Australian Businesses Get Rent Relief as Landlords Asked to Share Burden

Australian Businesses Get Rent Relief as Landlords Asked to Share Burden
The interior of the Queen Victoria Building where retail stores are currently closed due to COVID-19 on April 1, 2020 in Sydney, Australia. Cameron Spencer/Getty Images
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Prime Minister Scott Morrison announced on April 7 a mandatory code of conduct for commercial tenancies offering much-needed relief for small- and medium-sized businesses experiencing financial hardship during the CCP virus-induced economic crisis.
The revamped code, part of a larger package of rent relief policies, requests landlords to offer rent waivers and deferrals in line with their tenants’ decline in income during this downturn period.

‘Proportionate and Measured Burden Share’

A core principle of the new code is “proportionate and measured burden share” between landlords and tenants.