Coronavirus: Jackie Trad puts $4bn into play to boost business survival

The Queensland government will on Tuesday announce a $4bn health and stimulus package to protect jobs and help businesses through the economic downturn.

Queensland Treasurer Jackie Trad. Picture: Annette Dew

The Queensland government will on Tuesday announce a $4bn health and stimulus package to protect jobs and help businesses through the economic downturn driven by the coronavirus outbreak.

After being criticised by the small business lobby and the opposition for acting too slowly, Treasurer Jackie Trad will inject $2.5bn into the economy to act as a buffer for businesses. Ms Trad will tell small and medium-sized businesses they will not need to pay payroll tax this year.

“For small and medium businesses, we will refund two months’ worth of payroll tax, putting an ­average of almost $9000 into the hands of each one of these businesses,” she said.

“We’re giving them a three-month payroll tax holiday, saving those businesses an average of $13,360.

“These measures will be available for large businesses specifically impacted by COVID-19.

“Combined with the payroll tax deferrals we’ve already announced, it means no Queensland business will need to make a payroll tax payment this year.”

Queensland Premier Annastacia Palaszczuk said the $4bn package was the largest in the country, and would also help households, the health system and workers.

“To date, this is the biggest ­single relief package assembled by any state or territory,” Ms Palas­zczuk said. “Our society will go through the most difficult period most of us have ever experienced, but I am determined my government will support Queenslanders through it.”

Extra details will be announced on Tuesday, but the $4bn package is expected to include $1.5bn in targeted support for workers and businesses.

Last week, Ms Trad told parliament that the unfolding corona­virus crisis was expected to deliver a $10bn hit to the state’s economy over the next two years.

The tourism and international education sectors, two of Queensland’s major economic drivers, have been severely affected.

LNP Opposition Leader Deb Frecklington on Monday called for the government to immediately deliver an economic stimulus. “Queensland had the worst unemployment rate in the nation before the coronavirus outbreak and thousands of jobs are now on the line,” she said. “This isn’t just a health crisis, it is a jobs crisis as well and Labor isn’t acting.

“The LNP has been calling for the freezing of car rego, water and electricity prices, fast-tracked funding for road upgrades and immediate payroll tax relief for around 15,000 businesses.”

Queensland had already made available $500m in no-interest loans for businesses, as well as a $27.5m package for some of the worst-hit industries.

On Sunday, the Chamber of Commerce and Industry Queensland criticised the government for being far behind NSW and ­Victoria in delivering a stimulus.