State governments of New South Wales, Queensland, South Australia, Western Australia, Tasmania, and the Northern Territory have promised stimulus packages to support households and small businesses in the context of the COVID-19 epidemic.
These economic packages are in addition to the $ 17.6 billion in support announced by the federal government last week.
Strengthening health and economic plan of $ 2.3 billion in New South Wales
New South Wales' $ 2.3 billion plan is made up of two key elements: $ 700 million in additional health funding and $ 1.6 billion in tax cuts to support jobs.
The Premier of New South Wales, Gladys Berejiklian, has said that state efforts complement recent initiatives by the Reserve Bank of Australia and the federal government by providing more resources to help slow the spread of the virus.
"This package will provide more resources to help slow the spread of this virus and boost treatment for the people in our community who need it most," she said.
New South Wales Treasurer Dominic Perrottet said the packages would help businesses dealing with the COVID-19 epidemic.
"We support businesses by cutting costs through tax reductions, and we are working to stimulate jobs by funding ready-to-use capital and maintenance projects # 39; job, "said Perrottet.
Learn more about NSW's economic plan by clicking here.
Queensland recovery package
In response to the adverse effects of the coronavirus epidemic on the Queensland economy, the state government announced the immediate industry recovery plan valued at 27, $ 25 million.
The plan includes support for business and industry, advice to businesses and students, and promotion of tourism in Queensland.
As part of its support for businesses, the state government will offer a loan facility of $ 500 million. This will include loans with low interest rates of up to $ 250,000, with an initial period of 12 months without interest.
Payroll support will also be provided by the state, as well as cost relief for tourism operators and hospitality providers.
For more information on the Queensland recovery program, click here.
An economic boost of $ 350 million for South Australia
For its part, the South African government launched a $ 350 million economic support plan in response to the coronavirus epidemic and the continuing impact of bush fires.
Saudi Prime Minister Steven Marshall said it followed a $ 22 million investment in nature-based tourism infrastructure to boost jobs and the economy of visitors to long term in hard-hit regions.
"In this economic stimulus package, we are immediately investing $ 350 million in a series of measures – major improvements to roads and hospitals to major tourism infrastructure and increased funding for the Economic Growth Fund and state trading to support industry sectors, "he said
The state has stated that the projects to be funded under this economic package should meet certain criteria. In addition to being able to start construction in a short period of time, projects must also be labor intensive and require large local purchases of materials, services and supplies.
Click here to view the statement by South Australia on its economic program.
Freezing of payments in Western Australia
The state government of WA has unveiled a household-centric economic package worth $ 607 million.
The state government will allocate $ 402 million to freeze household expenses and charges until at least July 2021. This will include payments for electricity, water, motor vehicle costs, emergency service charge and public transport fares.
The stimulus plan also includes $ 114 million in measures to support small and medium-sized businesses. Companies that pay payroll taxes between $ 1 million and $ 4 million will receive a one-time grant of $ 17,500 to help them manage the effects of COVID-19.
About 7,400 companies are expected to benefit from the subsidy.
See COVID-19 response from Western Australia here.
Targeted assistance from Tasmania
As part of the Tasmania state government’s $ 420 million response to the Coronavirus outbreak, small businesses in the hospitality, tourism, Seafood production and export will be offered interest-free business loans. The loans will be interest free for three years.
Interest-free loans worth $ 50 million will also be made available to encourage local government to modernize, renovate and do the maintenance necessary to improve tourism.
For more information, click on this link.
Northern Territory support for home renovations
The Northern Territory's $ 60 million boost consists of two main parts involving home and business improvements.
An ABC News report says the $ 30 million home improvement program will give homeowners $ 6,000 for renovations, provided they contribute $ 2,000 of their own money. A grant of $ 4,000 is also available for those spending $ 1,000 on renovations.
The state government has stated that this grant would help local merchants and other small business owners.
In addition to the renovation grant, the state government also announced a similar payment freeze until July 2021.
As part of the business improvement program, the state government will pay $ 10,000 to eligible businesses who want to upgrade.