After surviving the smoky clouds of bush fires, Australians were at a point to regain their economic status. Regretfully, the second wave of Corona Virus may put a spanner in that wheel.
Addressing the global pandemic situation, The Morrison Government has recently announced a $17.6 billion stimulus package. The package will help maintain the employment figures and help businesses to grow. . With a focus on small and medium-sized businesses, the stimulus package will include:
- Deliver support for business investments. These measures are designed to support and encourage investment.
- $3.3 Billion would be used to back business investments.
- $700 million is allocated to increase the instant asset write-off threshold from $30,000-$150,000. Such measures will support over 3.5 million businesses.
- $6.7 Billion is allocated to Cash-Flow Boost stimulus for employers.
- $1.3 billion will be used to support and encourage small businesses to employ 120,000 trainees.
- Stimulus Payments for the household. $4.8 Billion to provide a one-off $750 stimulus payments to pensioners and other eligible concession cardholders.
- Assistance for sectors highly affected by Corona Viruses, such as tourism, agriculture, and education, will also be supported.
The stimulus package is expected to be ratified by the parliament on next parliamentary sitting – late March 2020.
To get a more detailed overview of this recent stimulus package, please contact our office on 07 3208 3888 and remember it is just not you but the country together fighting this deadly virus.