Business

Support package welcomed as NSW retailers bleed $1 billion per week

The National Retail Association (NRA) has welcomed the joint Federal and State Government support package as New South Wales retailers bleed $1 billion a week in lost sales during lockdown.

Prime Minister Scott Morrison and Premier Gladys Berejiklian unveiled support payments for individuals and businesses affected by the state’s ongoing round of restrictions.

NRA CEO Dominique Lamb said that NSW retailers welcomed cooperation between the State and Federal Government.

“For each week large parts of New South Wales remain in lockdown retailers in those areas are losing a combined $1 billion in sales,” Ms Lamb said.

“Retailers understand that when COVID cases explode that restrictions such as lockdowns are needed to contain the situation. However, that also means that affected businesses require support so that they can stay afloat and that everyday Australians don’t end up on the jobless scrap heap.

“At a time of great urgency, NRA members across New South Wales are grateful that both levels of government have worked together to jointly fund a much needed support package.

“Greater Sydney is also the biggest economic centre in the country, so damage that occurs there ripples across the broader economy. This support package is desperately needed and we will continue to advocate to both the Premier and Prime Minister on further assistance that may be needed for the state’s retailers.”

Eligible businesses will also be able to access a new payment of between $1,500 and $10-thousand a week, but must demonstrate a 30 per cent decline in turnover. The payment is also contingent on companies maintaining their current staffing levels.

Source: NRA

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