States want more rent relief extensions

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Australia’s state governments are considering extending rent relief measures for commercial and residential tenants in the wake of Victoria’s rise in COVID-19 cases and its impact on the economy.

Predictably, Property Council of Australia CEO Ken Morrison says the code of conduct for commercial tenancies should be scrapped with the exception of Victoria. However, the Australian Chamber of Commerce & Industry (ACCI) and the Council of Small Business Australia (COBA) have both called for it to be extended. COBA CEO Peter Strong says it has stopped a lot of companies from having to close down:

The national code of conduct – which was driven by Prime Minister Scott Morrison through national cabinet – begins to expire from September after states adopted it for six months.

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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.