$12.1 billion package will make a difference in regional economy long-term

"Coronavirus Covid-19 is rapidly affecting economies around the globe, and while Taranaki has been noted as having a low risk of seeing the virus, our businesses, enterprises and regional economy will be heavily impacted," says Venture Taranaki chief executive Justine Gilliland. 
 
"We have already seen a reduction in business activity, particularly across the forestry, manufacturing and visitor sectors, and we are seeing increasing cancellations and postponements of events in the region, which will further challenge revenue streams.
 
"The Government’s $12.1 billion response package is welcomed, appears to be well targeted, and supports an economic need for continuity and confidence.
 
"Foremost in this is the $500 million investment into health response, as protecting our people remains the most important priority for our community and nation.
 
"The investment of $8.7 billion into businesses and wages will help affected businesses maintain cashflow, and bridge gaps in wages. Both are critical factors in our ability to manage our way through and beyond this challenge.
 
"The $5.1bn announced to support wages will bring confidence to both enterprises and their staff. Where the package isn’t clear at this point is what support is available for sole-charge operators who survive off drawings rather than a regular wage.
 
"The Ministry of Social Development will be the primary contact for wage and income support, and we will work closely with them and the Taranaki Chamber of Commerce, and as part of the overall regional management response. 
 
"Venture Taranaki, through its role as a Regional Business Partner for government has received funding to work directly with businesses to identify and access support mechanisms. More will be announced on this in the coming days.
 
"Overall, this is a comprehensive package targeted at continuity that we think will support cash flow and confidence and help reduce economic impact. It is also pleasing to see the Government thinking ahead to recovery and we would welcome further measures in May’s 'Recovery Budget'."

For more information on the regional response to Covid-19, visit this page