Pharmacy sector welcomes stimulus

THE government’s new $17.6 billion stimulus package will help support pharmacists through the COVID-19 crisis, with peak industry bodies saying the funding is “welcome and needed”.

The announcement includes grants for small and medium businesses of up to $25,000, an increase of the instant asset writeoff threshold to $150,000, and the abolition of waiting periods for social security sickness payments for casual workers.

A time-limited investment incentive will support economic growth by accelerating depreciation deductions, while welfare recipients will receive a one-off $750 cash payment.

The payments for businesses will apply to those which withhold tax on their employees’ salary and wages, with a tax-free payment of 50% of the amount withheld.

Pharmacy Guild of Australia National President, George Tambassis, said the measures were timely and necessary, “at a time when many community pharmacies - along with other businesses across the economy - are feeling stress and facing challenges thrown up by the onset of COVID-19”.

He said the package would help directly support Australia’s 5,700 community pharmacies and the over 60,000 staff directly employed by the industry.

Pharmaceutical Society of Austalia President, Chris Freeman, said the measures would help many pharmacies continue to provide much needed care to their patients.

Earlier in the week the government also announced a major health funding package to help deal with COVID-19, including the acceleration of electronic prescriptions and funding for home medicine services.

Freeman said all of the measures were “essential to ensure pharmacists can continue their crucial role protecting Australians”.