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Economic stimulus

This package is the second phase of the response to the significant economic impact of COVID-19, and is complementary to initiatives offered by the Federal Government to all jurisdictions.

The Territory package includes:

  • Home Improvement Scheme - $30 million
  • Business Improvement Grant - $20 million
  • Immediate Work Grant - $5 million
  • Small Business Survival Fund - $50 million
  • Tourism support
  • Handbrake on increases to government fees and charges
  • Payroll tax exemptions
  • Infrastructure fast tracking
  • Government procurement and grants fast tracking
  • Supporting casual workers
  • Direct support for business

The Federal Government is also acting to support households and businesses and address the significant economic consequences of the Coronavirus.

On 22 March the Government announced a second set of economic responses which, combined with previous actions, total $189 billion across the forward estimates, representing 9.7 per cent of annual GDP.

The Federal Government’s economic response targets three areas:

Individuals and Households

  • Income support for individuals
  • Payments to support households
  • Temporary early release of superannuation
  • Temporarily reducing superannuation minimum drawdown rates
  • Reducing social security deeming rates

Business

  • Boosting cash flow for employers
  • Temporary relief for financially distressed businesses
  • Increasing the instant asset write-off
  • Backing business investment
  • Supporting apprentices and trainees

Supporting credit flow

  • Support for immediate cash flow needs for SMEs
  • Quick and efficient access to credit for small business
  • Reserve Bank of Australia – Supporting the flow and reducing the cost of credit
  • Support for non-ADI and smaller ADI lenders in the securitisation market
  • Australian Prudential Regulation Authority - Ensuring banks are well placed to lend

Last updated: 24 March 2020

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URL: https://treasury.nt.gov.au/homepage/news-items/economic-stimulus/economic-stimulus
4 December 2021, 8:47 am