Monday 6 April 2020
Monday 6 April 2020
$10K boost for NSW businesses On top of the three rounds of individual and business stimulus measures unveiled by the Morrison Government in the past month, NSW has jumped in with more to help keep Australia’s largest economy moving. It is offering $750 million in grants to up to 75,000 NSW businesses that have seen revenues severely impacted by COVID-19, providing up to $10,000 each. This Small Business Support Fund will provide cash payments, augmenting the tax relief and Job Keeper allowances already unveiled under the incoming federal relief schemes. What should I do next? More information on NSW Government financial assistance measures for small businesses can be found here. Childcare subsidised for duration of pandemic The Morrison Government has announced a childcare funding system that will make services for vulnerable children and the children of Australia’s essential workers free-of-charge for the duration of the COVID-19 crisis. While these measures are temporary – PM Scott Morrison warned that normal business will resume “on the other side” of COVID-19 – the moves take pressure off essential workers at this time. What should I do next? If you are an essential worker requiring childcare who has terminated your enrolment, get back in touch with your childcare centre. Building approvals jumped before COVID-19 The building sector saw the largest month-on-month rise since 2013 in February, according to the Australian Bureau of Statistics. Approvals of new homes jumped nearly 20 per cent compared to the month prior, and the dollar value of residential buildings approved rose by 14.2 per cent. While these numbers are expected to decrease as a result of COVID-19, it is a positive sign that a building sector recovery was following the trajectory of the established housing sector. What should I do next? If your project is underway with us at the moment, you don’t need to do anything; work is still going ahead. If you’re considering a new house and land project, call us.