$130b wage subsidy will ‘breath life’ back into NT economy, say business leaders

TERRITORY business leaders say the Federal Government’s $130 billion coronavirus wage subsidy package will breathe some life back into the NT’s struggling economy.

Prime Minister Scott Morrison announces the Federal Government’s $130 billion wage subsidy package at a press conference at Parliament House in Canberra on Monday, March 30, 2020. Picture: AAP Image/Mick Tsikas

TERRITORY business leaders say the Federal Government’s $130 billion coronavirus wage subsidy package will breathe some life back into the NT’s struggling economy.

Master Builders NT chief executive David Malone encouraged Territory businesses affected by the coronavirus crisis to register for the JobKeeper payment as soon as they could.

“There are already many businesses in the NT which have experienced a 30 per cent fall in revenue,” he said.

“Master Builders is taking calls every hour from members and non-members alike, telling us that they are having to let people go.

“Those effects are being felt across the board, but most acutely within our subcontracting ranks, in the residential sector, and in those firms that specialised in delivering projects on indigenous lands.”

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Chamber of Commerce NT president Greg Ireland said he estimated about 1000 Territory businesses would be directly affected by these new payments.

“We’ve had quite a number of businesses contact us and they’ll be in tears because they feel they’re letting their staff down,” he said.

“It’s been very, very stressful. Very emotional.

“This payment will give some of those businesses what they need to get through this and survive.

“I think it’s really going to breathe some life back into business. I’m sure this will be a turning point for many who weren’t really sure if they could do it and keep their staff.

“At least there’s some certainty now with those staff payments. I think six months is enough time to give business time to start to rebuild.”

But Mr Ireland said the payments wouldn’t make a difference for everyone.

“I know a lot of businesses who have already shut their doors and may have to continue to do that because even if they did open the revenue won’t be there, for example with tourism operators,” he said.

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Chief Minister Michael Gunner said he hoped the payments would help NT businesses rebound when the coronavirus crisis was over.

“More people in work and less people queuing at Centrelink is a win for the Territory, a win for workers, a win for business,” he said.

“Have hope, we will come out on the other side of this.”