Earn
How will the government’s JobKeeper changes affect you?
Part-time and casual employees who normally make less than $1,500 a fortnight could lose the additional money from the JobKeeper program as the government looks to amend the subsidy.
How will the government’s JobKeeper changes affect you?
Part-time and casual employees who normally make less than $1,500 a fortnight could lose the additional money from the JobKeeper program as the government looks to amend the subsidy.
The policy, which has a flat rate of $1,500 a fortnight regardless of the recipient’s salary, could come to an end as the government looks to rein in support as the economy reopens.
Speaking at Parliament House, Mr Frydenberg said he would now announce the outcome of its midway review of the $70 billion JobKeeper program as well as a detailed economic and fiscal update on 23 July.
The Treasury has since commenced its review of the JobKeeper program, and it is expected to be finalised by the end of June.
Despite Prime Minister Scott Morrison dismissing drastic changes, and the policy costing $60 billion less than initially thought, the Treasurer has now hinted that the $1,500 flat-rate payment could be overhauled to prevent overpayments to some employees.
“We want to understand whether the quantum, that $1,500 payment, continues to be the right amount, also bearing in mind that some people are getting paid more than they would otherwise get by virtue of having a flat payment,” Mr Frydenberg said.
The Treasurer also flagged that the review would consider the viability of continuing the JobKeeper payments to businesses that have recovered sufficiently.
He said: “But in the context of an economy, where the restrictions are being eased and people are getting back into work, we need to assess – and particularly paying a focus to certain sectors as well – we need to assess the continuation of that JobKeeper program in that context.
“It’s too early to pre-empt what the outcomes of that review will be, but any government decisions about the review will be incorporated into that statement that the Finance Minister and I will make in July.”
Australia in recession
Revealing that the economy has contracted by 0.3 of a percentage point in the March quarter, Mr Frydenberg declared that Australia was now in its first recession in close to three decades, despite the June quarter GDP figures yet to be released.
A technical recession requires two consecutive quarters of GDP contraction, but Mr Frydenberg said that was inevitable following the Treasury’s advice on where the June quarter would be following COVID-19 shutdowns.
“Clearly, with this once-in-a-century pandemic, the impact on the economy has been very severe, the impact in the June quarter will be even more severe,” Mr Frydenberg said.
“We’ve climbed this mountain before, we’ll climb it again.”
Did you enjoy this article? You may also be interested in:
About the author
About the author
Salary
Economists predict a further drop in unemployment
Economists are predicting further falls in the unemployment rate largely led by Victoria as it emerged from an extended lockdown, new research has revealed. ...Read more
Salary
Casual workers could lose $1k under new reforms
The opposition has claimed that the Morrison government’s plan to amend penalty rates could cost casual employees up to $1,100. ...Read more
Salary
Job vacancies surpass pre-COVID levels
The Australian economy is continuing to show signs of improvement, with job vacancies skyrocketing over the last quarter, official figures have revealed. ...Read more
Salary
Unions take Qantas to High Court over JobKeeper ‘misuse’
Aussie unions are taking their fight with Australia’s largest airline to the High Court following claims Qantas misused the JobKeeper payment to subsidise overtime payments, essentially robbing wor...Read more
Salary
JobSeekers urged to ‘turn off Netflix’ and work in regional Australia
The acting Prime Minister has urged unemployed Australians who are currently on JobSeeker benefits to "turn off Netflix" and look for regional work, as farmers struggle to find temporary foreign worke...Read more
Salary
Aussies rely on debt to get through pandemic
Australians are relying on personal credit to get through the COVID-19 pandemic according to survey results released by a financial institution. ...Read more
Salary
Stressed-out Aussies unlikely to receive pay rise
While Aussie workers are spending more time at work, and their stress levels are through the roof, they’re not receiving higher levels of pay, new research has found. ...Read more
Salary
Work in the gig economy could be costing you over $90k
Despite the growing popularity of the gig economy, workers in this space could face long-term financial disadvantages, a new research paper has found. ...Read more
Salary
Economists predict a further drop in unemployment
Economists are predicting further falls in the unemployment rate largely led by Victoria as it emerged from an extended lockdown, new research has revealed. ...Read more
Salary
Casual workers could lose $1k under new reforms
The opposition has claimed that the Morrison government’s plan to amend penalty rates could cost casual employees up to $1,100. ...Read more
Salary
Job vacancies surpass pre-COVID levels
The Australian economy is continuing to show signs of improvement, with job vacancies skyrocketing over the last quarter, official figures have revealed. ...Read more
Salary
Unions take Qantas to High Court over JobKeeper ‘misuse’
Aussie unions are taking their fight with Australia’s largest airline to the High Court following claims Qantas misused the JobKeeper payment to subsidise overtime payments, essentially robbing wor...Read more
Salary
JobSeekers urged to ‘turn off Netflix’ and work in regional Australia
The acting Prime Minister has urged unemployed Australians who are currently on JobSeeker benefits to "turn off Netflix" and look for regional work, as farmers struggle to find temporary foreign worke...Read more
Salary
Aussies rely on debt to get through pandemic
Australians are relying on personal credit to get through the COVID-19 pandemic according to survey results released by a financial institution. ...Read more
Salary
Stressed-out Aussies unlikely to receive pay rise
While Aussie workers are spending more time at work, and their stress levels are through the roof, they’re not receiving higher levels of pay, new research has found. ...Read more
Salary
Work in the gig economy could be costing you over $90k
Despite the growing popularity of the gig economy, workers in this space could face long-term financial disadvantages, a new research paper has found. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
