Fresh ATO figures have revealed that 2.1 million people and 520,000 businesses have come off the government’s JobKeeper wage subsidy since the end of September. 

The ATO is also reporting a 56 per cent drop in those relying on JobKeeper between phase one of the scheme that ended in September and phase two, which wound up in December. 

All forms of JobKeeper are set to finish on 28 March. 

Treasurer Josh Frydenberg said the data “shows a remarkable recovery in Australia’s labour market”, but was quick to point out people are still being impacted by the COVID-19 pandemic.

“This doesn’t take away from the fact that there are still many people in many regions who are doing it tough, but this latest data from the Australian Taxation Office is another sign the economy is strengthening,” he said. 

He also highlighted that unemployment is now down to 6.6 per cent, with 320,000 jobs created in the past three months, beating the RBA’s best-case scenario from August. 

“Employment levels for those aged 35 and above are particularly strong, higher today than they were before the pandemic,” Mr Frydenberg said. 

“It is in this context that the Reserve Bank of Australia has updated its unemployment forecasts to 6 per cent by the end of this year and 5.25 per cent by June 2023.”

JobKeeper by state and territory

Overall, the number of individuals supported by the JobKeeper program stood at 1.54 million in December 2020, down from the 3.6 million recorded in the month of September 2020.

Every state and territory recorded a decrease of at least 60 per cent in employees receiving JobKeeper from the first phase to the second phase, with the exception of Victoria, which recorded a decrease of 44 per cent, due to a second wave of COVID-19.

Western Australia led the way with a 70 per cent decrease in employees receiving JobKeeper payments, followed by the Northern Territory (69 per cent), South Australia (67 per cent), Tasmania (65 per cent), Queensland (64 per cent), the ACT (62 per cent) and NSW (60 per cent).

However, Treasurer Josh Frydenberg said that despite the encouraging figures, some families and businesses are still doing it tough.

“With 785,000 jobs created in the last seven months, our focus continues to be getting people back into work,” Mr Frydenberg concluded.

About the author

Cameron Micallef and Adrian Flores

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 Micallef and Adrian Flores

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.

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.

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