Wage support likely to be extended

The extension would be aimed more at businesses facing ongoing effects of the pandemic (ATO)

Wage subsidies for workers in struggling businesses will continue to be paid by the federal Government after September, with a refreshed turnover test likely to determine which employers are eligible. Source: Herald-Sun.

It is understood the Government’s mini-Budget, to be released in a fortnight, will shift the JobKeeper scheme into a new phase instead of switching to industry-specific support.

Melbourne’s six-week lockdown — expected to cost the economy $6 billion — has highlighted the importance of a nationally consistent scheme based on business needs.

It comes as Treasurer Josh Frydenberg revealed the Government was also considering fast-tracking income tax cuts planned for the next five years.

About 3.5 million workers are receiving fortnightly $1500 wage subsidies in the initial six-month phase of JobKeeper, costing $70 billion.

It is understood the Government plans to adjust the turnover test so the scheme is targeted at businesses limited by ongoing health restrictions.

Prime Minister Scott Morrison said yesterday that there would be “a further phase of support that goes beyond September”.

“This is about tailoring a national program to provide support where the support is needed and because of what has happened in Victoria, obviously the need there will be far greater than was previously and that need will be met,” he said in a media conference.

FULL STORY

Turnover test change to continue JobKeeper wage subsidies after September (By Tom Minear, The Herald-Sun)

RELATED COVERAGE

JobKeeper likely to be extended as Victoria enters coronavirus lockdown, PM says (7 News)

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