State Government measures such as payroll tax relief and increased infrastructure spending will help soften the economic impact of the COVID-19 pandemic.
This is a measure that the Hunter Business Chamber helped to action, with the city’s economic future and local community in mind.
The measures were announced by the Premier, Gladys Berejiklian, earlier this week as part of a $2.3 billion stimulus package aimed at boosting the health system and maintaining employment.
Hunter Business Chamber CEO, Bob Hawes, said the Chamber’s affiliate organisation, Business NSW, was directly involved in advising the State Government on aspects of the package.
The measures include a three-month waiver of payroll tax for businesses with payrolls of up to $10 million, waiving of a range of fees and charges for small business and other payroll tax concessions designed to free up revenue for small-to-medium enterprises.
“While there is no silver bullet to get business through this crisis, the stimulus packages from the state and federal governments provide welcome assistance to keep people in jobs and business doors open,” Bob said.
“The deferral of payroll tax payments for three months for businesses with a payroll of under $10 million will be of immediate benefit to SMEs, as will the extension of the payroll tax threshold to $1 million from 1 July, which was a specific request of Business NSW.”
The Government will also spend a further $700 million to resource hospitals, $250 million to employ additional cleaners of public infrastructure, $250 million to bring forward maintenance on public assets (including social housing) and $500 million to bring forward capital works and maintenance.
“Bringing forward $500 million in infrastructure spending will also stimulate the economy, bringing certainty to construction-related industries, creating job opportunities – especially for young workers – and providing much-needed new assets for community use,” Bob continued.
“The Premier has flagged a focus on infrastructure spending in regional areas and the Chamber will be impressing on Government that the Hunter has shovel-ready projects that can move quickly into the construction phase.”
A comprehensive breakdown of the economic stimulus package can be found on the official Government of Australia website.
IMAGE | State economic stimulus package to provide support for Hunter businesses