News & Views

The Territory Government’s $50 million Small Business Survival Fund is specifically targeted at supporting industries such as retail, hospitality, tourism, and entertainment businesses, including beauty parlours and gyms, who are bearing the brunt of this national crisis. 

The South Australian Government has announced they are adding $650 million to the first support package of $350 million announced a fortnight ago.

The National Cyber security committee lifted on the 25^th March the threat preparedness level to level 4 – lean forward – which means that the threats and activity are escalating and likely to increase and organisations must increase their monitoring.

COVID-19 is doing more damage to our Territory economy than any natural disaster ever has. In response the Territory Government will deliver a $50 million Small Businesses Survival Fund to help Territory businesses survive the unprecedented economic impacts of the coronavirus outbreak.

The Coronavirus Economic Response Package Omnibus Bill 2020 received Royal Assent on 24 March 2020 and is now law. The package included various changes which were announced in the two stimulus packages released recently by the Government.

Geelong Council met on Tuesday night and agreed to a series of immediate measures to help local businesses and the community cope with the impacts of the Coronavirus pandemic. 

The government announced a second stimulus package worth $66 billion in an attempt to deal with the impact of COVID-19 on the Australian economy.

Effective governance and risk management is critical for organisations to help navigate the Coronavirus (COVID-19) pandemic crisis.

Organisations worldwide are now facing a significant number of critical risks and recognise we are in a crisis scenario. Risk management at this time is a proven and effective tool to guide organisations in their planning, mitigation and response to the issues and challenges they will be facing now and in the next few months. Given circumstances can change daily dynamic governance is needed to respond and mitigate these emerging risks and issues.

The recent outbreak and spread of the coronavirus has now disrupted many businesses globally and has had a significant impact on financial markets. This publication focuses on the potential accounting and financial reporting implications of coronavirus that management should take into consideration when preparing the financial statements for the year ended 31 December 2019. Different considerations will apply for later accounting periods e.g. for financial statements for periods ending 31 March 2020 or other accounting periods with a reporting date subsequent to the outbreak taking place.

The Northern Territory (NT) Government is delivering a $65 million Jobs Rescue and Recovery Package to help stimulate the economy and keep Territorians in jobs.

This package is the second phase of the response to the significant economic impact of COVID-19, and is complementary to initiatives offered by the Australian Government to all jurisdictions.