NSW extends rent relief for business turning over under $5m

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The NSW government has extended the code of conduct giving rent deferrals and waivers to commercial tenants with turnover of less than $5 million.

has been extended in different jurisdictions

, but the Property Council of Australia said NSW was among the last states to do so and it was “extraordinary” that the state would retain the measure when vaccination rates were over 95 per cent in the state. “This decision should be seen for what it is: government intervention into legal contracts and a compulsory transfer of income from one business to another,” said Luke Acherstraat, the council’s NSW executive director.“This measure is not government support but government intervention into commercial contracts. It is the legislated transfer of income between private entities.”

Mr Achterstraat said the property industry had already provided $15b support to tenants in 2020, and in 2021 demonstrated support above and beyond the requirements of the code. Challenges facing small and medium-sized businesses that were beneficiaries of the code included labour shortages, supply chain reliability and reduced foot traffic, but none of these were the fault of the landlord, he said.More to come.Need to know. Our daily reporting, in your inbox.

 

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