$2.3 billion health boost and economic stimulus for NSW
State government promises major supports for business and industry in face of COVID-19
The stimulus package will help to protect communities and jobs in the face of the COVID-19 outbreak over the next six months. This package has two key components — $700 million in extra health funding and $1.6 billion in tax cuts to support jobs.
Key elements of the NSW COVID-19 package include:
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.
- $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.
Premier Gladys Berejiklian said the NSW Government’s package will help to secure jobs and strengthens the health system during challenging times.
“This package works hand-in-hand with the recent moves by the Reserve Bank of Australia and the Federal Government. It will provide more resources to help slow the spread of this virus and boost treatment for those people in our community who need it most," Ms Berejiklian said.
NSW Treasurer Dominic Perrottet said the packages will help businesses struggling with the outbreak of COVID-19.
“We are supporting businesses by lowering costs through tax cuts and fee reductions, and working to boost jobs by funding ready-to-go capital work and maintenance projects as a priority,” Mr Perrottet said.
Additional health funding will support frontline workers including doctors, nurses, allied health staff, ambulance officers and other support members helping the prevention of COVID-19.
Health Minister Brad Hazzard said the Government is doing whatever it takes to support health workers. “Our health workers are doing an amazing job,” Mr Hazzard said.