Small and medium-sized businesses hurt by the coronavirus economic downturn will be exempted from paying part of their rent and given at least two years to catch up on any deferred payments under a mandatory code of conduct for tenants and landlords.

Tenants would also have the option to break a lease if their landlord refused to abide by the code and negotiate a rent reduction in good faith. Recalcitrant property owners also risk missing out on concessions offered by state governments, local councils and banks.