State governments launch virus stimulus packages

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The New South Wales Government is set to announce tax cuts and spending on government property to the value of $1.6 billion to help stimulate the NSW economy in the wake of the coronavirus. It will also allocate an additional $700 million to help the state’s medical response to the coronavirus crisis. The $1.6 billion ‘package’ will include a waiver on payroll tax for the rest of the financial year for companies with under $10 million in staff costs, along with $750 million to be spent on the maintenance of government property:

Tax cuts and spending on government property will be worth $1.6 billion under a plan that was finalised on Monday night and will be announced on Tuesday by Premier Gladys Berejiklian and Treasurer Dominic Perrottet.

Businesses that have less than $10 million in staff costs will have their payroll taxes waived for the rest of the financial year, at a cost to the government of $450 million…

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.