- Support for business comes as essential work restrictions were tightened last week
- Most construction work is prohibited, at least until the end of the month
- Property Council has welcomed the the increased support for the construction industry
Financial support packages announced by the NSW government have been welcomed by the Property Council (PCA).
In particular, support has been welcomed for the construction industry, which has been in virtual hibernation in NSW until at least the end of the month – the first time non-urgent construction has been banned during a lockdown.
All businesses directly impacted by the lockdown that have a turnover between $75,000 to $50 million, and a total annual wages bill below $10 million, are eligible for tax-free grants between $7,500 and $15,000.
For businesses that record a 30% decline in turnover, the grant is $7,500; $10,500 for those recording a 50% decline and the full $15,000 for those recording a decline greater than 70%.
“From the outset of the pandemic we’ve always said we would do whatever was necessary to protect people and jobs and this suite of measures will do exactly that,” said NSW Treasurer Dominic Perrottet.
“These programs will provide timely and targeted support for businesses to help them with much needed cash flow, maintain employees and provide relief for business expenses, for which no other government support is available.”
Dominic Perrottet, NSW Treasurer
In addition, eligible businesses that maintain their staff headcount will receive tax-free fortnightly payments of 40% of their payroll, with minimum payments of $1,500 up to $10,000 per week.
Lauren Conceicao, Acting NSW Executive Director of the Property Council of Australia (PCA), said clear communication of what support is available to workers and businesses is critical to give the industry the confidence to manage the lockdown.
“Property Council has been working extremely closely with the NSW Government to ensure that we find a way through this and the specifics of the industry are being assessed as decisions are being made and reviewed,” she said.
Ms Conceicao said the shutdown had caused “shock waves” throughout the industry and warned that even a two-week pause will have significant ramifications for the industry.
“…..our focus is to ensure that the options and solutions being put forward on both the financial front and reopening plan supports the industry to get back on its feet.
Like many key business leaders, she has called for a ramp-up of the government’s vaccination program.
“While we focus on the immediate challenges, we know that vaccination is key to getting the state’s economy back up and running, and we will need a strong roadmap implemented to exit from the lockdown successfully, with vaccination of our workers made a priority.
“We will continue to work constructively with Government as the matter progresses and thank them for their willingness to listen and work with us as we navigate the impacts of the COVID-19 lockdown for the wider industry.”
Lauren Conceicao, Acting Executive Director Property Council NSW