DSDTI Stakeholder Update - COVID-19 | September 2020

On 9 September 2020, the Honourable Cameron Dick MP, Treasurer and Minister for Infrastructure and Planning released the COVID-19 Fiscal and Economic Review, incorporating the impacts of the COVID-19 pandemic to date. Importantly, this builds on the Queensland Government’s health and economic strategy under the Unite and Recover: Queensland Economic Recovery Plan with the package of measures now totalling over $7 billion. 

In recognition of the need for further economic stimulus, the following investment opportunities have been announced:

• $500 million Renewable Energy Fund, to ensure state-owned energy companies can increase public ownership of commercial renewable projects and supporting infrastructure
• $500 million Backing Queensland Business Investment Fund managed by the Queensland Investment Corporation and dedicated to providing direct investment into Queensland businesses and industry.

Additionally, the Queensland Government announced several measures to reduce the regulatory burden for businesses including:

• 60-day waiver from July to August 2020, for businesses with annual Australian taxable wages up to $6.5 million to declare payroll tax
• continued exemption of JobKeeper subsidy payments from payroll tax
• allowing businesses to pay off existing payroll tax deferred liabilities over 2021
• continued rent relief to 31 December 2020 for businesses reporting a demonstrable impact from COVID-19 and leasing Queensland Government premises.

The Queensland Government will continue to work with industries and business to focus on productivity-enhancing investment and reduce regulatory burden with the aim to drive private sector growth and employment outcomes, support innovation and underpin higher overall levels of economic growth.

The chamber encourages members to contact Ms Tess Bishop, Deputy Director-General, Office of the Director‑General, Economic Policy and Communications, Department of State Development, Tourism and Innovation if you require further information on this matter. Ms Bishop can be contacted via email at Tess.Bishop@ditid.qld.gov.au or by telephone on (07) 3087 8417.