Coronavirus: Hibernation package announcement

27 MARCH 2020

Australian Prime Minister, Scott Morrison has announced a plan to “hibernate Australian business” during the Coronavirus (COVID-19) situation.

The aim is to allow small business owners to effectively hit the pause button, so that they can re-open later down the line and play their part in kick-starting a hard-hit economy. The Federal Government initiative appears to recognise the stresses many small business owners are currently under, and has taken this action to avoid permanent closures in the face of constant financial obligation – such as rental payments, payroll, and other liabilities – without the cash-flow coming in from customers.

"The idea is simple – there are businesses which will have to close their doors. They will have to keep them closed either because we have made it necessary for them to do so, or simply there is just not the business to keep their doors open,” Mr Morrison declared.

Australian business owners will have to wait to find out further details. However, Mr Morrison has shared that he will be meeting with the Treasurer Josh Frydenberg in coming days, as he prepares to put in place Stage 3 restrictions in a bid to stop the spread of COVID-19.