Australia is set to launch its fourth economic stimulus package aimed at providing eligible residents the opportunity to renovate their homes. The scheme was announced by Prime Minister Scott Morrison on Thursday as the country attempts to salvage the virus-beaten construction sector.
Eligible residents will receive a total amount of A$25,000 ($17,323) from the package worth A$680 million ($471 million). The land down under is set to implement this scheme called HomeBuilder in a bid to revive the country’s economy suffering from its first recession in 29 years.
However, the scheme has strict requirements. Eligible recipients will have to earn less than A$125,000 if they are single and A$200,000 if they are a couple. This includes restrictions on house values while requiring recipients to have a total of A$150,000 spending.