Local businesses and those on government payments are expected to benefit from a $17.6 billion economic stimulus package.
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The stimulus expenditure will take effect in stages across the country as the federal government attempts to limit the impacts of the COVID-19 outbreak on the Australian economy.
Pensioners, those on social security, veterans and other people on income support will also receive a one-off $750 payment. It will be one payment per eligible recipient.
The payments will be made from March 2020.
Federal Minister for Parkes Mark Coulton said elements of the package targeted at encouraging ongoing business investment will take effect immediately and aim to support business expenditure.
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"An increase to the instant asset write off threshold from $30,000 to $150,000 will be game-changing for many small businesses in the Parkes electorate," Mr Coulton said.
"Assets that may be able to be immediately written off can include a concrete tank for a builder, a tractor for a farming business, and a truck for a delivery business."
Mr Coulton said that the package would also provide 'targeted support' for the most severely affected areas and industries and offer househould-based stimulus payments to certain individuals in order to encourage spending within the economy.
"Pensioners will benefit from a one-off $750 stimulus payment, as will other income support recipients and eligible concession card holders."
With the drought already putting significant downward pressure on families in the Parkes electorate, Mr Coulton said he welcomed the measures to supply individuals who meet the criteria with one-off payments such as pensioners and veterans.
"Not only that, but my entire electorate of Parkes has been in the thick of drought for some time now, so the extra stimulus will be most welcome," Mr Coulton said.
"This targeted stimulus package will focus on keeping workers in jobs and helping small and medium sized businesses to stay in business."
"This is especially important as the world currently deals with the significant challenges posed by the spread of the coronavirus."
"This package will put us in the strongest possible position to deal with the economic challenges we face, and to make sure we remain resilient."
