$395 million Economic Stimulus Package for Councils
The NSW Government’s local government economic stimulus package includes a $250 million increase in low-cost loans to eligible councils through the State’s borrowing facility provided by TCorp to invest in community infrastructure projects.
This increase brings this low-cost loan facility up to $1.35 billion for the benefit of councils and their communities.
TCorp will also be offering principal and interest payments deferrals on existing council loans upon request for the next six months.
Other measures will include up to $112.5 million from the NSW Government’s ‘Jobs for NSW’ Fund to support a Council Job Retention Allowance of $1,500 per fortnight per employee to limit job losses in the NSW local government sector and 32.8 million to assist councils meet the cost of the FY2020/21 increase in the Emergency Services Levy.
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