NSW government announce $2.3 billion COVID-19 stimulus package to boost state economy

17 March 2020

Following the Australian Government’s recent $17.6 billion COVID-19 economic stimulus package, the NSW government[1] has today released a $2.3 billion package in an effort to boost the NSW health system and protect jobs in NSW.

The $2.3 billion package provides funding for:

NSW health system

$700 million for NSW hospitals to:

  • Increase Intensive Care capacity
  • Establish acute respiratory clinics
  • Purchase additional ventilators
  • Increase COVID-19 testing
  • Bring forward elective surgeries to private hospitals

NSW business

$1.6 billion to support businesses and jobs by:

  • Providing payroll tax cuts to lower the cost to businesses, including:

- waiving payroll tax for businesses with payrolls of up to $10 million up to 30 June 2020

- bringing forward the next round of payroll tax cuts by raising the tax-free threshold limit to $1 million in 2020/21

  • Funding ready-to-go capital work and maintenance projects as a priority, including:

- waiving a range of fees and charges for small businesses such as bars, cafes, restaurants and tradies

- employing additional cleaners of transport assets, schools and other public buildings

- bringing forward maintenance on public assets such as social housing and crown land fencing

- bringing forward capital works and maintenance

If you require more information or would like some support accessing any of the support measures announced, please contact the Findex Tax Advisory Team. We will keep you updated on any new developments as they come to hand.

Findex has developed a Government Stimulus Health Check and free Business Wellbeing Toolkit to help businesses manage potential risks and take full advantage of eligible stimulus assistance. Book your Health Check here.

[1] Premier of New South Wales, $2.3 billion health boost and economic stimulus, Media Release, 17 March 2020