Government flags insolvency reforms to keep small businesses alive

The Australian government has announced new insolvency reforms, aimed at helping to keep businesses alive once those wage subsidy payments and emergency pandemic protections end.

Australian Treasurer Josh Frydenberg arrives to deliver a fiscal strategy speech at Parliament House in Canberra Source: AAP

Federal Treasurer Josh Frydenberg says the reduction in support is necessary to get the Australian economy back on track.

Mr Frydenberg will soon hand down a federal budget that's expected to show a hole of around $200 billion in the nation's finances - the biggest since World War Two.

He says the budget will reveal more of what the government has in mind to get the economy back on track.

"The 2021 budget, which will be delivered in just twelve days time, will deal with a recession like no other in living memory. It will lay out the next phase of the government's economic recovery plan for Australia."

 

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