Announcement by Premier – Reintroduction of Rent Relief Scheme
The announcement made today confirms that the Commercial Tenancy Relief Scheme is being reintroduced in Victoria.
Details have not yet been released but the Premier’s press release states that:
1. The Scheme is available to businesses with an annual turnover of less than $50 million which have suffered a decline in turnover of at least 30 per cent due to the coronavirus
2. Landlords of eligible businesses will be required to provide proportional rent relief in line with the decline in turnover
3. A mediation service will be available via the Victorian Small Business Commission (VSBC) if landlords and eligible tenants are unable to reach agreement
4. Landlords will not be able to lock out or evict eligible tenants without a determination from the VSBC
5. An $80 million hardship fund for landlords who provide rent relief to eligible tenants will be created.
The only details available at this time are those in the Premier’s press release. A further update will be provided once the legislation has been passed.
A copy of the Premier’s announcement is available here.
Author: Cathy Drake