The JobKeeper subsidy is being slashed for 1.6 million Australians
Jack Derwin (Business Insider Australia)
From Monday, weekly JobKeeper payments will reduce to $500 from $600 per worker for eligible businesses, as as the $50 billion-plus support program enters its final three months.
While the number of recipients has halved in the last six months, the latest figures show the wages of 1.6 million Australian workers are still being supported directly by the government.
Separate economic forecasts meanwhile have the JobKeeper reduction coinciding with a lift in unemployment to 7.5%. While down from the 8% anticipated previously by Treasury, the expected lift signals hundreds of thousands of job losses are to come.
With some months left to play out, those forecasts are open for further adjustment, but the federal government looks unlikely at this point to keep its cornerstone support policy alive.
“The Morrison Government has always maintained that JobKeeper is a temporary program designed to taper off as economic confidence and momentum builds,” Treasurer Josh Frydenberg has previously said.
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