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The package includes $100 million in financial relief for small and medium-sized businesses in the seven LGAs most severely impacted by the floods: Lismore, Ballina, Byron, Kyogle, the Richmond Valley, Clarence Valley and Tweed.
This will go towards clean-up and repairs, as well as essential operating costs.
Also included are new $25,000 grants for landholders across NSW, who are not covered by insurance or other “support mechanisms” like previous disaster assistance, whose properties were damaged by floods.
The new funding is in addition to $1 billion of emergency response already provided by the federal and state governments, as well as disaster relief payments from the Commonwealth.
“This support package gets money in the hands of our small and medium-sized businesses and our farmers so they can rebuild and support the whole community to recover together,” Prime Minister Scott Morrison said in announcing the funding.
The package includes $150 million for primary industry to protect supply chains and aid the recovery effort, as well as $142 million for the assessment and, if required, demolition of property damaged by flooding.
The recovery grants program for primary producers, small businesses and councils will also be extended.
“Many of these communities have been hit by a full spectrum of disasters these past two years. Now as the clean-up continues in earnest, this package will deliver support for their immediate recovery,” NSW Treasurer Matt Kean said.
While funding for the above elements of the package are split 50-50 between the Federal and NSW Government, the state alone will provide $120 million in local council support and $145 million to fund the repair and replacement of water and sewerage infrastructure damaged by flooding.
The Commonwealth, on the other hand, will fund up to $50 million to aid the recovery of large businesses and “major employers in key industries” in the Northern Rivers region.