Victorian businesses to receive support amid lockdown

The federal and state governments have announced a four-week support package, ending on 30 September, of up to $2.34 billion which will assist around 175,000 businesses.

Business Costs Assistance Program payments will be automatically made at rates of $2,800, $5,600 and $8,400 a week throughout the month, depending on payroll size.

The state lockdown will continue until 70 per cent of Victoria has had at least one vaccination dose, which is estimated to be around 23 September.

“We will continue to support Victorians with our ongoing economic assistance to meet the challenges of the Delta strain,” Treasurer Josh Frydenberg said.

“Already, the Commonwealth has provided $1.3 billion in COVID-19 disaster payments to Victorians, supporting the incomes of around 500,000 individuals and, in partnership with the state government, committed more than $4 billion to small and medium-sized businesses over course of this lockdown.

“But there is light at the end of the tunnel. By sticking to the National Plan, agreed to by state and territory leaders, we can safely ease restrictions and open up our economy.”

Victorian Treasurer Tim Pallas added: “Businesses of all colours and shades have shown great resilience and we’ll continue to back them as we move towards the levels of vaccination that we need in order to open up again in a sustained way.

“We are responding to changing circumstances with a package that is bigger than anything we’ve announced before, and it’s the right thing to do. It’s right for the dedicated business owners across the state and it’s right for their workers.

“This package will support our hardest-hit sectors and businesses and ensure they can keep paying the expenses that don’t go away just because the doors are shut.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.