To assist in
understanding the various assistance packages available, below is a brief
summary with the applicable links:
Commonwealth Government: A total package of $A66.1 bn that includes: JobSeeker payment, early release of superannuation, increased government payment for small and medium businesses.
This is on top of the first package of $17.6 bn that focused on: increasing the instant asset tax write-off, investment incentives, boosting cash flow for SMEs, and payments to pensioners and other income support recipients.
New South Wales: $2.3 bn stimulus package that includes: waiving payroll tax, removing a range of fees and charges from small businesses and bringing forward maintenance on public assets, including social housing.
Victoria: $1.7 bn economic survival and jobs package that includes: payroll tax refunds, rent relief and $500 million Business Support Fund established to support various sectors (hospitality, tourism, accommodation, arts and entertainment, and retail).
Queensland: $500m for a concessional loan facility to ease the effects of COVID-19 on Queensland businesses and keep employees working; as well as $27.25m assistance package and payroll tax deferrals for small and medium-sized businesses. Full statement here.
South Australia: $350m stimulus package to include major road and hospital upgrades to significant tourism infrastructure and increased funding for the state’s Economic and Business Growth Fund to support industry sectors.
Western Australia: $607m stimulus package with most of it ($402m) to freeze household fees and charges until at least July 1, 2021. Freeze will apply to entire ‘household basket’, including electricity, water, motor vehicle charges, emergency services levy and public transport fares.
Tasmania: $420 m stimulus package including Emergency Relief Payments for those in isolation and Accommodation support.
survival package injecting $137 m, with rebates of $150 for
Canberra households, as well as a freeze on a number of ACT Government fees and
charges, including the fire and emergency services levy, public transport,
vehicle registration and parking fees.
Reserve Bank of Australia
cut the cash rate by 25bp to 0.25%, and launched
unconventional Monetary Policy to target yields (through quantitative easing)
for 3-year Australian Government bond yields, and other measures to support
authorised deposit-taking institutions (ADIs).
Australian Banking Association
Australian banks will defer loan repayments for 6 months for small businesses who need assistance because of the impacts of COVID-19. Individual banks have also introduced moratoriums for mortgage repayments and other lending.
Banks and Hardship Lines
We will keep you informed of updates as they come to hand.