The NSW Government has announced a $395 million economic stimulus package to safeguard council jobs, and local services and infrastructure in the wake of the COVID-19 pandemic. The local government economic stimulus package includes:
Up to $112.5 million to support a Council Job Retention Allowance of $1,500 per fortnight per employee for up to three months to limit job losses in the NSW local government sector
A $250 million boost to the TCorp local government lending facility, bringing the total to $1.35 billion, to provide councils with low-interest loans for community infrastructure
All NSW councils able to access the TCorp local government lending facility for the next six months, subject to borrowing criteria
TCorp principal and interest payment deferrals on council loans for six months
Government guarantees for councils seeking commercial loans, and
$32.8 million to fully fund the 2020-21 increase in the emergency services levy for all NSW councils.
The Office of Local Government (OLG) has published a comprehensive frequently asked questions document on its website to provide further information on the various components of the package.