As COVID-19 continues to wreak havoc, it’s becoming increasingly difficult to keep up with updates from the media.
To cut through the noise, we’ve put together a summary of what government support has been made available to Australian small and medium-sized business owners/operators to date*. Where possible, we’ve included related links to credible sites that maintain current information on each particular announcement.
Please note, the information provided in the following links was current at the time of writing.
What is the federal government doing to support me?
The recent headline announcements from the Australian government have been (in order by most recent):
Higher Education Relief Package – Announced 12 April 2020
Workers who find themselves displaced as a result of COVID-19 may now be eligible to enrol into short, focused online courses at universities/non-university higher education providers for a significantly discounted rate. The courses, which are largely focused on national priorities, will be offered from 1 May 2020. For more, see here.
Code of Conduct for commercial tenancies – Announced 7 April 2020
The National Cabinet has agreed that all Australian states and territories will implement a mandatory industry Code of Conduct for commercial tenancies. For more on the Code, see here.
Jobs Hub – Announced 3 April 2020
In light of the currently volatile labour market, this recently launched website serves to support Australian businesses as well as those looking for work. It provides details of current employment opportunities, explains what’s happening in the market, and highlights what jobs are in high demand. So if you’re business is looking to hire the right talent, this might be a good place to start your recruitment process. For more on this initiative, see here.
Early Childhood Education & Care Relief Package – Announced 2 April 2020
From 6 April 2020, weekly payments will be made by the Australian government directly to early childhood education and care services in order to keep our 13,000 childcare centres open and their employees working. These payments will be in lieu of the Child Care Subsidy and the Additional Child Care Subsidy. For parents, this $1.6 billion cash boost will undoubtedly be a welcome breath of fresh air. For more, see here.
Economic Stimulus Package 3 – Announced 30 March 2020
From 30 March 2020, the government will be providing a subsidy to eligible businesses that have been significantly affected by COVID-19 in order to help them retain their employees. The fortnightly payment of $1500 per eligible employee – also known as the JobKeeper Payment – is currently available, and eligible businesses should apply to claim these funds directly via the Australian Taxation Office website. For more on this $130 billion payment, see Factsheet 1.
Update: The Government has passed legislation for the JobKeeper Payment, with support from both sides of Parliament, on 8 April 2020.
Mental Health, Medicare & Domestic Violence Safety Net Package – Announced 29 March 2020
Effective immediately, this $1.1 billion package will be used to boost mental health services, domestic violence support, Medicare assistance for those at home, and emergency food relief. The government’s digital mental health portal, Head to Health, has also added a section on dealing with COVID-19. It clearly outlines how to practically maintain good mental health during this difficult time, how to support others, and how to access further assistance. For more on this package, see here.
Economic Stimulus Package 2 – Announced 22 March 2020
As part of the second stage package, the government announced that a further $66.1 billion cash injection would be made to cushion the impact of COVID-19. In a similar manner to the first payment of $17.6 billion (see below), this package serves to assist households including casuals, sole-traders, retirees and those on income support, businesses trying to retain their staff, and businesses pushing to keep their doors open. For more, see the Prime Minister’s statement here.
Economic Stimulus Package 1 (Announced 12 March 2020)
As part of the first stage package, Prime Minister Scott Morrison announced that $17.6 billion will be allocated to helping everyday Australians retain their jobs, to keep businesses operating, to support households and to protect the broader economy from the impacts of COVID-19. For more, see the Prime Minister’s statement here.
What if I’d like more information?
For more information, you can always check out Aus.gov.au, The Treasury or Business.gov.au.
How are the state governments assisting businesses?
Each state is responding to the impacts of COVID-19 in their own way. For general information click here, otherwise please select the relevant link below:
*The information provided in this blog is not definitive. Please conduct your own independent research on what assistance best suits your businesses’ needs and what you are eligible for.
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