 2020, The Commonwealth government has committed to provide free childcare to around one million families and announced targeted support to the education system. The sector is expected to receive AUD1.6 billion over the coming three months from taxpayer subsidies. 20 May 2020, The Ministry of Education announced an additional AUD12.8 million in funding, i.e. (a) AUD12 million provided for child care services that have more than 30% of full-time equivalent staff ineligible for JobKeeper Payments, and (b) AUD800,000 to increase the level of funding for in-home care providers; (viii) July 8, AUD325.7 million investment in new home care packages by the government for older Australians; (iii) The Government announced that it will invest almost AUD800 million in a digital infrastructure package that will provide training, develop systems and establish needed infrastructure to support adoption of new technologies for businesses and consumers as part of Australia's economic recovery plan.
|05B6 - No breakdown (income support)||AUD128,000,000||USD79,590,400||
1 December 2020, The government announced a AUD128 million scheme to assist travel agents who have been impacted by COVID-19 through the COVID-19 Consumer Travel Support Program. Eligible travel agents and tour arranging service businesses will be able to apply for a one-off taxable payment based on the turnover of the business, with a minimum payment of $1,500 for a business with a turnover of $50,000 up to a maximum payment of $100,000 for a business with a turnover of $20 million [update].
|05C - No breakdown (health and income support)||AUD14,000,000,000||USD8,705,199,994||
6 October 2020, The Government has committed to invest an additional AUD14 billion in new and accelerated infrastructure projects across Australia over the next four years.
|06 - Budget reallocation info_outline|
|07 - Central bank financing government||AUD150,000,000,000||USD93,269,999,936|
|07A - Direct lending & reserve drawdown|
|07B - Secondary purchase: government securities||AUD150,000,000,000||USD93,269,999,936||
(i) April 2020, The RBA has announced yield targeting on 3-year government bonds at 0.25% through purchases of government bonds in the secondary market. On 5 May 2020, RBA has purchased AUD50 billion of Australia Government securities (AGS) and semis in the secondary market. 5 May, 2 June, 7 July, 1 September, and 6 October 2020, the RBA announced that it will maintain the current policy setting. 3 November 2020, RBA announced that it will reduce the 3-year yield target rate from 0.25% to 0.10%; (ii) 3 November 2020, The RBA announced that it intends to purchase AUD100 billion of government bonds issued by the Australian Government as well as by the states and territories over the next six months.
|08 - International Assistance Received||AUD96,494,049,600||USD60,000,000,000|
|08A - Swaps info_outline||AUD96,494,049,600||USD60,000,000,000||
20 March 2020, 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.
|08B - International loans/grants|
|08B1 - Asian Development Bank|
|08B2 - Other|
|09 - International Assistance Provided||AUD586,200,000||USD364,499,160|
|09A - Swaps info_outline|
|09B - International loans/grants||AUD586,200,000||USD364,499,160||
(i) 29 May 2020, The Australian Government’s Partnerships for Recovery policy is redirecting over AUD280 million from the existing development program to minimize the impact of the COVID-19 pandemic in the Pacific and Southeast Asia; (ii) 6 October 2020, The government is establishing a new, temporary AUD304.7 million COVID-19 Response Package over two years, as part of the Pacific Step-up, to help address the economic and social costs of the pandemic in the Pacific and Timor-Leste. The package will include budget support measures to enable Pacific partner governments to maintain essential services, including for the most vulnerable, as well as assistance for Pacific aviation to help maintain air connectivity [update]; (iii) 12 November 2020, The Australian Government will provide an AUD1.5 billion loan to Indonesia, repayable over 15 years. This loan supports the Asian Development Bank-led COVID-19 Active Response and Expenditure Support Program.
|10 - No breakdown|
|11 - Other Economic Measures|
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)||
(i) March 2020, Travel restrictions, screening travelers who arrive in Australia and ensuring they self-isolate on arrival, continuing with border surveillance; (ii) 14 July 2020, State and territory governments have imposed a range of interstate travel restrictions, including the closure of certain state borders and 14-day quarantine period upon arrival of travellers; (iii) 16 October 2020, The Australian Government is facilitating additional commercial flights from the United Kingdom, India, and South Africa to help more Australians return amid the unprecedented travel disruption caused by the COVID-19 pandemic. This arrangement will create the capacity for more than 5,000 Australians to return over the next six months;
|12B - Measures affecting business and workplace|
|12C - Others||
(i) March 2020, 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; (ii) March 2020, Delivering support to Australians experiencing domestic, family, and sexual violence due to the fallout of coronavirus; (iii) March 2020, Putting limits on some prescription and over the counter medications, to make sure those who need them can access them; (iv) 26 April 2020, The COVIDSafe app is available for voluntary download to speed up contacting people exposed to coronavirus; (v) 8 May 2020, The National Cabinet will consider the first phase of easing COVID-19 restrictions. Some states and territories have begun easing selected regional restrictions; (vi) 30 July 2020, The government published guidance on wearing face masks; (vii) 23 October 2020, National Cabinet agreed in-principle to the Framework for National Reopening, designed to reopen Australia to a state of ‘COVID Normal’, wherever it is safe to do so, by December 2020 while managing the health impacts and severity of COVID-19; (viii) 7 November 2020, The Australian and Tasmanian Governments have agreed to provide an additional 450 spaces in quarantine facilities to help more Australians return home from abroad; (ix) 13 November 2020, The Commonwealth, New South Wales, Victoria, Queensland, South Australia, Tasmania, the Australian Capital Territory and the Northern Territory agreed to a new ‘Framework for National Reopening Australia by Christmas’ subject to local health advice; (x) 22 November 2020, The Emergency Management (Stay at Home No.3) Direction 2020 has been released by the government to update rules on public activities and management of places where these activities occur.