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In light of this unprecedented time, the Federal and State Governments have unveiled stimulus packages to assist local economies in light of the coronavirus pandemic and bush fires to provide tax relief and offer fiscal assistance. 

Summary provided below.

Federal Stimulus Packages

Business Investments

Cash flow Assistance

Non-tax Measures

Changes to Insolvency Laws

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State Stimulus Packages

Queensland State Government

The QLD Government has announced an ‘Immediate Industry Recovery Package, allocating $27.25 million to assist local economies affected by COVID19. Unlike the NSW package, this will waive fees/charges to the hospitality and tourism industries.

In addition, the QLD Government will be:

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NSW State Government

The NSW Government has announced $2.3billion health boost and economic stimulus to help protect communities and jobs in the face of the COVID19 outbreak over the next 6 months. In particular, this includes:

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Victoria State Government

The VIC Government has announced a $1.7 billion three-stage economic survival and jobs package to assist small to medium businesses most impacted by the COVID-19 outbreak. At this stage, this will include full payroll tax refunds, deferral of any payroll tax until 1 January 2021, rent relief, fast tracking government supplier invoices and $500 million to support the hospitality, tourism, accommodation, entertainment and retail sectors.

In addition, the City of Melbourne announced a local economic stimulus package valued at more than $10 million to keep Melbournians in jobs and support city businesses affected by the virus.

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Western Australia State Government

The WA Government announced a $607 million stimulus package to support WA households, pensioners and small businesses in the wake of COVID-19. In particular, the package includes:

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ACT

The ACT Government announced a $137 million stimulus package with measures including:

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Northern Territory

The NT Government announced a $60 million coronavirus stimulus package to encourage spending on home renovations and business upgrades in an effort to prevent widespread job losses across the NT. In particular:

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South Australia State Government

The SA Government has announced a $350million stimulus package to combat the issues brought on by coronavirus, bushfires and droughts in the region which will include on infrastructure and hospital upgrades, tourism and supporting certain industry sectors.

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Tasmania State Government

The TAS Government has announced a $420million stimulus package comprising of:

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