Personal Finance

Tasmanian government receives $40 million (£33.22 million) worth of council loan applications

Tasmanian councils have applied for $40 million (£33.22 million) worth of interest-free loans from the state government, announced under the Northern Economic Stimulus package.

The $60 million (£49.87 million) interest-free loans scheme within the package was designed to have projects identified in a council’s five-year capital expenditure plan brought forward to create more immediate activity in the regions.

The government is footing the bill for the interest accrued on the loans and it anticipates that 700 direct and indirect jobs could be created if the full $60 million (£49.87 million) is spent.

Treasurer Peter Gutwein said applications for more than $40 million (£33.23 million) from the fund had been received and there would be announcement about the successful applications shortly.

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