NSW tenants struggling as a result of the coronavirus pandemic will be better protected under a new State Government rescue package.
The package means landlords or agents will have to negotiate with struggling tenants to find a solution.
“That is why we need for stability for tenants and landlords while the new Commonwealth income support payments are rolled out, and landlords talk to their bank about mortgage relief.” Commercial tenants with a turnover of less than $50 million will be eligible for relief if their revenue has fallen by at least 30 per cent due to the outbreak.new code of conductAt the time, Mr Morrison said preserving commercial tenancies was an important part of the Government's wider economic strategy, and the code of conduct would be “legislated and regulated as appropriate” in each state or territory’s jurisdiction.
NSW Treasurer Dominic Perrottet said the package was designed for those directly affected by the coronavirus only. Picture: AAP Image/Joel CarrettTo achieve that, there could be “waivers of rent” or “deferrals of rent” over the course of the pandemic period, and rent must be reduced in proportion to the lost revenue of the business.
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