Australian Govt Support For Business
Australian Government COVID-19 Support for Business
In response to the impact on the economy of COVID-19, the Australian Federal Government has rolled out a ‘whole of government’ response which includes stimulus packages, relief and support measures and additional funding at unprecedented and scalable measures. The Government estimates the support for the economy at $320 billion. The key is scalable and new packages for specific industry sectors continue to be announced.
These are just a few of the key policies and packages to support business and industries:
In presenting the JobKeeper Package legislation to Parliament on 8 April 2020, Prime Minister Scott Morrison talked about protecting Australia’s sovereignty. This has started discussion around re-starting Australia’s manufacturing sector and support in that space is likely to be on future agendas.
Many businesses that have been forced to close or limit trade due to social distancing restrictions have demonstrated innovation and initiative by pivoting to the manufacture and supply of other products. These proactive steps will have general support for the economy.