Saturday, 31 October 2020 08:21
REFORMS TO SUPPORT SMALL BUSINESS RECOVERY
THE Federal Government will undertake the most significant reforms to Australia’s insolvency framework in 30 years as part of the economic recovery plan to keep businesses in business and Australians in jobs.
The reforms, which draw on key features from Chapter 11 of the Bankruptcy Code in the United States, will help small businesses throughout the Central Coast restructure and survive the economic impact of COVID-19.
Federal Member for Robertson, Lucy Wicks said: “As the economy continues to recover, it will be critical that distressed businesses have the necessary flexibility to either restructure or to wind down their operations in an orderly manner.”
“The Morrison Government will continue to stand by the small and family businesses, by doing all we can to ensure these businesses come out on the other said of the pandemic.”
The reforms will assist incorporated businesses with less than $1M in liabilities covering around 76 per cent of Australian businesses subject to insolvencies today, 98 per cent of which have less than 20 employees.
“Together, these measures will reposition our insolvency system to reduce costs for small businesses, reduce the time they spend during the insolvency process, ensure greater economic dynamism, and ultimately help more local businesses get to the other side of the crisis.”
“These reforms give more support for businesses across the Central Coast who have been hit hard by the COVID-19 Pandemic.”
Earlier this year the Morrison Government announced temporary regulatory measures to help financially distressed businesses get to the other side of COVID-19.
On September 7, 2020 the Government announced a further extension of this relief to December 31, 2020.
The new processes will be available for small businesses from January 1m, 021.
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Saturday, 31 October 2020 08:17
INCREASED SCHOOL STUDENT CAPACITY
A $2.8M project to relocate the ET Australia Secondary College in Gosford is the latest to be approved under the NSW Government’s Planning System Acceleration Program.
The existing school, which provides training and schooling to Year 7 to 10 secondary college students, will be relocated nearby within the Imperial Shopping Centre, while a new Year 11 and 12 campus is built at 125 Donnison Street.
Minister for Planning and Public Spaces Rob Stokes said the new development will increase capacity from 170 to 280 students across two campuses, create opportunities for 40 new jobs and inject $2.8M into the local economy.
“We’re using every lever at our disposal to keep the NSW economy ticking throughout the pandemic, and I’m very happy to see another shovel-ready project being given the green light,” Mr Stokes said.
“A bigger ET Australia Secondary College will cater for more students, provide more jobs and help breathe new life into the Gosford CBD.”
“The relocation of the existing school could also allow for the development of Gosford’s proposed regional library, which is earmarked for that location.”
Parliamentary Secretary for the Central Coast and Member for Terrigal Adam Crouch said it was a good example of unused commercial premises being transformed for new and improved purposes.
“The development is now ready to get underway and will create 26 much-needed construction jobs and an additional 14 operational jobs once completed - on top of the existing 35 jobs that will be retained,” Mr Crouch said.
To date the program has seen 91 projects determined, creating opportunities for more than 50,000 new jobs, and generated more than $25B of economic investment for the NSW economy.
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Saturday, 31 October 2020 08:15
NEW GAS ESSENTIAL FOR NSW
THE state’s peak business organisation, Business NSW, says the approval to add much-needed gas supply to the NSW market will be a welcome boost for businesses in NSW.
“In its report Running on Empty, Business NSW backed a program of pipeline and infrastructure upgrades to expand capacity, as part of its Gas Road Map to bolster the NSW gas market,” said Business NSW Regional Director Paula Martin.
“At least 300,000 jobs in NSW, including 250,000 in manufacturing industries, depend on adequate and affordable gas," Ms Martin said.
“Our analysis found a commercial bakery on the Central Coast would pay a premium of $26,400 a year over an equivalent business in Queensland, a galvaniser $66,000 more, and a tomato processor a staggering $369,000 in gas transportation costs alone.”
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