Supporting paused private sector building projects to get off ground

Michael Ferguson,Minister for State Growth

The Tasmanian Liberal Government recognises the important role the building and construction sector is playing in rebuilding our economy, with PESRAC consultation identifying one of the most important concerns for Tasmanians is jobs and incomes.

We have a strong and proud record of achievement, with now over 22,000 more Tasmanians employed since coming to Government in 2014, our economy is one of the strongest in the country, and we have the lowest unemployment rate of any state.

But there’s always more to do, and to address a need identified by PESRAC, we will establish a $30 million Building Construction Support Loan Scheme to bring forward paused commercial construction projects that will support jobs and create new or improved buildings or infrastructure.

We are aware that many commercial building projects have paused due to the economic and financing uncertainties created by the COVID-19 crisis and we want to address this.

The Building Construction Support Loan Scheme will provide loan finance, supporting private sector development of stalled or delayed projects in these uncertain times.

Projects of $3 million or more will be able to apply for low-interest commercial loans through the Office of the Coordinator-General under this job-creating scheme.

This builds on our $10 million fund announced in the State Budget to support stalled projects that were shovel ready.

We are building our way to recovery and the construction sector will continue to play a vital role in our plan to secure Tasmania’s future.

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