Tuesday, 17 March 2020 14:31

Wage subsidy focus of Government’s $12.1b coronavirus scheme

Written by  Staff Reporters
Finance Minister Grant Robertson presented the scheme around 2pm today. Finance Minister Grant Robertson presented the scheme around 2pm today.

The Government has announced a massive $12.1 billion scheme to protect businesses and workers amid the Covid-19 outbreak.

Under the scheme, businesses hit worst by coronavirus may be given a wage subsidy of up to $585.80 a week for each full-time worker and up to $350 per week for each part-time worker.

Making up almost half of the scheme, the $5.1 billion wage subsidy takes a central focus in the Government’s coronavirus response.

Businesses wanting to take part in the wage subsidy will have to prove they are losing a large amount of income due to the pandemic.

The wage subsidy, which kicks in today, will enable businesses to receive up to $150,000 over the next 12 weeks.

$126 million has also been allocated for Covid-19 sick leave and self-isolation. 

The funding will enable employees to be paid for the entire time they are sick with Covid-19.

Businesses will also benefit from a $2.8 billion package of tax changes. 

A higher provisional tax threshold will kick in, interest will be waived on some late tax payments, depreciation deductions will be allowed for commercial and industrial buildings, and businesses will be able to take more deductions for low value assets.

A $2.8 billion package will also go towards beneficiaries and superannuitants. 

Focal to the package, is an increase in weekly benefit payments. 

Beneficiaries will get an extra $25 in their pocket each week and the Winter Energy Payment will be doubled for both beneficiaries and superannuitants to $900 for singles and $1400 for couples.

The health and aviation sectors are also getting a boost, with $500 million and $600 million respectively. 

More like this

M.I.A.

OPINION: The previous government spent too much during the Covid-19 pandemic, despite warnings from officials, according to a briefing released by the Treasury.

Gaslight much?

OPINION: Labour leader Chris 'Chippy' Hipkins is carrying on the world-class gaslighting of the nation that he and his cohorts started after their disastrous Covid response; now trying to undermine the Covid inquiry to protect his own backside.

Sorry, not sorry

OPINION: Did former PM Jacinda Ardern get fawning reviews for her book?

Featured

Australia develops first local mRNA FMD vaccine

Foot and Mouth Disease outbreaks could have a detrimental impact on any country's rural sector, as seen in the United Kingdom's 2000 outbreak that saw the compulsory slaughter of over six million animals.

NZ household food waste falls again

Kiwis are wasting less of their food than they were two years ago, and this has been enough to push New Zealand’s total household food waste bill lower, the 2025 Rabobank KiwiHarvest Food Waste survey has found.

Editorial: No joking matter

OPINION: Sir Lockwood Smith has clearly and succinctly defined what academic freedom is all about, the boundaries around it and the responsibility that goes with this privilege.

National

Machinery & Products

Tech might take time

Agritech Unleashed – a one-day event held recently at Mystery Creek, near Hamilton – focused on technology as an ‘enabler’…

John Deere acquires GUSS Automation

John Deere has announced the full acquisition of GUSS Automation, LLC, a globally recognised leader in supervised high-value crop autonomy,…

Fencing excellence celebrated

The Fencing Contractors Association of New Zealand (FCANZ) celebrated the best of the best at the 2025 Fencing Industry Awards,…

» Latest Print Issues Online

The Hound

A step too far

OPINION: For years, the ironically named Dr Mike Joy has used his position at Victoria University to wage an activist-style…

Save us from SAFE

OPINION: A mate of yours truly has had an absolute gutsful of the activist group SAFE.

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter