PM dismisses JobKeeper windbacks

By

May 12 2020
Share

Prime Minister Scott Morrison has shot down suggestions that he will wind back the JobKeeper payment scheme earlier than expected, with Australia on track to open its economy ahead of initial plans.

Despite the $130 billion JobKeeper scheme legislated to run until 27 September, there has been ongoing speculation that the government will use its scheduled June review of the program to announce a scaleback as the country works towards a three-step plan to an open economy.

“All of this is very premature. We are six weeks into a six-month program. And the impact of the virus, how it will impact on Australia in the months ahead with a reopening economy is very much a work in progress,” said Mr Morrison.

“At this stage, the uncertainties about the global economy, let alone our own economy, are still very much there, and it would be very premature, I think, to get into speculations.

“What people know is there is six months of an economic lifeline to the value of $130 billion, and that says to Australians that we will be there for you and we will be there for you to get Australians back into work.”

However, Mr Morrison refused to rule out further changes to the scheme, which could be more targeted at sectors that have been impacted harder by the COVID-19 pandemic.

“How that program can be adjusted to better support over that period or if there are sectors that come under greater strain over a longer period of time, these are all things that the government is fully aware of,” said Mr Morrison.

“But we are not going to get ahead of ourselves here, and I would encourage others not to get ahead of themselves here.

“We are six weeks into a six-month program in one of the most uncertain economic and health environments any of us have ever seen and so if you’ve got a crystal ball, you might want to share it with me. I don’t have one.”

The latest figures released by the Treasury show that over 768,000 entities have now enrolled for the JobKeeper scheme, with more than 5 million Aussies receiving government support from it.

A breakdown of those figures revealed that 40 per cent of all enrolments were made out of individual or sole traders, followed closely by companies at 39 per cent, trusts at 15 per cent and partnerships at 6 per cent.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

sections

most read

sections

most read

sections

most read

sections

most read

sections

most read

sections

most read

sections

most read

Most read

Age Pension increase prompts Australians to review their finances

Latest Podcast

Twice the demand: the case study behind Melbourne’s first‑home buyer surge

Resources

There is $17.5 billion in lost and unclaimed super across ...

ROOT