The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FIRST RELEASE TICKETS ON SALE FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FIRST TICKETS ON SALE FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
SEE DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
HealthcareTed TabetTue 17 Mar 20

Federal, State Governments Plan Further Coronavirus Stimulus

90f1c379-3840-4f75-b645-b030e9bff762

Australian households, businesses and investors are bracing for a sharp economic downturn in the face of the new coronavirus pandemic—with federal, state and territory governments drawing up further policy measures and urgent economic packages.

Less than a week after unveiling a $17.6 billion stimulus package to try to prop up business and boost consumption, the federal government is preparing a second round to offset the damage being done to the economy by the coronavirus pandemic.

The government is now eyeing fresh policy measures, of which it says will be more of support than stimulus, targeted at the businesses most at risk of collapse, including the hospitality and tourism sectors.

It intends to pass both tranches of its support package when parliament sits next week.

At a state level, the New South Wales government has launched its own $2.3 billion package, a third of which is exclusively dedicated to bolstering the state's health system, while the remaining funds will be spent in tax cuts and measures to support jobs.

“This package works hand-in-hand with the recent moves by the Reserve Bank of Australia and the Federal Government,” NSW premier Gladys Berejiklian said.

“It will provide more resources to help slow the spread of this virus and boost treatment for those people in our community who need it most.”

▲ Australian PM Scott Morrison speaks to reporters in Canberra. Image: AAP


The rollout includes payroll tax exemptions for all businesses with payrolls of up to $10 million for the next three months as well as waiving a variety of fees and charges for those in the hospitality sector.

Almost $700 million has been earmarked to ramp up COVID-19 testing, establish clinics and doubling intensive care capacity.

The Queensland Government will find $500 million in its existing budget to offer interest-free loans to prevent local businesses from collapsing during the coronavirus crisis.

Similarly, the West Australian government has announced an economic stimulus package worth $607 million, $402 million of which is being directed at households.

Small to medium businesses with a payroll of between $1 million and $4 million will receive a one-off grant of $17,500.

“We are in uncharted territory and there’s no doubt our economy is going to feel the effects of Covid-19,” WA premier Mark McGowan said.

“For the first time in 16 years, household fees and charges will be frozen, providing relief and certainty to each and every Western Australian.”

More states and territories are looking to introduce stimulus packages of their own to target specific industries and sectors at risk.

▲ The coronavirus stimulus package will aim to keep businesses in business and Australians in jobs. Image: AAP


The number of COVID-19 cases across the globe now exceeds 181,000, with 7,126 deaths, including five in Australia.

Nationally, Australia is tightening its borders, with Morrison on Sunday ordering everyone arriving from overseas to self-isolate for 14 days.

There is also a ban on non-essential social gatherings of more than 500 people, though not applying to public transport, work or schools.

Ratings agency Moody's Investors Service outlook for the rated Australian states and territories remains stable.

“The stimulus measures announced by Australian states to address the significant economic fallout from the coronavirus will further challenge budgets in 2020 and drive debt burdens higher.

“However, under our baseline scenario, the increased spending—focused on protecting jobs, replacing income, stimulating consumption and labour-intensive capital spending—is manageable.”

Polcy makers in neighbouring New Zealand have also announced a spending package equivalent to 4 per cent of the national GDP.

The $12.1 billion (A$11.9 billion) package includes wage subsidies, bolstering the healthcare sector, more money for low-income families and those on social welfare, and changes to business tax.

HealthcareAustraliaFinancePolicyGovernmentPolicy
AUTHOR
Ted Tabet
The Urban Developer - Journalist
More articles by this author
website iconlinkedin icon
ADVERTISEMENT
TOP STORIES
Exclusive

Gold Coast’s Greatest Moments Yet to Come: Evan Raptis

Phil Bartsch
7 Min
MODEL founder Rory Hunter HERO
Exclusive

‘It’s Massive’: On Mission to Prove BtR Green Equals Gold

Leon Della Bosca
8 Min
Potts Point Coliving EDM
Exclusive

Co-Living Shrugs Off Stigma as Overseas Money Moves In

Clare Burnett
6 Min
Bankstown cbd in Sydney NSW EDM
Exclusive

Breaking Delivery Crisis Chokehold on NSW’s Biggest Housing Market

Vanessa Croll
7 Min
Healthscope Hospital EDM
Exclusive

‘Once-in-a-Decade’ Opportunities Rise in Wake of Healthscope Collapse

Clare Burnett
7 Min
View All >
Level 33 Wollongong PLACEHOLDER IMAGE ONLY
Residential

Level 33 Plots Seven-Storey Upsize for Wollongong Towers

Leon Della Bosca
Fieldwork and MALA's rendering of the mixed-use project by MAKE next to Murrumbeena Train Station in Melbourne's southern suburbs.
Affordable & Social Housing

Murrumbeena Scheme Wins Minister’s Backing

Marisa Wikramanayake
Sponsored

Innovation That Works: Solving Real-World Fitout Challenges

Partner Content
Smarter specs, faster rollouts—Criterion leads Australia’s fitout innovation with proven acoustic and compliance perform…
LATEST
Level 33 Wollongong PLACEHOLDER IMAGE ONLY
Residential

Level 33 Plots Seven-Storey Upsize for Wollongong Towers

Leon Della Bosca
2 Min
Fieldwork and MALA's rendering of the mixed-use project by MAKE next to Murrumbeena Train Station in Melbourne's southern suburbs.
Affordable & Social Housing

Murrumbeena Scheme Wins Minister’s Backing

Marisa Wikramanayake
2 Min
Interiors

Innovation That Works: Solving Real-World Fitout Challenges

Partner Content
3 Min
Rose Bay supersite EDM
Residential

How 12 Eastern Sydney Homes Became a $165m Supersite

Vanessa Croll
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/coronavirus-stimulus