Latest Relief and Government Response To The Coronavirus (COVID-19) Pandemeic
Here you will find the latest on government initiatives and relief packages in relation to the Coronavirus (COVID-19) pandemic.
Last updated 5:40pm 30 March 2020National Updates For Federal Government Initiatives
4:13pm 30 March 2020 – Government unveils Coronavirus wage subsidy for businesses workers: Businesses are expected to be paid a wage subsidy of $1,500 per employee, under the Federal Government Jobkeeper payment plan to keep Australians in work. The payments will flow from May and be backdated to today. The new scheme will form part of the Government’s third economic assistance package. Click here for more.
10:37pm 29 March 2020 – Federal Government clampdown on foreign investments: All foreign investment in Australia will now require approval in a move designed to prevent international raids on struggling companies hit by the Coronavirus pandemic. The Foreign Investment Review Board will scrutinise every single purchase application regardless of its value. Click here to read more.
6:43pm 29 March 2020 – $1.1 billion Medicare, mental health, domestic violence package on its way in response to Coronavirus crisis: The bulk of the package will go to expanding Medicare subsidies for telehealth services. Click here for further details. Australians will not incur any out-of-pocket costs for consults done over the phone or on video with health professionals like GPs, psychologists and psychiatrists, as part of a $1.1 billion funding boost designed to protect against the widespread impact of the coronavirus pandemic. Click here for further details.
2:40pm 27 March 2020 – The Federal Government has announced an economic hibernation: Policies are being developed to help businesses emerge after the Coronavirus crisis, and resume and rehire without crippling debts. Banks, lenders and landlords will all be asked to wear some of the pain, waiving all overheads like rent and mortgage repayments for six months. Click here for more.
1:22pm 25 March 2020 – The Government has increased and accelerated income support with expanded eligibility to income support payments and a new time limited Coronavirus supplement. This supplement will be paid to both new and existing eligible recipients. To view the eligible payment categories, click here.
8:52am 25 March 2020 – The Government is allowing individuals affected by Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. To read more about accessing superannuation, click here.
12:00pm 24 March 2020 – The Government has given six month relief to directors for any personal liability from trading while insolvent as part of its Covid-19 response package. The regulatory relief comes alongside further stimulus that bring the total announced so far by the government to 9.7 percent of GDP or $189bn over the forward estimates. Australian Institute of Company Directors has more to say here.
11:45am 22 March 2020 –Boosting cash flow: The Federal Government is providing up to $100,000 to eligible small and medium sized businesses, and not-for-profits (including charities) that employ people, with a minimum payment of $20,000. Click here to read more.
10:20am 22 March 2020 – $66 billion second stimulus package: The Federal government is set to unveil new measures including up to $100,000 for small businesses to keep their staff employed during the coronavirus crisis, and Commonwealth guarantee of unsecured loans of up to $250,000. Read more.
2:36pm 20 March 2020 – PM, Scott Morrison’s Coronavirus update: The Federal budget has been postponed from May to October. Small and medium-sized businesses including sole traders, will be the focus of the second stimulus package. To learn about how this impacts your business, click here.
11:08am 20 March 2020 – ABA relief for small business: The Australian Banking Association announced all small businesses who are impacted by Coronavirus will be entitled to a six-month deferral on all business loans. Read more here.
The State By State Response To Coronavirus (COVID-19)
NSW
5:15am 27 March 2020 – NSW Government to unveil $750 million stimulus package: The package is aimed at retaining and creating jobs as well as sustaining NSW businesses. The money will contribute to employing 1,000 extra staff for Service NSW, energy accounts assistance, additional tax relief and deferred rental payments for small commercial business and money allocated to charities and Lifeline. Click here to read more.
2:15pm 17 March 2020 – The NSW government announced a $1.6 billion stimulus package, waiving payroll tax for businesses and bringing forward payroll tax cuts. We will continue to provide relevant information for what this means for your business.
VIC
1:07pm 19 March 2020 - The VIC Government is working on a support package for hospitality businesses. This comes after the Governments ban on gatherings of 100 people or more, meaning some businesses are no longer viable to remain open. Find the latest on the government initiatives here.
QLD
2:01pm 24 March 2020 – The QLD Government announced a new $4 billion package in response to the crisis. Extending tax breaks for small to medium-sized businesses in a move to prevent significant job losses. For in-depth info on the package, click here.
3:15pm 17 March 2020 – The Queensland Government is digging deep to offer loans of up to $250,000 to local businesses and eligibility for payroll tax deferral has now been extended to businesses of any size. Read more about how this affects your business.
21 February 2020 – The Queensland government is supporting small businesses and exporters, tourism and hospitality, fishing industry, student support services and local agriculture. To see how this impacts your business, click here.
WA
12:00pm 16 March 2020 – The WA Government has extended financial support for small and medium businesses with public sector workers including casuals accessing 20 days of Covid-19 leave. Learn more about this here.
ACT
6:41am 27 March 2020 – ACT Government expected to announce rental assistance package: The decision was meant to be unveiled on Tuesday, however it was delayed and is expected to be made today. Click here for more details.
10:46am 20 March 2020 – The ACT government has announced rates rebates, suspended fees and direct funding for arts and entertainment businesses, with a focus on sectors most likely to be affected by the Coronavirus. Click here to see how this impacts your business.
3:00am 18 March 2020 – ACT Government will direct support toward small business owners as well as aim to reduce cashflow pressures for sole traders and those in the ‘gig economy’. Read more to find out how this impacts you.
SA
8:32am 26 March 2020 – SA Government announced $650 million rescue package: The package is aimed at saving South Australian jobs and supporting key industries. Premier Steven Marshall indicated the money is likely to be directed towards supporting local businesses. Click here to find out more.
9:22am 16 March 2020 – The SA Government are fast tracking the support of local jobs and businesses, with a $350 million stimulus package aimed at safeguarding the economy and protecting jobs. Click here to understand more.
NT
2:36pm 24 March 2020 – The NT Government pledged $50 million to help territory businesses survive the economic impacts of Coronavirus. The package is labelled the Small Business Survival Fund and is aimed to support industries such as hospitality, tourism and entertainment businesses. To learn how this affects your business, click here.
7:36am 18 March 2020 – NT Government has announced a $60 million stimulus package with eligible businesses receiving grants and more schemes to roll out through the coming weeks. Click here to read more details.
TAS
17 March 2020 – The Tasmanian Government is supporting local businesses through waiving payroll tax, assting with grants and backing Tasmania's tourism industry. To learn more about this, click here.
17 March 2020 – Tourism Tasmania has created a $9.2m Response Plan aimed at domestic travel. Click here to learn more.
Previous Government Initiative Updates
4:50pm 19 March 2020 – Second stimulus plan: The Treasurer has announced a second stimulus plan with an additional $15 billion investment enabling smaller lenders to continue supporting Australian consumers and small businesses.
2:30pm 19 March 2020 – Reserve Bank of Australia: The RBA has announced a reduction in the cash rate target to 0.25%, a $90 billion term funding facility for the banking system, with particular support for credit to SMEs and exchange settlement balances to be remunerated at 10 basis points, rather than zero. To learn more on how this affects your business click here.
9:35am 17 March 2020 – Federal Government's Instant Asset Write-Off: The Federal Government has increased the instant asset write-off threshold and expanded access to include businesses with an annual turnover of less than $500m. Click here for more details.
11:35am 13 March 2020 – Stimulus package: The Federal government has announced an Economic Response plan including a support package for businesses hiring apprentices. Learn more here.
