Business Sydney says the NSW Government’s $51.5 million-dollar stimulus package will provide a much-needed financial boost to the struggling Sydney CBD accommodation, tourism and entertainment sectors, while also helping recovery of live music and business events venues.
“As the engine room of the state’s economy, Sydney’s CBD needs support to recover its pre-Covid economic contribution of $140 billion and today’s package will encourage people to come into the city for a night out or a weekend stay, also assisting hospitality businesses,” said Katherine O’Regan, Executive Director of Business Sydney.
“Sydney is the jewel in the nation’s tourism crown and with nearly a quarter of businesses in the city impacted by Covid, the accommodation sector is amongst the worst hit due to the loss of domestic and international visitors, so this stimulus package will help save jobs and boost the whole CBD economy.”
“Prior to Covid there were half a million employed in over 23,000 CBD businesses, including 5,500 in visitor accommodation and another 9,500 in food and beverage services. Both these sectors have lost up to 50% of their business and the 200,000 accommodation vouchers of $100 each for NSW residents, will assist them to stay afloat and keep people employed.”
“It’s estimated over 20,000 businesses registered in the city are still receiving JobKeeper, which finishes in three days, so this financial assistance package is also very timely and targeted for our CBD’s economy that is battling to recover and rebuild.”
“The multi-billion dollar business events industry has also suffered a massive downturn and the $5.5 million industry support package announced today will help kick-start its recovery, with restrictions on venue numbers also being eased.”
“As we develop a 24-hour economy, encouraging people into the city to enjoy live music or an overnight stay, will generate jobs and economic growth in Sydney’s CBD that is still quiet, particularly at night.”