Authorities in Australia have announced a plan of a record 130 billion AUD (about 80 billion USD) to protect jobs after a coronavirus epidemic causes chaos in the country’s economy.

The government plans to pay 1,500 AUD subsidy to an employee every two weeks to help businesses struggle to maintain jobs, said Prime Minister Scott Morrison.

Thus, the total fiscal and monetary stimulus to boost the economy reaches 320 billion AUD, or 16.4% of Australia’s gross domestic product. “Now is the time to be generous”, said Scott Morrison, adding: “We live in unprecedented times. Our goal is to protect the lives and livelihoods of Australians”.

The package “may not prevent the recession, but it will help limit its depth and probably its duration”, commented the experts from the Royal Bank of Canada.

The subsidy is about 70% of the average wage and will be paid to employers over a six-month period, said Australian Treasury Secretary Josh Frydenberg.

On Monday, other measures to boost business life in the country were announced. Banks in Australia have extended the six-month deferral of loans to 98% of companies. Initially, support was provided only for small businesses. More stringent restrictions will be imposed on foreign involvement in the business, with all deals requiring government approval, regardless of size.

Last week, the Australian Parliament announced a package of fiscal stimulus worth over 80 billion AUD. Measures introduced this month by the government and the central bank include cash payments of 100,000 AUD to small businesses, loan guarantees and a doubling of unemployment benefits. The hardest-hit employees will have access to their retirement savings early.