Victorian businesses will have access to a $3 billion program of support including cash grants and tax relief as the state government seeks to boost the economy in the wake of the coronavirus pandemic.
Premier Daniel Andrews on Sunday said the "significant" package would help businesses continue through the current difficult conditions and preserve jobs.
"[This] is without any shadow of a doubt, the biggest package of business support in the history of this state, and it needs to be unprecedented in nature," he said.
"It is an unprecedented set of challenges that business face."
The package will include:
- $1.1 billion in cash grants for small and medium sized businesses to companies "most affected" by coronavirus restrictions;
- The establishment of a $251 million Licensed Venue Fund with grants of between $10,000 and $30,000;
- Payroll tax will be deferred for businesses with payrolls up to $10 million for the full 2020-21 financial year;
- A further $137 million in tax relief on top of an existing $1.5 billion program of tax relief;
- $20 million for small businesses to help them access digital programs such as Shopify, training and workshops to adapt their businesses to online operations; and
- Grants of up to $20,000 to businesses in alpine resorts.
The relief measures include $27 million worth of savings from the waiving of liquor license fees, $41 million savings from a 50 per cent cut in stamp duty for commercial and industrial properties in regional Victoria.
The government said the payroll tax deferral would provide a $1.7 billion "cashflow boost" to businesses.
A planned increase in the landfill levy will also be deferred for six months.
More to come
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