The code is very SME tenant friendly. Expenses and profit don’t...

The code is very SME tenant friendly. Expenses and profit don’t get a look in. Its all about revenue loss. I haven't seen anyone claiming more than 50%, but plenty of centres are down 70% on revenue based on year on year comparison. The Government is paying centres 50% of the fee revenue received during the specific fortnight prior to 2 March. So if that was a bad fortnight for a centre (which generally was the case as the outbreak was causing withdrawals by that stage), then the Government fee will be 50% of a lower than normal quantum of fees. For example, that subsidy could equate to 65% of the fee revenue that same centre took in the year prior at the same time. G8 is giving rent reduction a run even though the code doesn’t apply to them bc they have annual turnover of over $50m. Not sure how they are fairing but I think landlords will be arguing that.