BioGuard is Australia and New Zealand’s most trusted supplier of premium, innovative and affordable commercial water treatment systems and chemicals. BioGuard offers a comprehensive range of…read more
Prime Minister Scott Morrison announces $18 billion economic stimulus package
Amid the economic slowdown due to Coronavirus, Australian Prime Minister Scott Morrison has announced $17.6 billion in stimulus measures.
Focused on businesses, millions of Australians will also receive cash payments.
The package includes:
• Welfare recipients: an extra $750 per person
• Small businesses with apprentices: up to $21,000 to keep apprentices in work through wage subsidies
• Small to medium-sized businesses: between $2,000 and $25,000 to help with cashflow
• Businesses generally (excluding the very largest): the instant asset write-off threshold raised to $150,000 and an extra depreciation discount to encourage investment
• Affected businesses: access to a new $1 billion fund
Announcing the stimulus, Prime Minister Morrison (pictured below) said the focus of the stimulus was on businesses "because our goal is to keep people in work", advising "it is about a cash injection into the Australian economy, which supports small businesses and supports medium businesses.”
He also confirmed that all measures were temporary, meaning while welfare recipients receive a short-term cash boost, payment rates remain fixed.
The Government promised that payments to welfare recipients will start on 31st March 2020 with more than 90% payments "expected to be made" by mid-April.
Legislation will be introduced into Federal Parliament later this month to give effect to these measures.
Federal Treasurer Josh Frydenberg said $11 billion of the $17.6 billion package would be paid by the end of June.
Cash flow support for businesses will arrive by way of payments of 50% of their Business Activity Statements or Instalment Activity Statement from 28th April, with refunds to then be paid within 14 days.
Businesses will be able to register for apprentice wage subsidies from 2nd April, but more than $1 billion of this $1.3 billion measure isn't budgeted until next financial year.
Business claiming tax write-offs will benefit the next time their tax is calculated, while benefits from the depreciation deduction will extend to 30th June 2021.
The cash payments to small and medium businesses is the largest component of the package, worth around $8 billion.
Changes to the instant asset write-off and deprecation deduction tally around $4 billion.
Prime Minister Morrison indicated earlier this week that the economic impact of the coronavirus could be worse than the global financial crisis.
He flagged there might be more spending in the May Federal budget, but said in relation to today's announcement, "we believe these measures are the measures that can do the job and we will continue to monitor events as we go forward."
11th March 2020 - Fitness Australia releases advice on Coronavirus
9th March 2020 - Australian Grand Prix to proceed despite Coronavirus fears
4th March 2020 - Coronavirus fears sees AFL cancel Shanghai fixture
25th February 2020 - New research highlights impact of Coronavirus and bushfires on Australian business
13th February 2020 - ATIC calls for government support to counter coronavirus impact on tourism industry
12th February 2020 - Coronavirus continues to impact China’s sports events
27th February 2020 - Sport rorts inquiry implicates Prime Minister Scott Morrison
4th April 2019 - Sport Australia’s John Wylie welcomes Federal budget funding boost
3rd April 2019 - Federal budget includes $385 million to implement Sport 2030 plan
3rd April 2019 - Federal Budget delivers for live music but fails creative industries
3rd April 2019 - Mixed reactions to Federal budget tourism spending
Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?
The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.
However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.
Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.
Subscriptions cost just $90 a year.
Click here to subscribe.
The Complete Guide to Leisure Industry Products & Services.
revolutioniseSPORT is the emerging market leader in online club management in Australia. Whether it is memberships, registrations, events, online sales or governance tools - revolutioniseSPORT is the…read more
Our team believes floors should be beautiful, comfortable, and engineered for safety, even when wet. Life Floor tiles meet six unique performance based standards: slip-resistance, impact absorption,…read more
APT (Advanced Polymer Technology) is the leading global manufacturer of polyurethane-based materials, acrylic coatings and synthetic turf products for sporting and recreational applications. From…read more
With its sleek good looks and easy-to-use yet powerful functionality, Envibe is the premium fitness club software for the Australasian leisure, recreation and fitness industry. We are the most…read more
Aflex Inflatables are the leaders for obstacle courses, pool toys, waterparks and land-based watersides and fitness runs. They are industry leaders offering the widest range of pool, lake and beach…read more
Augmented Creative is an open organization of like-minded and highly dedicated, creative people who conceive, plan and execute visual solutions. We pursue new and innovative visual ideas to help…read more
PathMinder Pty Ltd have partnered with AllUser Industries srl to bring Europe’s most advanced high security portals to the Australian and New Zealand markets. AllUser Industries started to…read more
get listed with our suppliers directory
Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!