The government’s $12.1b stimulus package designed for businesses bearing the brunt of Covid-19 has been welcomed by Economic Development NZ (EDNZ). The package includes a $5b wage and $126m leave payment subsidy to support self-isolation.
“The quantum of the package at 4 percent of GDP is significant and encouraging to regions working with small and medium sized businesses. The comprehensive approach taken by the New Zealand government to widen the safety net during these very challenging times are appropriate, good practice and aligned with the policy remedies recommended by the OECD. This support is critical to ensure we head towards a resilient outcome for our people, companies, towns, cities and regions” says chair Pam Ford.
“Members of EDNZ are already working closely with government to provide real time market intelligence that can be used to inform ongoing interventions and their deployment at a local and regional level. Government has listened. Our member organisations’ are also an important source of advice for businesses large and small.
“With no end date in sight for the pandemic and its economic impact internationally, now is the time for ‘NZ Inc’ to work together at all levels. Supporting resilience and providing proactive steps to support our people and businesses, while we deal with health concerns will enable us to recover quickly from this pandemic” says Pam Ford.
EDNZ encourages companies to consider the following when responding to Covid-19:
- Become familiar with the programmes in your region and nationally that are available to assist your business
- Plan for the short term impacts and medium term recovery, 12-18months
- Look for prudent and innovative ways of continuing business activity within pandemic response policies
- Consider ways to keep employees on if facing a downturn
- As consumers and businesses,
support the local economy by keeping to normal spending
habits and supporting your local