Australia on Thursday unveiled a massive 11-billion-U.S.-dollar spending plan designed to curb the economic impact of the coronavirus pandemic and avert the country's first recession in 29 years.

Prime Minister Scott Morrison announced the nearly 18 billion Australian dollar package – equivalent to just under one percent of GDP – which will primarily support businesses.

"This plan is about keeping Australians in jobs. This plan is about keeping a business in business," said Morrison. "This plan is about ensuring the Australian economy bounces back stronger on the other side of this."

(Cover: VCG)