It didn’t take long for the numbers from the Treasurer’s economic update to be blown out with the spike in COVID cases in Melbourne resulting in the current stage 4 restrictions.
Today the Treasurer Josh Frydenberg confirmed relaxation of JobKeeper eligibility criteria to enable more businesses and their employees to access essential support. It’s expected that the blow from stage 4 restrictions in Melbourne on the economy will be in the range of $10b - $12b in the September quarter, with up to 400k Melbourne jobs at risk.
And to reflect the sudden impact of the current restrictions, from the fortnight commencing 3 August 2020, employees employed as at 1 July 2020 will now be eligible for both the existing and extended JobKeeper schemes.
There are two main changes:
|
The ATO will have the discretion to apply alternative tests if the working hours during February or June 2020 were not normal due to, for example, the taking of leave, volunteering to fight bushfires or where an employee was not employed at all during these periods.
There is no change to the previously announced two tier wage subsidy amounts.
The expected cost of today’s changes is expected to cost an additional $15b and brings the total investment into the program to over $100b.
To learn more about your eligibility for JobKeeper and support with your application, please reach out to your Grant Thornton contact.
Report
Unlocking value: navigating funding and exit strategies in
Explore strategies for scaling in Australia’s tech and SaaS sector in this report, covering capital raising, investor expectations, and long-term growth.
Read full article
Insight
Navigating financial sustainability in a complex Not-for-Pr
Against a backdrop of rising cost-of-living pressures and economic uncertainty, Not for Profits (NFPs) are facing increasingly complex challenges to maintain financial sustainability. With public expectations rising, funding pathways under strain, and operational costs climbing, many organisations are being forced to reassess how they operate. While the pressures are real, this also creates an opportunity to rethink collaboration, strengthen governance and build long-term resilience.
Read full article
Insight
Strategies for biotech growth in evolving times
The biotech industry faces significant challenges, including regulatory pressures, supply chain disruptions, rising costs and shifting investment landscapes.
Read full article
Client Alert
Implications of the aged care overhaul for businesses
The aged care overhaul is here, with major reforms shaping the future of care for older Australians. From funding shifts to enhanced home care options, these changes will require careful planning from businesses in the sector. Find out how the $5.6b investment into the quality, viability, and accessibility of aged care services and related reforms will affect providers and why strategic planning is crucial for the year ahead.
Read full article
Insight
Federal Budget health and aged care initiatives announced
The Health and Aged Care industry faces continued uncertainty, but following the Federal Budget announcements on 14 May, improvements are expected.
Read full article
Insight
Embracing transformation in Aged Care
Ten years after the implementation of the Living Longer. Living Better Reforms, the aged care sector braces for more change. With the Federal Budget on the horizon, it will be interesting to see what considerations are given to a sector that faces continued uncertainty.
Read full article
Insight
Bridging the funding gap for Biotechs
Navigating the funding landscape can be tricky for biotech companies at all stages, from initial research and clinical trials to scaling up capabilities. Our recent roundtable discussions with over 90 Biotech CEOs, held in partnership with AusBiotech, shed light on the challenges and opportunities shaping the industry.
Read full article
Insight
Final report of the Aged Care Taskforce – is the system rig
The Aged Care Taskforce (ACTF) has released its final report. Its clear focus is on improving sustainability and ensuring fairness. The final report described twelve funding principles which fall into the categories of supporting older people as they age, equitable and sustainable funding, quality innovation, and transparency.
Read full article
Report
A capital model for the aged care sector
The Aged Care Taskforce (ACTF) is evaluating aged care funding mechanisms. In response to this review, Grant Thornton, in collaboration with banks, Private Equity firms and a small group of providers, prepared this report for the ACTF to describe the aged care sector in terms of its capital needs and suggests ways to make it an attractive investment sector compared to other industries.
Read full article
Client Alert
Tax incentives to help Early Stage Innovation Companies att
Although tech-enabled businesses are increasingly attractive for investors, many Early Stage Innovation Companies (ESICs) face stiff competition for investor capital. That’s why the Australian Government’s ESIC measures to incentivise investment in these companies are key to supporting the Federal Government’s sovereign manufacturing innovation agenda.
Read full article
Insight
Three considerations for renewable energy projects
To ensure effective integration and outputs, alongside financial viability of new renewable projects, developers, owners, asset managers, energy retailers and investors need to understand the impacts for new and existing projects caused by grid congestion and supply and demand fluctuations.
Read full article
Dealtracker
Agribusiness, Food & Beverage Dealtracker 2023
Over the past 18 months, we have seen a consistent level of deal activity despite significant headwinds which have impacted the Agribusiness, Food & Beverage (Ag, F&B) sector and the broader economy. Through our analysis of 1,466 global transactions for the Ag, F&B sector in the 18-month period to December 2022, transaction multiples have remained strong – a pleasing result for businesses undertaking divestment activity.
Read full article
Insight
Coping with a dual shock: housing supply and rising rents
Australia is at the pointy end of a long-standing housing crisis. On top of this, the cost of renting a home has escalated rapidly, reaching all-time highs in many cities with vacancy rates the lowest we’ve seen in years. How is the complexity of this problem impacting businesses and investors navigating transaction and investment structures or seeking to attract essential resources, alongside a challenging construction market? Will the May Federal Budget bring any changes to announcements made in October?
Read full article
Insight
Issues impacting aged care providers in 2023
Conversations with aged care providers at the close of 2022 identified four key themes that will take a front seat in Australia’s aged care sector in 2023 – the fundamentals of the sector (funding, regulation, governance), labour shortage and recruitment strategies, technology, and housing and aged care communities
Read full article
Insight
Forecasting Australia’s reliable energy future
The 2022-23 Federal Budget committed over $20b towards renewable energy projects and initiatives in its push to cut carbon emissions by 43 per cent by 2030. Is it enough to aid the energy supply and demand challenge forecasted by the Australian Energy Market Operator (AEMO) in its recent 2022 Electricity Statement of Opportunities Report?
Read full article
Insight
Transforming Australia’s renewable energy sector
Australia has relied heavily on businesses and consumers to lead the way on emissions reduction to tackle climate change. Several Australian states have had to develop their own policies and roadmaps to progress the clean energy transition and enable private sector investment outside the national framework. This presents risks and challenges if not managed carefully.
Read full article
Insight
Intersekt 2022 draws out challenges for fintechs
Considering Australia’s significant fintech and financial sector experience, it’s no surprise Victoria’s recent Intersekt Festival focused on leveraging Australia’s fintech market to its full potential.
Read full article
Insight
Tax in M&A: Questions to ask your business and deal team
While Australia has shown strong acquirer appetite and businesses from all industries are finding great success and outstanding returns with their acquisition and divestment strategies, M&A activity now faces an uncertain future.
Read full article
Dealtracker
Agribusiness, Food & Beverage Bite Size Dealtracker 2021
Despite numerous lockdowns throughout the COVID-19 pandemic, the essential nature of the Agribusiness, Food & Beverage sector has seen diversification and growth opportunities for many of the market participants.
Read full article
Subscribe to receive our publications
Subscribe now to be kept up-to-date with timely and relevant insights, unique to the nature of your business, your areas of interest and the industry in which you operate.
Also appears under...