On 12 March 2020, our Prime Minister: Scott Morrison announced the Government’s stimulus package, to support the economy, which is suffering the double blow of the bushfires and the ‘coronavirus’ (now known as CO-VID 19). It is a significant but is of little use to distressed businesses who don’t have the resources to invest extra capital. The Government’s 2nd tranche relief was much better for distressed businesses (see related TT article). Legislation was introduced for these measures on 23.3.20 and the related TT article explains the measures better than the summary below.
See below for details.