More than 30 truck repair stores and other businesses have closed across Melbourne, in a sharp rise in shop closures announced on Monday.
Key points:A number of business have been shut down since October, and a number of truck repair sites have been damaged in recent daysThe move comes as the Government moves to reinstate a $200,000 loan for small businessesThe Government has decided to restore a $600,000 loans scheme to businesses affected by the downturn, and it has promised a further $500,000 to help those businesses.
The closure of many businesses follows similar actions by businesses across the state and the country, including the closure of some of the state’s largest petrol stations.
The Government announced a new $200k loan scheme for businesses to help offset the loss of business in the financial year that ends in September.
“While the Government is committed to supporting businesses in the current downturn, it has taken urgent steps to address the underlying causes of this crisis,” the Government said in a statement.
“These measures will provide some relief to businesses, but they are not enough.”
The Government’s decision to reinstitute the $600k loan, which was first announced in April, comes amid a spate of truck repairs in Melbourne, where a number have been destroyed in recent weeks.
In late October, Victoria Police said there had been a series of truck fires across the country.
At the time, Chief Commissioner Robert Alston said the situation in Victoria was similar to a car crash where a driver had lost control of the vehicle.
He said: “We have seen a lot of fires in Victoria in the past, and one of the reasons we did not get a number one on this is because we were not seeing a large number of crashes.”
“We’ve seen the number of fires rise and we’ve seen some of these fires, and they’re now in the thousands.”
“So it is an issue we’ve had to look at, and this is another step in that process.”
The Federal Government has also promised to restore the loan to businesses.
It has announced that a further loan of $500k will be made available to small business owners affected by this downturn.
“We are committed to ensuring that all small businesses and small businesses with less than $100,000 in annual revenue are able to recover from this economic and financial hardship, and to do so in a manner that protects them from the consequences of this downturn,” a Government statement said.
Ms Bishop said the Government’s actions were part of the Government being open about the impact of the economic downturn.
She said that the Government was committed to helping businesses in this time of need.
“[This] is the first time we’ve actually looked at this and said ‘hey, let’s do this because we’ve got to help these businesses’.”
I think we need to be very open about that.
“Topics:business-economics-and-finance,business-news,business,government-and the-media,businesss-and/or-federal-government,melbourne-3000,vic,auFirst posted March 02, 2019 08:54:13Contact Adam Sugg: Email: [email protected],Twitter: @ASuggNews,Facebook: SmhAdamSugg,More stories from Victoria