Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume.WatchDuration: 2 minutes 44 seconds2m 44s Treasurer Tim Pallas announces a $534 million business support package for Victorian businesses.ShareFacebookTwitterArticle share optionsShare this onFacebookTwitterLinkedInSend this byEmailMessengerCopy linkWhatsAppPrint contentPrint with images and other mediaPrint text onlyPrintCancelThe Victorian Government has announced a $534 million support package for businesses impacted by the coronavirus lockdown.The package includes:A $30 million fund for hospitality businesses A $26 million mental health support package for small business A $40 million fund to help regional tourism businesses to cover refunds and marketing$20 million for small businesses in Melbourne's CBD$5,000 grants to be made available for 80,000 eligible businesses in metropolitan Melbourne and the Mitchell Shire. Treasurer Tim Pallas said the state's unemployment rate could peak at 11 per cent and gross state product could decline by about 14 per cent relative to pre-pandemic forecasts."We are expecting that there will be literally billions of dollars written off the expected size of the Victorian economy," he said."It?will?take?some?years before?we?see?that?level?of?economic activity?come?back."He said the new restrictions were necessary to slow the spread of the virus but apologised to Victorians for the pain and hardship they would have to endure in coming weeks. Victoria's gross state product is expected to drop by about 14 per cent due to the coronavirus pandemic.(AAP: Luis Ascui)Mr Pallas said the new business support package would allow businesses to benefit from extended payroll tax deferral."Eligible businesses with payrolls up to $10 million can defer their liabilities for the first half of the 2020-21 financial year," he said.Mr Pallas said the Government was waiting "with baited breath" to see whether the Federal Government would extend the JobKeeper payments.He said more information was likely on July 23, which would inform the State Government about what additional support measures were required."This is us saying we're here with you all the way through a very traumatic and distressing time for all Victorians," Mr Pallas said."The Government will also invest $36 million towards mental health support and mentoring for business owners and operators, including sole traders doing it tough because of the pandemic."Cash to boost regional tourism as Melbourne endures restrictionsRegional tourism operators will be able to claim cash to refund Melburnians and Mitchell Shire residents who have to cancel their travel due to stage three restrictions.Eligible businesses will be able to claim up to $225 per night, for up to five nights, for every room cancelled,
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