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World

Australia slashes costs of COVID-19 job subsidy to $46 billion

SYDNEY (Reuters) - Australia on Friday halved the number of people expected to be covered by its coronavirus wage subsidy scheme due to reporting errors and after swiftly controlling the outbreak, a revision that will save the government around A$60 billion ($39 billion).

Economy

Australia faces unprecedented economic hit

SYDNEY: Australia is facing an “unprecedented” economic contraction due to the coronavirus pandemic, though massive fiscal and monetary stimulus would help cushion the blow, minutes from the country’s central bank’s last meeting showed.