Workers supported through $130b wage plan

Rebecca Gredley
(Australian Associated Press)

 

JOBKEEPER SUPPORT PLAN

  • Workers will get $1500 per fortnight through their employers
  • It’s equal to about 70 per cent of the median wage
  • Total cost of $130 billion for a six-month period

WHO CAN GET IT?

  • It applies to full and part-time workers, as well as sole traders
  • Casual workers will get it if they’ve been on the books for 12 months or more
  • Workers stood down since March 1 are eligible
  • Six million Australians are expected to benefit
  • Kiwis on 444 visas will also get the payment

WHICH COMPANIES CAN APPLY?

  • Those with turnovers that have fallen by at least 30 per cent
  • For businesses with annual turnovers of more than $1 billion, that must have fallen by 50 per cent or more
  • It also applies to not-for-profits
  • Companies can register on the tax office website

WHEN WILL PAYMENTS START?

  • From May and backdated to March 30
  • Parliament will reconvene to pass the underpinning legislation

 

 

Matt Coughlan
(Australian Associated Press)

 

Businesses will be given wage subsidies of up to $1500 a fortnight for each worker to keep staff on during the coronavirus crisis as part of an unprecedented $130 billion package.

Prime Minister Scott Morrison unveiled the federal government’s third and biggest round of economic stimulus on Monday.

“We want to keep the engine of our economy running through this crisis,” he said.

The federal government will give the $1500 allowance to businesses that have taken a 30 per cent hit to turnover because of the coronavirus.

Companies turning over more than $1 billion will be eligible if they have taken a 50 per cent hit.

The subsidies will last for six months, with full-time, part-time and casual workers who have been with their employer for at least 12 months eligible.

Sole traders have also been included in the package.

Payments will flow to businesses in the first week of May and will be backdated to March 30.

Workers stood down since March 1 will be eligible.

Mr Morrison said some countries would face economic collapse or hollowing out in coming months as the disease spreads globally.

“In the very worst of circumstances, we could see countries themselves fall into chaos – this will not be Australia,” he said.

The latest package comes on top of almost $70 billion in already announced federal government stimulus.

Treasurer Josh Frydenberg said Australia was facing an economic and health war.

“The past weeks have been tough but the weeks ahead will be tougher,” he said.

“Australians know that no matter how great the challenge is, our government has their back.”

Coupled with support for banks, the government has so far set aside $320 billion, or 16.4 per cent of GDP, to deal with the fallout from the virus.

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