Invest
Morrison unveils third stimulus package
The Morrison government has announced a third stimulus package designed to keep Australians in work as businesses struggle to mitigate costs following the coronavirus outbreak.
Morrison unveils third stimulus package
The Morrison government has announced a third stimulus package designed to keep Australians in work as businesses struggle to mitigate costs following the coronavirus outbreak.
The “unprecedented” package, worth $130 billion, aims to prevent firms from laying off employees in order to ensure the economy “bounces back” once the threat of the coronavirus has passed.
Businesses of all sizes will be eligible, while workers will need to have been employed by the business for more than 12 months to receive the payment. The payments will start in the first week of May and be backdated to March.
“We want to keep the engine of our economy running during this crisis,” Prime Minister Scott Morrison told media.
But the question remains of whether the lay-offs this part of the package seeks to avoid have already happened, with long lines for Centrelink support dominating the news last week amidst reports that a million people are already out of work.
“We are working now to a whole new set of rules,” Prime Minister Morrison said, warning that some countries could see both their societies and economies collapse.
The latest package follows the first stimulus package worth $17 billion, which was aimed at retirees and the unemployed and a second $66 billion package designed to keep small businesses afloat as well as those who lost their job.
The Prime Minister announced this partner income threshold has been extended to $79,762 per annum, which was previously capped at $48,000.
Morrison said, however, that Australians will not be eligible for both the JobKeeper and the JobSeeker Payments.
“I would note, though, that many of those partners who are seeking those payment will obviously now in very many cases be covered by this job to the payment by remaining attached to their employers,” he said.
Unlike the first two stimulus packages, the third will help New Zealanders living in Australia on a 444 visa.
“New Zealanders on 444 visas don’t get access to the welfare system, but they can get access to this JobKeeper Payment,” Mr Morrison concluded.
About the author
About the author
Economy
5 predictions for the Australian economy in 2021
The Australian economy is tipped to be one of five nations to outshine, with a win on the health front likely to act as tailwind, a new report has revealed. ...Read more
Economy
Deloitte calls vaccine a ‘game changer’ as 77% of Aussies welcome jab
As many as three-quarters of Aussies are willing to be vaccinated once a new coronavirus vaccine becomes publicly available, new research has revealed, as Deloitte Access Economics calls the vaccine ...Read more
Economy
Markets react to Biden’s stimulus package
The US markets have reacted negatively to President-elect Joe Biden’s US$1.9 trillion ($2.44 trillion) bailout proposal, amid mass job losses as the US continues to struggle with the COVID-19 pandem...Read more
Economy
‘Aussies to keep economy ticking with $200bn in savings’
The government is counting on Aussies to use their savings to drive economic recovery once temporary support measures are wound back at the end of March. ...Read more
Economy
Business improves but COVID threat remains
The Australian economy continues to show signs of life, with businesses’ payment times improving despite recent outbreaks of COVID-19, new research has revealed. ...Read more
Economy
10 impacts the US ‘blue wave’ will have on investors
With the US Senate run-off falling to the Democrats, a new blue wave is spurring optimism for investors, a chief strategist has said. ...Read more
Economy
Frydenberg confident vaccine rollout will boost the economy
The economy and the budget are expected to reap the benefits of the earlier than planned vaccine rollout, following a series of unexpected lockdowns which have already put a dent on the government’s...Read more
Economy
Australian economy back to pre-COVID levels by 2021
The Australian economy is expected to bounce back to pre-COVID levels by the end of 2021 as wins on the health front and aggressive government policy have limited damage while boosting business and co...Read more
Economy
5 predictions for the Australian economy in 2021
The Australian economy is tipped to be one of five nations to outshine, with a win on the health front likely to act as tailwind, a new report has revealed. ...Read more
Economy
Deloitte calls vaccine a ‘game changer’ as 77% of Aussies welcome jab
As many as three-quarters of Aussies are willing to be vaccinated once a new coronavirus vaccine becomes publicly available, new research has revealed, as Deloitte Access Economics calls the vaccine ...Read more
Economy
Markets react to Biden’s stimulus package
The US markets have reacted negatively to President-elect Joe Biden’s US$1.9 trillion ($2.44 trillion) bailout proposal, amid mass job losses as the US continues to struggle with the COVID-19 pandem...Read more
Economy
‘Aussies to keep economy ticking with $200bn in savings’
The government is counting on Aussies to use their savings to drive economic recovery once temporary support measures are wound back at the end of March. ...Read more
Economy
Business improves but COVID threat remains
The Australian economy continues to show signs of life, with businesses’ payment times improving despite recent outbreaks of COVID-19, new research has revealed. ...Read more
Economy
10 impacts the US ‘blue wave’ will have on investors
With the US Senate run-off falling to the Democrats, a new blue wave is spurring optimism for investors, a chief strategist has said. ...Read more
Economy
Frydenberg confident vaccine rollout will boost the economy
The economy and the budget are expected to reap the benefits of the earlier than planned vaccine rollout, following a series of unexpected lockdowns which have already put a dent on the government’s...Read more
Economy
Australian economy back to pre-COVID levels by 2021
The Australian economy is expected to bounce back to pre-COVID levels by the end of 2021 as wins on the health front and aggressive government policy have limited damage while boosting business and co...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
