The Housing Industry Association (HIA) has backed the government’s major economic rescue package, noting it will go a long way in assisting SMEs amid the COVID-19 outbreak.
The government has increased payments to small businesses and extended the measures to sole traders as part of its latest stimulus announcement valued at $66.1 billion.
Over the weekend, the government released the second stage of its economic plan to cushion the economic impact of the coronavirus, bringing the total sum being injected into the economy by all arms of the government to $189 billion.
This includes $17.6 billion for the government’s first economic stimulus package, $90 billion from the RBA and $15 billion from the government to deliver easier access to finance, and $66.1 billion in Sunday’s economic support package.
The latest package includes increased support for small businesses and households, including sole traders who will be eligible for the coronavirus supplement and jobseeker payment to assist them to continue working for the next six months.
Responding to the move, HIA said it is “fully supportive” of Prime Minister Scott Morrison’s “war against COVID-19”.
“The residential building industry is dominated by small family-owned businesses, operated by people who will be pleased to know that the government has accepted that small businesses need special support in the fight against COVID-19,” HIA managing director Graham Wolfe said.
“The measures that the government has announced will help many small businesses continue to operate in this uncertain environment.
“At this stage, the home-building industry is still very much open for business.
“As an industry that employs over 1 million people and injects billions into the economy, the residential building industry can play a key role in keeping the economy ticking over and lead the economic recovery that will happen once the virus passes,” concluded Mr Wolfe.