NSW Government Announces $2.3 Billion Health Boost and Economic Stimulus
As you may be aware, the NSW Government today a major $2.3 billion health boost and economic stimulus package to protect the community and help protect jobs in response to the current Coronavirus situation.
This package has two key components: $1.6 billion in tax cuts to support jobs and $700 million in extra health funding.
Please find the following summary of the economic stimulus package, in particular for small to medium businesses:
Business Support and Jobs
- $450 million for the waiver of payroll tax for businesses with payrolls of up to $10 million for three months (the rest of 2019-20). This means these businesses will save a quarter of their annual payroll tax bill in 2019-20.
- $56 million 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 including bars, cafes, restaurants and tradies
- $250 million to employ additional cleaners of public infrastructure such as transport assets, schools and other public buildings
- More than $250 million to bring forward maintenance on public assets including social housing and crown land fencing
- $500 million to bring forward capital works and maintenance.
For your additional information, there is the following extra health funding announced:
- $700 million extra funding for NSW Health. This will assist in doubling ICU capacity, preparing for additional COVID-19 testing, purchasing additional ventilators and medical equipment, establishing acute respiratory clinics and bringing forward elective surgeries to private hospitals.
For more information, MTA NSW recommends you visit the NSW Government website:
$2.3 billion health boost and economic stimulus
MTA NSW is able to assist our Members with support by contacting your local Area Manager or Divisional Manager on P: 1300 682 679 or E: [email protected]