Posted on June 2, 2020 by Ashley Dawson
At its meeting today, the Reserve Bank of Australia (RBA) has kept the official cash rate at the historic low of 0.25 per cent.
RBA governor Philip Lowe said in the previous meeting that the RBA is prepared to scale up its bond purchases if needed. They will do whatever necessary to ensure bond markets remain functional and achieve the yield target of 0.25 per cent on 3-year Australian Government bonds until progress is made towards full employment and inflation. The RBA is confident that inflation will be sustainably within the 2-3 per cent target band.
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Posted on April 24, 2020 by Ashley Dawson
The McGowan Government has announced a new package to support residential and commercial tenants, landlords and the construction industry in the COVID-19 pandemic. The package adds to the McGowan Government’s $1.7 billion stimulus and relief package for businesses and households impacted by the COVID-19 pandemic.
It complements the introduction of a six-month freeze on rent increases, the moratorium on evictions from March 30, 2020, and the $25 million small business rent relief package announced last month.
The McGowan Government has set aside $100 million of the new package for land tax relief grants to be paid to commercial landlords.
To be eligible, commercial landlords must provide rent relief that equates to a minimum of three months’ rent and freeze outgoings to small businesses that have suffered at least a 30 per cent reduction in turnover due to COVID-19. Grants equivalent to 25 per cent of the landlord’s land tax bill for 2019 20 for the property in which an eligible tenant is provided relief will be paid to landlords.
The commercial rent relief grants will be administered through the Small Business Development Corporation, with applications opening May 1, 2020. For more information on eligibility criteria and how to apply, visit http://www.smallbusiness.wa.gov.au
The McGowan Government has also committed $30 million for grants of up to $2,000 for residential tenants who have lost their job and are facing financial hardship. This assistance will help to preserve tenancies by helping eligible tenants continue to pay rent, and will reduce the risk of exposing landlords to financial hardship in meeting their mortgage obligations.
Under the scheme, grants equivalent to four-weeks’ rent up to a maximum of $2,000 will be paid directly to the tenant’s landlord, to contribute to the tenant’s rental payments. The grants will be provided in addition to rental reductions negotiated between tenants and landlords.
The residential rent relief grants will be administered through the Department of Mines, Industry Regulation and Safety (DMIRS), with applications opening from May 1, 2020.
The scheme will be available to tenants or sub-tenants who have lost their job, applied to Centrelink for income support, have less than $10,000 in savings, and are still paying at least 25 per cent of their income in rent. For more information on eligibility criteria and how to apply, visit http://www.dmirs.wa.gov.au/covidrenting
To qualify for these commercial and residential grants, landlords must agree not to seek to recover this rent relief from tenants at the end of the period.
The McGowan Government has also announced $24.5 million in support to assist the building and construction industry to maintain a skilled workforce during the COVID-19 crisis. This includes a $2,000 payment to eligible employers to maintain existing apprentices and trainees.
If any of the new relief packages impact you or to discuss eligibility and application, please contact one of our Team on (08) 9316 7000.
We are here to help
Trying to think of everything you need to do keep your team and customers safe and healthy right now as well as run your business is tough.
We will continue to keep you informed of all government stimulus and other measures and how they apply to your business and are here at any time of the day to give you advice on your business continuity plans and cashflow.
Please call us on (08) 9316 7000 if there is anything we can do to help you.
If you need us outside of work hours, please call one of our Directors:
Andrew Sullivan on 0407 680 698
Chris Grieve on 0417 967 539
Ashley Dawson on 0438 014 318
We are here for you and together we will all get through this.
We will all come out the other side with more resilience, more compassion and more empathy. Until we do, please look out for each other.
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