In the wake of the latest influx of coronavirus cases in Victoria, and the subsequent return to Stage 3 lockdown for metropolitan Melbourne and Mitchell shire, the State Government has announced a $534 million stimulus package for businesses.

Cash grants of $5000 will be available to 80,000 eligible businesses in lockdown-affected areas, while a $30 million fund will be available to the hospitality industry and $20 million to small businesses in the CBD.

The regional tourism industry will receive $40 million to cover refunds and marketing, while a further $26 million has been allocated for mental health support and mentoring for sole traders and small business owners.

The measures are aimed at reducing a decline in Victoria’s gross product.

“We are expecting that there will be literally billions of dollars written off the expected size of the Victorian economy,” says Victorian Treasurer Tim Pallas.

“It will take some years before we see that level of economic activity come back.”

National employer association Ai Group believes the support should be extended beyond small business to businesses of all sizes.

“The announcement by the Victorian Government to provide further support to some businesses in the state paves the way for providing additional support to help the broader business community,” says Tim Piper, Victorian head of Ai Group.

Piper says many of the manufacturing and services industries, which will be expected to power the economy in the future, have seen dramatic reductions in business, and calls for further support and recognition across industry.

“Manufacturers cannot simply stop and start their businesses,” he says.

“If they stop it is likely to be for good. They provide vital and well-paid jobs which will be significant for our future economic wellbeing.”

The new package brings Victoria’s total stimulus to $6 billion. Pallas says additional measures will be announced at a later date.

“What’s critically important is that the wellbeing of Victorians and Victorian industry and business is first and foremost in our thinking during these difficult times,” he says.

“That is our driving focus, and that will be the effort where we put our continuing support over the weeks to come.”


Related news & editorials

  1. 10.08.2020
    by      In
    Love them or hate them, face masks have become a tenet of the “new normal” reality of life with COVID-19.
    As the debate over whether to wear them or not continues to rage around the world, Industry Update has put together the most accurate information possible surrounding the use and efficacy of... Read More
  2. 10.08.2020
    by      In
    Australia’s national science agency has launched the nation’s first accredited surgical face mask testing facility in Melbourne.
    The new facility, accredited by the National Association of Testing Authorities (NATA), is designed to help frontline health workers in the fight against COVID-19. It has... Read More
  3. 10.08.2020
    by      In
    In the wake of its Port Pirie success, Bentley’s Cabin Parks will soon open its new fully self-contained accommodation park at Port Augusta.
    Part of the Bentley Group, the cabin park division was established in 1995 when founder and managing director Hayden Bentley, inspired by his travels around... Read More
  4. 05.08.2020
    by      In
    In terms of the economy, COVID-19 has had a catastrophic effect on the sales industry.
    The true emotional cost on those responsible for making those sales, however, is harder to quantify.
    Ironically, says Hazel Stewart, managing director of Australian corporate sales training company Innovate Learn... Read More