Today’s announcement by the Morrison Government adds $66 billion of economic measures to provide assistance to those hit hard by the coronavirus crisis.
The measures include a wage subsidy for small and medium businesses to save jobs – up to $100,000 – and a guarantee on loans up to $250,000 to small and medium businesses so they can keep in business.
In total, economic stimulus measures from the Commonwealth now total $189 billion or 9.7 per cent of GDP.
On behalf of Victoria’s 620,000 businesses, the Victorian Chamber presented concrete solutions to the Morrison and Andrews Governments to help keep business afloat and people in jobs.
Many of the measures we recommended have been adopted and are focussed on removing cost from business, so that they can afford to stay open, and bringing forward revenue. Later, as the crisis abates, we will focus on solutions that help Victoria diversify and rebound quickly.
To be attributed to Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra:
“I am pleased to see this much-needed second round of rescue measures for businesses, who are struggling to survive.
“This is an unprecedented crisis for families, business and the community. Helping businesses continue to pay wages will prevent some job losses for the time being.
“Our priority is for businesses to stay afloat and retain jobs, and this measure will be welcomed by many businesses in dire situations right now.
“We will continue to talk with businesses daily to determine if and when more economic stimulus packages are needed.
“Other measures announced by the Andrews Government yesterday: refunding payroll tax for small business, waiving liquor licensing fees and the newly established $500 million Business Support Fund will help free up cashflow for Victorian businesses.
“We are working closely with the Andrews Government to now find ways of using the newly established $500 million Business Support Fund to keep businesses in those hardest hit sectors – hospitality, tourism, accommodation, arts and entertainment, and retail trading and providing jobs.”
