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Gold Coast businesses receive $25m leg-up amid border closures

Adrian Flores
Adrian Flores
26 August 2020 1 minute readShare
Gold Coast businesses

The Queensland government has announced almost $25 million in grants to small businesses in the Gold Coast as they continue to be hit by a loss of interstate visitors due to border closures.

Under its Unite and Recover economic plan, the support delivered to Gold Coast small businesses includes:

  • $24.8 million in Small Business COVID-19 Adaptation Grants to 2,772 businesses
  • $159.6 million in 12-month interest-free loans to 1,166 businesses, supporting 14,511 jobs
  • $37.3 million in payroll tax refunds to Gold Coast-based businesses

Treasurer Cameron Dick said it was important to maximise the opportunities for small businesses here on the Gold Coast.

“We know that the net cost of reduced interstate tourism to Queensland is less than $190 million per month, whereas going to stage 4 restrictions like Victoria would cost Queensland’s economy $5.3 billion per month,” Mr Dick said.

“Keeping our borders closed has allowed more Queensland businesses to open up, but for many it’s meant making changes to their focus and improve resilience.

“Better engagement with local visitors will help supplement the loss of traffic from interstate tourists.”

The announcement comes after the NSW government announced its own grant program aimed at small businesses affected by the economic impacts of the southern border closure with Victoria.

Businesses in 13 local government areas (LGAs) along the NSW and Victorian border will be able to apply for $5,000 and $10,000 grants from 8 September until 18 October.

Gold Coast businesses receive $25m leg-up amid border closures
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Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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