Australia pledges $80 billion wages subsidy to protect jobs from coronavirus

FILE PHOTO: A person cycles across an open space in front of the steps of the Sydney Opera House, in the wake of New South Wales implementing measures shutting down non-essential businesses and moving toward harsh penalties to enforce self-isolation as the spread of coronavirus disease (COVID-19) reached what the state's premier calls a "critical stage" in Australia, March 26, 2020. REUTERS/Loren Elliott

SYDNEY (Reuters) - Australia will spend A$130 billion (64.5 billion pounds) to subsidise the wages of an estimated 6 million people, marking a third tranche of stimulus designed to limit the fallout of the coronavirus pandemic on the country's economy.

Prime Minister Scott Morrison said the six months of funding was necessary to ensure businesses were able to retain staff and were able to bounce back when the crisis had passed.