Australia to pass huge stimulus plan as S&P lowers 'AAA' outlook

A medical personnel administers tests for the coronavirus disease (COVID-19) at the Bondi Beach drive-through testing centre in Sydney, Australia, April 7, 2020. REUTERS/Loren Elliott

SYDNEY: Australia's coveted 'AAA' rating came under a cloud on Wednesday as the country's parliament returned to pass an emergency A$130 billion ($80 billion) stimulus package to help cushion the blow to the economy from the coronavirus pandemic.

Australia's government has so far pledged A$320 billion in fiscal support as the coronavirus pandemic shuts companies and leaves many unemployed.