Yesterday, Prime Minister Scott Morrison announced new rental waivers and deferrals for commercial tenants impacted by the coronavirus crisis. The Scheme was announced after a meeting of the National Cabinet on Tuesday.
At the meeting, the National Cabinet agreed that States and Territories would implement a mandatory Code of Conduct.
Under the terms of the Code of Conduct, there will be an agreement to commercial rent reduction based on the proportion of the tenant’s decline in turnover. In the Government’s view, this will ensure the burden of COVID-19 impacts are equally shared between landlords and tenants. Importantly, the Rent Relief Policy includes an obligation requirement on businesses to continue to engage their employees through the JobKeeper initiative where eligible.
Details and a link to National Cabinet Mandatory Code of Conduct can be found here.
The Federal Government Rent Relief Package will be a key topic to be discussed at the ACWA COVID-19 Members’ Zoom Meeting on Wednesday, April 15, 2020, 11:00 am (AEST)
At this Zoom Video Conference Meeting, ACWA will bring together a panel of experts to answer all your essential questions on the JobSeeker and JobKeeper Schemes as well as the Rent Relief Package.
Our expert panel consists of industrial relations, workforce and accounting professionals and includes:
- Graham Lilleyman – Employment Services Solutions Australia (ESSA)
- Tony Young – New Vision Accounting
- Ben Haycroft – Workplace Central