Prime Minister Scott Morrison has revealed a new mandatory code of conduct will help protect commercial leases during the pandemic.
In a press conference this afternoon, Prime Minister Scott Morrison said the idea behind Australia’s “hibernation strategy” was to allow us to “preserve as much of the foundations and pillars of the economy through this time” to enable us to “rebuild and regrow on the other side”.
He said it would be “legislated and regulated as appropriate” in each state or territory’s jurisdiction. Under the code, “good faith leasing principles” will ensure landlords “must not terminate the lease” for a tenant or draw on securities, and on the flip side, tenants “must honour lease requirements”.
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