Invest
Government announces ‘upgraded’ aid for businesses and households
The federal government and the NSW Premier have announced further support to help businesses and individuals forced out of work by COVID-19 lockdowns.
Government announces ‘upgraded’ aid for businesses and households
The federal government and the NSW Premier have announced further support to help businesses and individuals forced out of work by COVID-19 lockdowns.
The federal government has announced it will up disaster relief payments by between $50 and $100, meaning eligible individuals will now be offered $375 or $600 per week for lost work as a direct result of the lockdown.
Although the increase comes in response to the situation in NSW, the Prime Minister confirmed that like all pandemic support, this new sum will be available to all jurisdictions that find themselves in the same predicament - extended lockdown.
These payments will be available across NSW for the duration of the lockdown.
As for businesses, a job-saving measure will be funded in conjunction with the NSW government with Premier Gladys Berejiklian and Prime Minister Scott Morrison pledging a direct payment to help boost cash flow and ensure employers don't have to lay off staff during this lockdown.
The cash boost grants are similar to the $20,000 to $100,000 payments offered to small and medium businesses in March last year, to help employers fund staff and bills. This time around they will range between $1,500 and $10,000 a week for businesses with an annual turnover of between $75,000 and $50 million, that can demonstrate a 30 per cent decline in this turnover.
Additionally, the government will fund $1500 fortnightly grants for micro businesses with turnover of between $30,000 and $75,000 which can demonstrate a 30 per cent reduction in turnover where the business is the primary source of income.
NSW businesses will also be offered a payroll tax deferral this quarter if they can demonstrate a 30 per cent reduction in turnover and have a payroll of between $1.2 and $10 million.
Just last week, as the lockdown in NSW was extended, Treasurer Josh Frydenberg said that he had been approached by NSW with a request for JobKeeper to be reinstated, which he said was answered with a firm “no”.
“The Treasurer of New South Wales has written to me asking for the reinstatement of JobKeeper,” Mr Frydenberg told reporters. “We are not bringing back JobKeeper.
“That was an emergency support payment that we introduced at the height of the pandemic. We then extended it beyond the initial six months to 12 months.”
However, given the severity of the situation in Sydney, the federal government appears to have reconsidered its approach, carving out extra funds to help protect both businesses and their employees.
It was earlier reported that NSW had drawn up a $4 billion business support plan, which it tabled when the government signalled it was stepping up aid.
The federal government’s JobKeeper wage subsidy ended at the end of March. But while the government has steadfastly rejected calls to extend it, new data from Business NSW has revealed that as many as one in five businesses only have enough cash flow to get them through the next month of operations, with an extended lockdown expected to see many businesses close down for good.
More to come.
RELATED ARTICLES
About the author
About the author
Economy
CPI data another piece in RBA's interest rate decision puzzle, says REIA
The latest Consumer Price Index (CPI) data from the Australian Bureau of Statistics (ABS) shows that inflation rose 3.4% in the 12 months to February 2024, unchanged from the previous two months, ...Read more
Economy
Including passive job seekers in unemployment measure doesn't impact economic cycle view, study finds
New research from e61 Institute has found that while current unemployment measures may not capture all job seekers, broader definitions that include passive job searchers do not provide better ...Read more
Economy
Survey reveals heightened job security concerns among IT workers in 2024
A recent survey conducted by Authority Hacker has revealed that 89.66% of IT workers in the United States have increased concerns about job loss in 2024. Read more
Economy
Australian founders adapt to the challenging fundraising environment with optimism and strategic shifts
The landscape for start-up funding in Australia has been increasingly challenging, but this has not dampened the spirit of the country's entrepreneurs. Read more
Economy
Signs point to possible US economic 'soft landing' in ClearBridge analysis
The US economy may be steering towards a 'soft landing' despite mixed signals from the stock market, according to a recent analysis by ClearBridge Investments. Read more
Economy
Alternative fund managers predict capital raising surge in 2024
Alternative investment fund managers are predicting a sizable increase in capital raising efforts in 2024, according to a global study by Ocorian, a leading alternative investment fund administratorRead more
Economy
Understanding the economic indicators that affect your earnings
The landscape of personal finance is profoundly influenced by broader economic trends and indicators. Read more
Economy
Navigate market turbulence with expert advice: no crystal ball needed
In an era fraught with investment market uncertainties, from fluctuating interest rates to geopolitical strife, seasoned market experts are guiding investors through the mire, offering sage advice on ...Read more
Economy
CPI data another piece in RBA's interest rate decision puzzle, says REIA
The latest Consumer Price Index (CPI) data from the Australian Bureau of Statistics (ABS) shows that inflation rose 3.4% in the 12 months to February 2024, unchanged from the previous two months, ...Read more
Economy
Including passive job seekers in unemployment measure doesn't impact economic cycle view, study finds
New research from e61 Institute has found that while current unemployment measures may not capture all job seekers, broader definitions that include passive job searchers do not provide better ...Read more
Economy
Survey reveals heightened job security concerns among IT workers in 2024
A recent survey conducted by Authority Hacker has revealed that 89.66% of IT workers in the United States have increased concerns about job loss in 2024. Read more
Economy
Australian founders adapt to the challenging fundraising environment with optimism and strategic shifts
The landscape for start-up funding in Australia has been increasingly challenging, but this has not dampened the spirit of the country's entrepreneurs. Read more
Economy
Signs point to possible US economic 'soft landing' in ClearBridge analysis
The US economy may be steering towards a 'soft landing' despite mixed signals from the stock market, according to a recent analysis by ClearBridge Investments. Read more
Economy
Alternative fund managers predict capital raising surge in 2024
Alternative investment fund managers are predicting a sizable increase in capital raising efforts in 2024, according to a global study by Ocorian, a leading alternative investment fund administratorRead more
Economy
Understanding the economic indicators that affect your earnings
The landscape of personal finance is profoundly influenced by broader economic trends and indicators. Read more
Economy
Navigate market turbulence with expert advice: no crystal ball needed
In an era fraught with investment market uncertainties, from fluctuating interest rates to geopolitical strife, seasoned market experts are guiding investors through the mire, offering sage advice on ...Read more
