Economic Response Plan III - Extended
On 31 December 2020 the Prime Minister announced Phase III of the Government’s Economic Response Plan (ERP). Phase III continues to provide our people and businesses with much needed financial support. Phase III includes a number of key measures, including the following:
- The introduction of a new business grant scheme, with payments in both February and April, ranging from $2,500 to $15,000 depending on the size of business and number of employees.
- An extension of the wage subsidy until 30 April 2021. This will give businesses and their staff much-needed wage support until visitors start arriving on our shores.
- An increase in the value of the January 2021 sole trader grant, from $2,000 to $3,000.
- An extension of the Fees Free initiative for those students in the process of completing a certificate or diploma. This will allow those students who commenced their studies under Fees Free to continue with Government support.
- The placement of a temporary hold on the requirement of businesses to pay the transfer bond for foreign employees. This will apply only to those businesses who have a history of meeting immigration and employment requirements.
- An extension of the reduction in superannuation rates for eligible businesses until March 2021.
- An extension to the electricity discount for households and businesses until March 2021.
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