The COVID-19 situation is evolving at a rapid pace.
Australian retailers and businesses have to be across a vast amount of important information regarding healthy and safety practices, social distancing and lockdowns and stimulus packages to help Australians get through this time.
To help unpack the Government's latest stimulus package, Ragtrader consulted National Retail Association CEO Dominique Lamb.
• What are the key things retailers need to know about the Government’s new stimulus package?
There have been a number of announcements targeted at all different sizes of business. It is important to remain informed.
Measures announced that would be of most interest to the retail sector include:
- Extending the instant asset write-off
- Tax-free cash payments to small business
- Loan relief for SMEs via the Coronavirus SME Guarantee Scheme
- Early access to superannuation and a 50% wage subsidy for eligible businesses that employ trainees or apprentices.
Additionally, stimulus packages have been released by each state. To make sure you are up to date with what is available make sure you check out the NRA’s dedicated website.
• What are the key things employees need to know about the Government’s new stimulus package?
The main thrust of the latest Federal Government stimulus package is to provide urgent relief to businesses of all shapes and sizes to keep as many Australians employed as possible.
The more businesses that are saved, the more people who keep a job.
As this situation changes and evolves more packages are being released. Make sure you find a reputable source of information so that you do not miss out.
• What else can retailers do to combat the impacts of COVID-19?
At this stage, the retail sector is listening carefully to the government to ensure full compliance with government measures.
Businesses need to understand their balance sheets more than ever at this time.
Remember that there are always options in relation to rostering, how many employees you maintain and make sure you are having evolving dialogue with your lessor. Make sure you get advice and remain informed.
• How can associations help during this time?
The NRA is doing it all it can to advocate to government at all levels what our members need during this period of unprecedented economic turmoil.
We are also making sure that our industry is regularly updated with all of the changes and we are providing a member with useful resources that they can implement in their business at any time.
We also have a team of lawyers ready to take your call if you need some advice.
• In your opinion, what should retailers be prioritising at this time?
Retailers need to prioritise their wellbeing at this time, this means focusing on their mental, physical and financial health.
Make sure you and your workers remain safe throughout this period and always remember if you need someone to speak with the NRA can be contacted on 1800 RETAIL.