The New South Wales Government has committed a further $3.9 billion in funding to support businesses affected by the ongoing COVID-19 lockdowns.
The new funding, which also includes $1.5 billion from the Federal Government, will help maintain the JobSaver program, the micro-business grant, rent relief incentives and payroll tax breaks.
Statistics from the Australian Bureau of Statistics (ABS) reveal NSW has a sizable IT industry with 13.5 percent of businesses listed under "Professional, Scientific and Technical Services" as of 2020. The industry also accounts for 9.7 percent of all employees in the state.
After expanding the coverage of JobSaver in late July 2021, businesses like resellers and other IT channel firms — that saw at least a 30 percent revenue decline and have turnover between $75,000 to $250 million — are able to stay afloat and maintain cash flow while the restrictions remain.
Some hard hit industries like hospitality, tourism and recreation sectors can also get payments of 40 per cent of their pre-COVID weekly NSW payroll. Not-for-profit companies will also get similar relief payments.
NSW Treasurer Dominic Perrottet said the extra funding would be vital to help keep businesses in business and people in jobs.
“We are giving businesses, employees and families across the State certainty they can access the financial help needed to get them through,” Perrottet said.
“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.
“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.”