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Government’s economic stimulus package

The Government’s economic response addresses the economic impacts of the coronavirus outbreak. It is intended to support confidence, employment and business continuity. It is designed to supported business investment, help small businesses manage short-term cash flow challenges, provide targeted support to individuals and assistance to the most severely affected communities and regions.


12 Mar 2020

Cash flow assistance for businesses

This assistance will support businesses to manage cash flow challenges resulting from the economic impacts of the coronavirus and help businesses retain their employees. These two measures are designed to support employing small and medium enterprises and to improve business confidence.

 

Boosting cash flow for employers
 

  • The Boosting Cash Flow for Employers measure will provide up to $25,000 back to small and medium-sized businesses, with a minimum payment of $2,000 for eligible businesses. The payment will provide cash flow support to businesses with a turnover of less than $50 million that employ staff. The payment will be tax free.

 

Supporting apprentices and trainees

  • The Government is supporting small business to retain their apprentices and trainees. Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage for up to 9 months from 1 January 2020 to 30 September 2020. Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer that employs that apprentice.

 

Package implementation

The Government will move quickly to implement this package. To that end, a package of Bills will be introduced into Parliament in the final Autumn sitting week in March 2020 for Parliament’s urgent consideration and passage.

 

See here for the Government Economic Stimulus package.

 

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