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Businesses call for Government assist to weather coronavirus storm

Author
Newstalk ZB,
Publish Date
Tue, 3 Mar 2020, 12:33pm
(Photo / AP)
(Photo / AP)

Businesses call for Government assist to weather coronavirus storm

Author
Newstalk ZB,
Publish Date
Tue, 3 Mar 2020, 12:33pm

Businesses are trying to hold on to their employees for when things pick up after coronavirus.

They're meeting the Government today to talk about what help they need.

Early figures show New Zealand exports may have taken a $300 million hit due to coronavirus.

Business New Zealand chief executive Kirk Hope told Mike Hosking the Government should pay its domestic suppliers within five to 10 days, to speed up cash flow.

"Things like delaying provisional tax payments just to free up cash in short term while we see how long the virus goes on for."

He also says a drop in the Official Cash Rate, lowering GST temporarily and handing out cash are all worthwhile ideas.

But he told Mike Hosking they need to be pushed through the economy, so businesses can retain as many staff as possible.

"Coming out of what the impacts of coronavirus might be, there might be a pretty big up-tick in demand, and businesses are going to be well placed to take advantage of that."

Hope says multiple things will have to happen if coronavirus continues to have an impact.

"Any intervention that increases cash flow at a lower cost through the economy is going to be helpful. Without it, you're having to use taxpayer money to support business."

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