Business update: COVID-19 support for businesses - recent announcements
Recently announced support for businesses in response to the coronavirus (COVID-19) crisis.
Australian Banking Association
The Australian Banking Association have announced Australian banks will defer loan repayments for small businesses affected by coronavirus (COVID-19) for six months.
Small businesses are encouraged to contact their banks to apply, find out more on the Australian Banking Association website.
Reserve Bank of Australia
The Reserve Bank of Australia has agreed to the following comprehensive package to support the Australian economy through this challenging period:
- a reduction in the cash rate target to 0.25%
- a target for the yield on three year Australian Government bonds of around 0.25%
- a term funding facility for the banking system, with particular support for credit to small and medium-sized businesses
- exchange settlement balances at the Reserve Bank will be remunerated at 10 basis points, rather than zero as would have been the case under the previous arrangements.
For more details go to the Reserve Bank of Australia website.
Assistance for affected regions, communities and industries
$1 billion has been set aside to support regions and communities most significantly affected by the Coronavirus. These funds will be available to assist during the next few months and over the year ahead to ensure these communities are well placed to recover.
To find out more go to the Australian Government's Business website.
Northern Territory Jobs Rescue and Recovery plan
Full details and terms and conditions for the Home Improvement Scheme, Business Improvement Grant and Immediate Works Grant will be available on Friday 27 March 2020 on the Business Recovery website.
Works cannot commence prior to the stimulus programs opening.
To get involved tradies and businesses must register online.
Businesses can register to carry out works from Monday 30 March 2020.
Third confirmed case of COVID-19 in the Northern Territory
Two cases of coronavirus (COVID-19) have been confirmed today in the Northern Territory.
For information and updates go to the Coronavirus website.
A further business update will be issued on Monday 23 March.
For further information email the Department of Trade, Business and Innovation at firstname.lastname@example.org.