Victorian Government announces $1.7 billion stimulus package

Victorian Government announces $1.7 billion stimulus package

A $1.7 billion 'survival package' will assist Victorian businesses and workers to overcome the impacts of the coronavirus pandemic according to the state government.

The stimulus package includes full payroll tax refunds for FY20 to SMES with payroll of less than $3 million.

Payments will begin flowing soon and will save eligible businesses up to $113,975 per year.

The same eligible businesses will be able to defer any payroll tax for the first three months of the 2020/21 financial year until 1 January 2021, freeing up a further $83 million in cashflow.

Commercial tenants in government buildings can apply for rent relief and 2020 land tax payments will be deferred for eligible small businesses.

The Government will pay all outstanding supplier invoices within five business days releasing up to $750 million into the economy earlier.

Liquor licensing fees for affected venues will be waived for 2020 to support businesses in the hospitality sector.

A $500 million Business Support Fund will also be established to support sectors hit hardest by Covid-19 including hospitality, tourism, accommodation, arts and entertainment, and retail.

Another $500 million Working for Victoria Fund will be established in consultation with the Victorian Council of Social Services and Victorian Trades Hall Council. The fund will help workers who have lost their jobs find new opportunities, including work cleaning public infrastructure or delivering food.

"We've listened to business and workers and now we're taking unique and unprecedented action to help businesses and their workers through this crisis," says Premier Daniel Andrews.

"Cash is better in the hands of struggling businesses than in a Government bank account right now Victorian workers need us to step up to help get them through."

Updated at 9:49am AEDT on 23 March 2020.

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