The NT Government has announced a $60 million COVID-19 stimulus package, hoping a cash splash on home renovations and business upgrades can prevent widespread job losses across the NT.
- The NT Government says the package is about “saving people’s jobs”
- Homeowners will get a $6,000 grant for renovations if they spend $2,000
- Businesses will receive $20,000 if they spend $10,000 of their own
Under the scheme, owners of residential and investment properties will receive a $6,000 grant for renovations if they contribute $2,000 of their own money.
Eligible businesses will get an initial $10,000 grant for upgrades, and another $10,000 if they contribute $10,000 of their own money.
“This is about saving people’s jobs,” Chief Minister Michael Gunner said.
The Government says the Jobs Rescue and Recovery Package will support local firms and tradies.
The Home Improvement Scheme will cost $30 million to deliver, while the Business Improvement Scheme will cost $20 million.
Business owners will be able to spend their grant on upgrades or equipment if purchased from an eligible Territory business.
The schemes are expected to be up and running within the next few weeks.
The Government will announce another $10 million worth of stimulus packages today.
It is unclear if the Government’s new stimulus measures will add to NT’s almost $6 billion of debt, or if it will involve the repurposing of existing budget commitments.
“We can’t completely stop the economic hit that’s coming, but we can make sure we’re still standing at the end,” Mr Gunner said.
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