After passing through a reduced House of Representatives this afternoon, the Senate has tonight passed the $130 billion wage subsidy legislation that the Federal Government announced last week to support up to six million Australians through the COVID-19 crisis.
- Parliament has endorsed the Federal Government's $130 billion COVID-19 economic relief package
- Will be delivered over six months to businesses to support staff through a Job Keeper $1,500/fortnight wage subsidy
The Federal Government's third and most substantial economic package, headlined by the $1,500/fortnight Job Keeper wage subsidy, aims to support Australian businesses and jobs through the ongoing impacts of coronavirus over the next six months. As of today, almost 750,000 businesses had already registered for this support.
This is an unprecedented level of support for an extraordinary situation and its legislation like this that will keep our economy moving through an exceptionally difficult time. These announcements also provide some certainty and reassurance to our community which is already under so much pressure and stress.
The wage subsidy is something businesses across North Queensland were calling for during a time no revenue is coming in, but are trying to keep as many employees on the books as long as possible.
For those who have sadly been recently stood down, this wage subsidy also allows employers to reevaluate those decisions because if they were on the books at 1 March 2020, they are still eligible for this new payment. For some, this subsidy - especially in the industries hit the hardest - this could be up to 100% of their wage.
Key points of wage subsidy eligibility criteria:
- Job Keeper cash payments of $1500/fortnight paid to businesses to pay employees (roughly equates to 70% of the median wage)
- Cannot double up if you are already receiving welfare payments, but can transfer from Job Seeker to Job Keeper.
- Available to all Full Time, Part Time, Self Employed and Sole Traders. For Casuals to qualify they must have been with the employer for 12 months or more prior to being stood down.
- Turnover of business will need to have fallen between 30% or more during the COVID-19 crisis to be eligible.
- Payment will be made in May, delivered through the ATO.
- Partner income test will be extended to $79,762 from $48,000 to access Job Seeker
- Not for Profits and New Zealand citizens residing in Australia on 444 visas are eligible
CLICK HERE FOR TREASURER JOSH FRYDENBERG'S ANNOUNCEMENT
Click here for further details on the Job Keeper Payment at the Australian Taxation Office
Additionally, following National Cabinet yesterday, the Prime Minister outlined a mandatory code that will guide landlord and tenant negotiations during the COVID-19 crisis. It aims to ensure businesses will be able to emerge on the other side this crisis and begin trading again. Full details on this announcement can be found HERE.
We will continue providing your on the ground feedback to our political representatives at all levels of government, not just across the roll-out of these latest support measures, but to also aid further initiatives. We applaud the Federal Government's continued focus on keeping Australians in jobs and businesses in business as we navigate through this dual health and economic crisis together.
