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Ray Breslin • Mar 30, 2020
LIVE UPDATE: Scott Morrison announces $130 billion 'Jobkeeper' package to support Australian workers through COVID-19 pandemic
Here's a quick recap of the government's coronavirus wage subsidies at a glance
Summary:
- Australia’s death toll stands at 18, after the death of two women in their 80s in Tasmania and the ACT. 4163 Australians have tested positive for COVID-19. The NSW rate has 'stabilised', with 127 new cases announced today
- Prime Minister Scott Morrison has announced a $130 billion package to support the wages of up to six million Australians throughout the coronavirus crisis.
- Public gatherings will be limited to two people, reduced from the previous cap of 10 people, under stricter social-distancing measures. These will be enforced with fines in NSW and Victoria from Tuesday.
- Banks will allow commercial landlords with loans of up to $10 million to delay their loan repayments by up to six months, on the condition tenants are not evicted due to the coronavirus crisis.
- The US has recorded its 2000th coronavirus death, with the country's top infection expert, predicting between 100,000 and 200,000 Americans will die as the US becomes the epicentre of the pandemic. Italy has recorded its second successive fall in the daily death rate, reporting 756 deaths on Sunday.
- Businesses will receive the JobKeeper payment of $1500 a fortnight per employee, regardless of their salary. Employers are allowed to top-up wages beyond that amount.
- The payment will be administered through the single touch payroll system, which means businesses will need to keep the employee on the books in order to distribute the allowance.
- Businesses and not-for-profits will be eligible for the scheme after a downturn in revenue of 30 per cent.
- The payment will be delivered through the Australian Tax Office in May, but will be backdated to March 1.
- New Zealanders and casual employees working for more than one year will be eligible for the payment.
- The government says the scheme will cost $130 billion over six months and it expects the payments will support the wages of up to six million Australians. Parliament will be recalled to pass the legislation.
- The Centrelink partner threshold rate has also been raised from $48,000 to $79,000. This means Australians will be eligible for welfare payments if their partner earns up to this amount .
$130 Billion Job Keeper Allowance Package
Treasurer Josh Frydenberg says the federal government's $130 billion coronavirus wage allowance package will be "paid back for years to come", as more than 30,000 people rushed to sign up to the scheme within hours.
In an interview on ABC's 7.30, Mr Frydenberg said there had already been "high demand" for the program but denied the huge spend indicated the government expected half of Australia's workforce to lose their jobs.
"What we've tried to do here is to reduce the cost to businesses of employing people, so that more people stay in a job.
"Also, to ensure that there is a formal connection between employers and employees because we know there's going to be a recovery phase after the coronavirus and if we have that formal connection maintained, then the recovery will be a lot quicker and easier."
Mr Frydenberg said the $1500 fortnightly JobKeeper payment per employee was "an equal payment, regardless of what people earn and I think that's very much an Australian way to go".
"This will be paid back for years to come. There's no secret in that. We will enter into discussions with the credit rating agencies over due course. Australia has entered into this crisis from a position of economic strength."
He said casuals who had not been with their employer for 12 months or longer would "go on to the Jobseeker supplement which is available to them at $550, on top of the old Newstart or Jobseeker payment".
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