Following substantial dialogue with businesses including direct engagement with the Australian Hotels Association (Victoria) the Victorian Government has announced what Premier, Daniel Andrews has described as an “unprecedented package of business support” that will amount to over $6b.
Recognising that Victoria’s hospitality, tourism and accommodation sectors are “the bedrock of our economy” the financial assistance package will include the establishment of a $251m Licensed Venue Fund, with grants of between $10,000 and $30,000 for licensed venues of all shapes and sizes.
Around 75,000 eligible businesses with payrolls of up to $10m will receive grants and have their liquor licence fees waived for 2021. This announcement follows more than 108,000 businesses having already shared in $1.47b in the first two rounds of Business Support Funding grants.
Payroll tax obligations for businesses with payrolls of up to $10m will also be deferred for the 2020/21 financial year.
Licensed premises in regional Victoria will be eligible to receive grants of between $10,000-$25,000, while those in metropolitan Melbourne can access financial assistance of between $15,000-$30,000.
Recognising the hospitality sector has been uniquely affected, while not being able to accommodate seated dining, financial assistance will focus on these businesses that continue to be closed, heavily restricted or restricted.
The $6b financial support package reflects circa 25 per cent of Victoria’s annual tax revenue.
Further details regarding grant application processes will be provided in due course.
Click below to read the related Press Release from Victorian Premier, Daniel Andrews: