THE New South Wales government has announced a $2.3bn economic stimulus and health package in the face of the coronavirus.
This package provides $700m in extra health funding and $1.6bn in tax cuts to support jobs.
Key elements include:
- $450m for the waiver of payroll tax for businesses with payrolls of up to $10 million for three months (the rest of 2019-20).
- $56m to bring forward the next round of payroll tax cuts by raising the threshold limit to $1 million in 2020-21
- $80 million to waive a range of fees and charges for small businesses
- $250m to employ additional cleaners of public infrastructure
- More than $250m to bring forward maintenance on public assets including social housing and crown land fencing
- $500m to bring forward capital works and maintenance
- $700m extra funding for NSW Health, including doubling ICU capacity.
Premier Gladys Berejiklian said the package bolstered the health system, cut taxes for business and would help secure jobs at “a very challenging time”.
“Our first priority is always the health of the people of this State and looking after their families and jobs,” Ms Berejiklian said.
“This package works hand-in-hand with the recent moves by the Reserve Bank of Australia and the Federal Government. It will provide more resources to help slow the spread of this virus and boost treatment for those people in our community who need it most.”
NSW Treasurer Dominic Perrottet said the NSW package would help businesses struggling with a once-in-a-generation event.
“The government stands ready to do whatever it takes to keep people safe and ensure our economy withstands this storm,” Mr Perrottet said.
Road Freight New South Wales CEO Simon O’Hara said the payroll waiver was something they had been talking to the NSW government about during the last week.
“We are pleased and congratulate the NSW government for being on the front foot with our industry,” Mr O’Hara said. “We will continue to engage collaboratively with government over what our industry needs as events unfold and evolve.”