The COVID-19 pandemic has significantly impacted all levels of society over the past 18 months. While the NSW Government implemented multiple response measures to assist people and businesses throughout the pandemic, the recently released COVID-19 Economic Recovery Strategy sets the scene for future growth and opportunity.
This update outlines key strategy components that may offer opportunities for businesses and not for profit organisations.
The economic recovery strategy has three key objectives:
Securing a strong rebound
The Government’s first objective is to secure a strong rebound through targeted stimulus and support measures to encourage economic activity, build confidence, and support job restoration and creation:
- $250 million to support jobs and skills, including help for job seekers to retrain or upskill.
- $500 million to restore consumer and business confidence by expanding the Dine & Discover voucher program and introducing a Stay & Rediscover accommodation voucher.
- $212.2 million to boost vital sectors of our economy, including additional funding for the performing arts sector, an Alfresco Restart Package, and support to bring our cities back to life.
- $75 million to boost communities across the state, including support for tourism, events, sport, and recreation.
- $200 million to boost regional NSW, including support for events, facilities and local infrastructure, and housing.
- $5 billion for the creation of WestInvest – a fund targeted at improving infrastructure and livability across Western Sydney.
Targeted and timely support
The second objective is to ensure the sectors and communities who have suffered hardest in the recent outbreak have timely and targeted support to get back on their feet and grow stronger.
- $130 million for a mental health recovery package to provide immediate access to help for anyone whose mental health has been impacted by the COVID-19 pandemic.
- $495 million in education support to address learning gaps for children in need and to help schools adapt to future possible learning disruptions.
- $739.3 million in household and social support, including housing support for vulnerable Aboriginal communities, expansion of solar rebates, support measures for domestic and family violence victims, and vouchers to parents who have facilitated home learning for their children.
- Support for business sectors still under pressure, including Event Saver to support event organisers and expansion of the small business rebate for fees and charges to include road tolls.
Coming back stronger
The third objective will build a better future for all of NSW and pursue new economic opportunities.
- Supporting the further development of existing industries, such as the theatre and film sector.
- Building the capabilities to support new opportunities such as an RNA research and manufacturing industry.
- Reducing red tape to make it easier to run a business in NSW while ensuring customers are protected.
- Support for our First Nations communities, including investing in the Aboriginal Community Housing Investment Fund and greater employment pathway opportunities for Aboriginal and Torres Strait Islander students.
- Improving livability with investment in new open spaces and outdoor recreation.
- Boosting workplace participation by identifying barriers to women’s economic participation and reform opportuneness.
If you would like to review the strategy you can download the document here.
We will continue to monitor the finer details of these strategies as they are released over the coming weeks and highlight opportunities as they become available.