Treasurer Josh Frydenberg is set to announce new reforms to help support small businesses nearing collapse in the wake of the coronavirus crisis. The move will allow eligible companies to restructure existing debts while remaining in control of their business.
The treasurer has labelled the changes “the most significant reforms to Australia’s insolvency framework in almost 30 years”. In a speech to the Australian Chamber of Commerce and Business, Mr Frydenberg was also expected to shift the focus of the government’s fiscal strategy from returning to surplus towards supporting the nation’s economic recovery.
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