Treasury creates biggest ever business wages subsidy by adding extra noughts in computer
Today marked one of the most important days in the Australian Parliament’s history with the passage of legislation to support the Morrison Government’s $130 billion JobKeeper Payment.
This unprecedented level of financial support will save millions of jobs and keep families together, businesses in business and preserve the productive capacity of the Australian economy.
The $1,500 per fortnight JobKeeper payment is the equivalent of about 70 per cent of the median wage and represents about 100 per cent of the median wage in some of the most heavily affected sectors, such as retail, hospitality and tourism.
It will be available to full-time and part-time workers, sole traders and casuals who have been with their employer for 12 months or more. Importantly, it will apply to the many Australians working in the not for profit sector.
Combined with the Government’s previous actions, this totals $320 billion or 16.4 per cent of GDP in economic support to Australian businesses, households and individuals affected by the Coronavirus puts Australia in the best possible position to bounce back stronger than ever.
Eligible businesses can apply for the payment online and are able to register their interest via ato.gov.au