PM's JobKeeper Payment Subsidy Announcements
The Prime Minister just made the following announcements:
- The Australian Government is delivering a plan to provide Australians with an economic lifeline for the many months ahead
- They are trying to protect and preserve the economy
- Many countries in the months ahead and perhaps beyond that may see their economies collapse or hollow out
- In the very worst situations some countries may fall into chaos
- This will not be Australia
- It will be dealt with using very Australian solutions
- Using Australian systems to address these situations
- Keeping Australians in jobs and businesses in jobs
- Cushioning the blow for those who will be significantly impacts
- The latest package will come at a cost of $130 billion over the next six months is in addition to the $70 billion of support already announced by the Australian Government (plus $15 billion of support by the States and Territories)
- Support the jobs and livelihoods of more than 6 million Australians estimated to need the life line
- The Federal Government is today introducing $1,500 JobKeeper fortnightly payment to keep Australians in their jobs
- The Government will pay employers who will pay their employees and to make sure they do using the Single Touch Payroll system
- To keep them in the businesses that employ them and bounce back on the other side
- Want to keep the engine of our economy running through this crisis
- Businesses large and small across the entire economy will share this with the welfare system to provide this income support
- Sees every Australian worker the same way no matter what you earn
- Extending arrangements for JobSeeker to those who are receiving payments / seeking to receive where they have a partner pay income test will be changed to annual income of $79,620 per annum to broader access to the payment (previously it was $48,000)
The Treasurer announced:
- The Government is working closely with banks, utility and insurance companies to help customers get to the other side
- Focused on keeping Australians in jobs and businesses in business
- The JobKeeper payment is $1,500 flat payment per fortnight (about 70% of the median wage) and applies to everyone full-time and part-time, sole traders (casuals who have been with their employe for more than 12 months)
- Employers and sole traders can apply to the ATO from today and back dated to 30 March 2020
- If someone has been stood down since 1 March 2020, they are still eligible
- Support applies to businesses with a fall in revenue of 30% (I missed the revenue for this category, but will update once I know)
- and to businesses with a turnover of more than $1 billion with a revenue fall of 50%
- There is no superannuation guarantee on the payment
- Employers can top up the payment if an employee is paid more than $1,500 per fortnight
