Select a page

Banking News

NSW Omicron Recovery Package Takes Shape

NSW Omicron Recovery Package Takes Shape

(31 January 2022 – Australia) The New South Wales (NSW) government is set to release a A$1 billion post-Omicron business support package as businesses continue to struggle with staff shortages and supply chain disruptions.

Lump sum payments for businesses, grants for landlords passing on rent relief and cash for COVID-19 Rapid Antigen Tests (RATs) will form the basis of the package. Landlords who extend lease payment relief to commercial tenants will receive up to A$3000 per month in grants if they waived at least half of rent. Extra funds will also be diverted to a performing arts support package which will be extended until April.

Businesses will be able to receive lump sum payments of up to 20 percent of weekly payroll to cover the month of February under the package. A small business rebate will be expanded from a $2000 to $3000 cap so employers can use the cash to buy rapid COVID-19 tests to screen workers, with the rebate covering half the cost of the kits.

“NSW is tracking better than expected and confidence is returning. And as we did with earlier recoveries, we will come through this recent challenge stronger than ever” stated NSW Premier Dominic Perrottet.

Comment on this article

 

Your comments will not be published. Required fields are marked *

 

Please enter the word you see in the image below:


Subscribe

Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.