The Federal Government’s $70 billion JobKeeper wage subsidy program is set to be extended beyond September but not for everyone.
Around 3.5 million workers are currently receiving the fortnightly $1500 wage subsidies for workers in those businesses that seen turnover fall between 30 per cent and 50 per cent depending on their size.
It is believed the Federal Government plans to adjust the turnover test so the scheme is targeted at businesses limited by ongoing health restrictions.
“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,” said Prime Minister Scott Morrison.
“That national program of support will give people in the same areas of need the same support.”
The Morrison Government is also considering fast tracking planned income tax cuts.
“We do want to boost aggregate demand, boost consumption, put more money in people’s pockets, and that is one way to do it,” said Treasurer Josh Frydenberg.
The extension of the JobSeeker scheme was one of the key recommendations made by the Business Events Council of Australia to to stave off a collapse of the sector as it looks to recover.