A further injection of funding from the NSW government will help residential and commercial landlords offer relief to tenants.
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The NSW government will contribute an additional $3.9 billion into the local economy to help residents and businesses struggling financially due to the state’s protracted lockdown.
This latest round of funding includes $1.5 billion from the federal government to assist the state in extending its rent relief incentives, the JobSaver program and microbusiness grants.
These measures uphold the government’s earlier commitment to support tenants and landlords of commercial and residential properties who are negotiating a reduction in rental payments.
Under this funding, eligible commercial and retail landlords that provide rental waivers to COVID-19 impacted tenants and have not claimed land tax relief are eligible for a monthly grant of up to $3,000.
Eligible residential landlords can choose between applying for land tax relief or a further payment of $1,500, taking total assistance to a maximum of $4,500 per tenancy. To receive the funding, they must agree to reduce the rent for COVID-19 impacted tenants by at least $4,500.
This latest cash injection brings the cost of the NSW government’s COVID-19 support measures to $7.7 billion. A further $3.4 billion has been contributed by the Commonwealth, bringing the total assistance for businesses and individuals to over $11 billion.
NSW Treasurer Dominic Perrottet said the extension of funding was intended to give businesses and families across the state the certainty they needed to plan a path through the pandemic.
“We know business and communities are doing it tough and this ongoing support will not only help get them through the depths of the pandemic but will also provide them with a springboard to bounce back once restrictions ease,” Mr Perrottet said.
“We will continue to stand by businesses and individuals and provide the support needed. We will also be there on the other side as we emerge from lockdown and head towards recovery.”
ABOUT THE AUTHOR
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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