Advocacy Alert: Wage Subsidies | Commercial Tenancy Support | Banks Expand Relief

30th March 2020

  • Federal Government to announce its third and most significant economic relief package for businesses, employees and individuals
  • Moratorium on evictions over the next six months for commercial and residential tenancies
  • Banks expand on loan repayment deferrals

Over the weekend the Prime Minister held two press conferences indicating that the Federal Government will announce its third and most significant economic relief package early this week.

We look forward to this imminent announcement and congratulate the Prime Minister on his measured approach to what is best for Australia and not simply “cutting and pasting” strategies.

There have already been initial indications of the makeup of this third package, particularly around a further subsidy for staff of businesses that find themselves in “hibernation” and an easing of restrictions on claiming benefits.

Just over two weeks ago we delivered our Economic Action Plan to our State and Federal MPs which largely focuses on cash injections to keep employees in their jobs and wage subsidies. To date, we have seen several of these recommendations endorsed by both levels of government.

While welcoming a number of the helpful responses we are continuing our positive dialogue with our elected representatives about the gaps as they are identified, which we acknowledge is part and parcel of this rapidly evolving environment. It’s positive that early reports this morning indicate that this third Federal Government package will include further support measures to address these areas.

We also saw over the weekend that National Cabinet has agreed to a six-month moratorium for commercial and residential tenancies in financial distress who are unable to meet their commitments due to the impact of coronavirus. While National Cabinet agreed to several principles, the Prime Minister indicated that further work is needed by states and territories on the details of the implementation. We look forward to seeing further announcements towards rent relief, in particular, as further support measures are designed.

Australian banks have this morning also expanded on their business support plan, announcing businesses with loans up to $10M are eligible for a loan repayment holiday for six-months. This will apply to 98% of businesses across the nation. Home loan borrowers are also eligible for increased loan repayment holidays.

We know our local business community is trying to hold on for as long as they can, but many need immediate cash relief. National Cabinet meets again today, and we will continue to regularly update you as further announcements from the Prime Minister, Treasurer and Queensland Premier are made over the course of today and the week.


Click here for support measures, services, and daily round-ups of government announcements, as well as a series of videos on how to best prepare your business for potential impacts, at our COVID-19 Resource Centre

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