Spending within the capital's economy is set to plunge, with businesses and workers around the region set to feel the pinch from the seven-day lockdown.
The hit to the region's economy from the snap lockdown has prompted both the territory and federal governments to ramp up financial support for businesses forced to shut up shop and Canberrans unable to work.
On Thursday evening, the ACT and Commonwealth governments announced a joint business support package, while workers who lost work would be able to access COVID-19 disaster relief payments.
The business support grants will provide a lump sum $3000 payment to businesses and $1000 to sole traders who have experienced a 30 per cent reduction in turnover during the week of lockdown.
Federal Treasurer Josh Frydenberg said the support was in addition to the $2.1 billion already allocated to the ACT during the pandemic.
"The ACT is facing its most challenging period this year, but it has shown remarkable resilience throughout the pandemic," Mr Frydenberg said.
"This package will help to keep businesses in business and people in jobs."
COVID-19 disaster relief payments will be paid by Services Australia through the MyGov website, and weekly payments will vary between $200 and $750. Applications will be open on August 20.
To access a COVID-19 disaster repayment, a worker who has lost more than 20 hours of work during the lockdown will qualify for a $750-a-week payment, while someone who has lost between eight and 20 hours will receive a $450-per-week income support payment.
People already receiving government benefits will see an increase of $200 per week and will include JobSeeker, ABSTUDY, Age Pension, disability and carer payments, parenting payments, veteran support and youth allowance.
"The fastest and easiest way to claim is online via myGov," Government Services Minister Linda Reynolds said.
"There's no need to contact Services Australia right now. When claims open on 20 August, you'll be able to claim financial support back to the start of the lockdown."
There will also be a suspension of debt recovery measures in the ACT for people who owe welfare debts to Services Australia.
READ MORE COVID-19 NEWS:
- Quarantine rules for visitors from eight new NSW location
- At last, ACT pharmacies join COVID-19 vaccine rollout
- Pandemic drives up Australians' faith in science
- People from Melbourne subject to extended stay-home-orders
- 'Worrying': Seven turned back after trying to cross NSW-ACT border
- COVID-19 vaccination map of Australia
NAB said the short shock expected on the ACT economy will likely see consumption drop by 15 per cent, while hospitality firms are likely to see a 20 to 25 per cent tumble.
ACT Liberal senator Zed Seselja said assistance packages will allow Canberrans to stay home and follow the health advice.
"This support provides certainty for Canberrans who can't work from home, so that they can safely observe the lockdown without worrying about their job or their income during this challenging time," Mr Seselja said.
Labor senator Katy Gallagher said ACT businesses have already been affected by the Greater Sydney lockdown and the additional restrictions will impact the region on both sides of the border.
"There will be businesses and individuals in the ACT that need a lot of help through these seven days," she said.
"It will affect a whole range of places Queanbeyan, the South Coast out to Yass and all those places that rely on that weekend traffic."
Australia's banks are also providing support through loan deferrals and fee waivers on business facilities.
Westpac executive Chris de Bruin said it will be a challenging time for Canberran businesses and households.
"We encourage any Westpac customer in the ACT worried about their finances to give us a call as soon as possible so we can work through the best way to support them," he said.
NAB confirmed businesses can restructure loans with reduced or waived applications, while home loan customers will have the option of deferring principle repayments.
The bank is also providing credit card and personal loan relief and financial wellbeing support.
Commonwealth Bank retail executive Angus Sullivan said the major bank would have support lines for impacted Canberrans.
"We have measures in place to support you during this difficult time, including short-term repayment deferrals for home loan and small business customers," Mr Sullivan said.
ANZ customers also have similar support available.
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content: