27th March, 2020

BREAKING: Prime Minister announces third wave of business support to come

Business owners will be relieved to hear of further measures to support them through the COVID-19 lockdown, with the Government expected to announce ways to help businesses ‘hibernate’.

Disclaimer: This article is designed as a news piece and may not reflect current information. For a wrap-up of stimulus measures available to Australian businesses, click through to this page.

Prime Minister Scott Morrison has announced the Government will unveil a third pillar of its economic plan to support businesses and individuals during the COVID19 crisis.

That plan will include both support for residential tenancies, and for businesses. The plan was also announced alongside new measures to enforce quarantine for anyone entering Australia.

Speaking in Canberra, Morrison said the upcoming economic action will allow businesses to “hibernate” during a shutdown, emphasising the Government wants to see those businesses return on the other side of any shutdown.

The Government’s intention is to maintain “as much of the economy as we can” during the crisis.

“We are doing everything we can to ensure we maintain as much of that economy as we can through this crisis, to support all of the essential services that are so necessary at a time like this,” said Morrison.

“…what we will be announcing will be to seek to hibernate Australian businesses.”

While the Government hasn’t made any clarification about what this plan entails, it could be in some ways similar to plans in Denmark to pay up to 90 percent of wages for anyone who loses a job due to the outbreak.

Regarding rental payments, Morrison hinted that there will be some coordination with states and territories in how they handle residential rental payments.

Morrison said the Government intends to announce this plan in the coming days.

At MYOB we’re working hard to provide clear guidance during this time. You can expect to see more coverage on this, and related topics appearing on our blog regularly, or you can subscribe to our regular e-newsletter service below.