VIC Government releases new business stimulus package from March 1

As the Victorian Government relaxed its mask-wearing mandates and dropped restrictions in the majority of hospitality venues over the weekend, a range of State Government stimulus packages have been announced to boost the economy and give businesses a much-needed leg-up.

The State Government stimulus consists of a $200 million wide-ranging support package with business grants and consumer rewards with a renewed voucher scheme including a $10 million round of Melbourne Money providing rebates for entertainment, dining, and travel in the city. Additional vouchers being launched in March are designed to promote State-wide dining in regional areas, travel across the cities and regions, and discounted tickets for cinema, theatrical productions, live music, exhibitions, conferences and other events.

The Government also announced a $60 million Ventilation Voucher Program to assist SMEs to purchase equipment to help reduce the spread of COVID-19 in the workplace. There will also be a new $1,200 rebate available to businesses to access a range of digital tools to help modernise business operations including: online menus and ordering systems; invoicing; stock and business management tools; and website and e-commerce platforms. The Jobs Victoria Fund will launch in April and is a $34.2 million staffing program to assist in the placement of workers in more than 1,500 jobs in hospitality, warehousing and logistics, tourism, and food processing.

These initiatives are in addition to the Rent Relief for Victoria’s Small and Family Businesses announced in early February designed to provide commercial rental relief support businesses experiencing financial hardship due to the latest wave of the pandemic.

Should you have any queries about how these changes may impact you, please contact your local Grant Thornton advisor.