The Government Stimulus Package in 8 Images

Posted by Ed McKnight on 18/03/20
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What's Happened?

The Government Has Released a Stimulus Package

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the Labour coalition government released an enormous stimulus package on 17th of March to combat the negative impacts of the coronavirus.

Stimulus Size

This Stimulus Package Is Enormous – $12.1 Billion

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With almost immediate effect the government will release 12.1 Billion into the economy.

Comparison with Australia

This is 3.5x the Size of Australia's Package

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Last week, Australia released a $17.6 billion stimulus package. That works out to be $722 NZD per Australian.

New Zealand's response is 3.5x that at $2,524 per person.

Benefits to Business

Many Business Owners Will Be Sleeping Better After Wage Subsidies Were Announced

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Businesses are able to claim up to $7,026 per full time employee, at a rate of $585.50 per week. This caps out at a maximum of $150,000 per payment. That far exceeds Australia's support for business, which is capped at $25,000 per business.

How Businesses Qualify

To Qualify, Businesses Need to Show a 30% Decrease in Revenue

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In order to qualify for the wage subsidy, businesses need to show that they have had a 30% decrease in revenue year on year.

That means you need to compare one month between January - June this year, with the same month last year.

If there is a 30% decrease in revenue in any of these months then your business will qualify.

What Else?

Keep Scrolling to See What Else Was Released

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Healthcare Spending

Half a Billion Dollars Will Be Pumped into the Health Sector

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This additional $500 million will help the health sector prepare for any increase in demand for health services.

If we don't end up using it, at least we were prepared.

Increases to Benefits

Beneficiaries Will Also Be Better Off by $25 a Week

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The government also took the time to announce a permanent increase in benefits at a rate of $25 a week, along with an increase in the Winter Energy Payment. This will benefit $350,000 families.