Invest
Government packages keep coming
The Northern Territory government is the latest to announce a stimulus package aimed at insulating its economy.
Government packages keep coming
The Northern Territory government is the latest to announce a stimulus package aimed at insulating its economy.
Issued by the Northern Territory’s chief minister, Michael Gunner, the jobs rescue and recovery plan aims to protect Territorians from the deep economic impacts of the coronavirus.
“Our plan is all about keeping shops open, cash flowing and Territorians working.”
It comes after the territory first delivered a $2 million tourism resilience plan last month.
“Now we are going further to save jobs, protect businesses and keep the Territory’s economy on the road to recovery,” he outlined.
He considers the best way to protect the economy is to save local jobs, while the government continues to actively consider more options to support local businesses in the short term.
The $65 million jobs rescue and recovery plan will see a freeze to the price of government fees, charges and electricity prices for individuals.
This includes electricity, water and car registration until 1 July 2021.
$30 million will be provided to Territorians looking to make home improvements, with $6,000 up for grabs for home owners and landlords who also contribute $2,000, and $4,000 available to home owners and landlords who are willing to contribute $1,000 to improvement work.
The package also consists of a $20 million Business Improvement Scheme, $5 million business structural adjustment package, and a $5 million Immediate Works grant package.
Mr Gunner said he will do “whatever it takes to save jobs and protect Territorians from the impacts of the coronavirus”.
“We know we can’t stop the virus and we can’t stop the economic hit that’s coming, but we can make sure we’re still standing at the end,” he offered.
Each government that has announced a stimulus package so far has taken a slightly different approach to supporting its local economy.
Tasmania is offering one-off cash payments to individuals and families who are forced into self-isolation.
NSW announced a $2.3 billion package focused on giving an immediate boost to the health system, cuts to payroll tax for smaller businesses and provisions for capital works and public asset maintenance.
While in Western Australia, a government freeze on price increases for household fees and charges was a headline aspect of its own package, which will also see energy assistance payments doubled and grant relief provided to small- and medium-sized businesses.
Queensland is creating a $500 million loan facility, aimed at buffering vulnerable sectors of the state’s economy.
The state and territory packages come after the federal government’s unveiling of a $20 billion stimulus package, which has since been criticised for being “the wrong shape”.
At a press conference yesterday, the Prime Minister did indicate a second federal package is in the works – set to be announced once all aspects have been “properly designed”.
RELATED ARTICLES
About the author
About the author
Economy
Australia’s growth beat is real — but it’s the wrong kind for capacity
Australia’s economy outpaced forecasts in the June quarter as households opened wallets and government spending did the heavy lifting, even as public investment sagged. The signal for boardrooms: ...Read more
Economy
Australia’s growth is back—but it’s the wrong kind of strong
GDP surprised on the upside in the June quarter, powered by households and government outlays even as public investment slumped. The Reserve Bank stayed hawkish, signalling that sticky services ...Read more
Economy
Australia's Economic Resilience: Strong GDP growth challenges RBA's policy stance
In a surprising turn of events, Australia's economy has shown greater resilience than anticipated, with the latest Q2 GDP report revealing a stronger performance largely driven by vigorous household ...Read more
Economy
Economist calls for July RBA rate cut following inflation data
An economist from State Street Global Advisors has called for the Reserve Bank of Australia to cut interest rates in July following today's Consumer Price Index data for June. Read more
Economy
GDP data prompts economist to predict faster RBA rate cuts
Australia's latest GDP growth data has come in significantly below expectations, prompting an economist to suggest the Reserve Bank may need to ease monetary policy more aggressively. Read more
Economy
Global markets face turbulent start amid tariff concerns, but outlook remains cautious
Global equity and bond markets have experienced a turbulent start to 2025, primarily due to concerns that a potential tariff-driven trade war could heighten inflation and recession risks. Read more
Economy
RBA may cut rates faster if GDP data disappoints, economists say
The Reserve Bank of Australia may cut interest rates more quickly if next week's GDP data disappoints, economists said following today's consumer price index data for May. Read more
Economy
RBA delivers widely expected rate cut as inflation optimism balances global uncertainty
The Reserve Bank of Australia has cut the cash rate by 25 basis points, delivering on widespread market expectations while signalling a clearer directional shift towards less restrictive monetary ...Read more
Economy
Australia’s growth beat is real — but it’s the wrong kind for capacity
Australia’s economy outpaced forecasts in the June quarter as households opened wallets and government spending did the heavy lifting, even as public investment sagged. The signal for boardrooms: ...Read more
Economy
Australia’s growth is back—but it’s the wrong kind of strong
GDP surprised on the upside in the June quarter, powered by households and government outlays even as public investment slumped. The Reserve Bank stayed hawkish, signalling that sticky services ...Read more
Economy
Australia's Economic Resilience: Strong GDP growth challenges RBA's policy stance
In a surprising turn of events, Australia's economy has shown greater resilience than anticipated, with the latest Q2 GDP report revealing a stronger performance largely driven by vigorous household ...Read more
Economy
Economist calls for July RBA rate cut following inflation data
An economist from State Street Global Advisors has called for the Reserve Bank of Australia to cut interest rates in July following today's Consumer Price Index data for June. Read more
Economy
GDP data prompts economist to predict faster RBA rate cuts
Australia's latest GDP growth data has come in significantly below expectations, prompting an economist to suggest the Reserve Bank may need to ease monetary policy more aggressively. Read more
Economy
Global markets face turbulent start amid tariff concerns, but outlook remains cautious
Global equity and bond markets have experienced a turbulent start to 2025, primarily due to concerns that a potential tariff-driven trade war could heighten inflation and recession risks. Read more
Economy
RBA may cut rates faster if GDP data disappoints, economists say
The Reserve Bank of Australia may cut interest rates more quickly if next week's GDP data disappoints, economists said following today's consumer price index data for May. Read more
Economy
RBA delivers widely expected rate cut as inflation optimism balances global uncertainty
The Reserve Bank of Australia has cut the cash rate by 25 basis points, delivering on widespread market expectations while signalling a clearer directional shift towards less restrictive monetary ...Read more
