Australian P.M announces six-month rent exemption for residents and small businesses
In order to cushion the citizens and small businesses against financial distress during this period of the outbreak, the Australian government has issued an authorization to landlords and estate owners, permitting temporary suspension of payments of rent for the next six months. According to the announcement made by the Prime Minister, Scott Morrison on Sunday,…
In order to cushion the citizens and small businesses against financial distress during this period of the outbreak, the Australian government has issued an authorization to landlords and estate owners, permitting temporary suspension of payments of rent for the next six months.
According to the announcement made by the Prime Minister, Scott Morrison on Sunday, 29th March 2020, in conjunction with some state leaders, landlords are prohibited from evicting tenants if they fail to pay rent due to financial distress resulting from the Coronavirus outbreak.
The directive is however categorical. It stated clearly that, the direct beneficiaries of this moratorium are those who are directly hit and stressed by the pandemic. In effect, those who are not affected are still expected to continue payment of rents following the already existing rent agreement.
In order to expedite the implementation process, financial institutions, especially Banks have been tasked to defer mortgage repayments to home owners, investment property landlords, and small to medium businesses for the next six months.
This initiative will go a long way to help reduce the pressure on citizens and also sustain businesses as they go through this tough moments.
