Economic Stimulus

The Northern Territory (NT) Government is delivering a $65 million Jobs Rescue and Recovery plan, and an additional $50 million fund to support small business. This is to help stimulate the economy and keep Territorians in jobs.

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
Economic Stimulus