Australia unveils $11 bln stimulus to combat virus downturn

Australia on Thursday unveiled a massive 11-billion-U.S.-dollar spending plan designed to curb the economic impact of the

coronavirus pandemic

and avert the country's first recession in 29 years.

Prime Minister Scott Morrison announced the nearly 18 billion Australian dollar package – equivalent to just under one percent of GDP – which will primarily support businesses.

"This plan is about keepingAustralians in jobs. This plan isabout keeping a business inbusiness," said Morrison. "Thisplan is about ensuring theAustralian economy bounces backstronger on the other side of this."

(Cover: VCG)