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Jobsaver extension to boost business recovery

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The NSW Government will go it alone to fund an extension of the JobSaver program to help NSW businesses re-open their doors and get people back into jobs as the State starts to ease restrictions and enjoy greater freedoms. When NSW reaches the 70 per cent double vaccination rate JobSaver payments will be tapered from 40 per cent to 30 per … Continue reading “Jobsaver extension to boost business recovery”

The NSW Government will go it alone to fund an extension of the JobSaver program to help NSW businesses re-open their doors and get people back into jobs as the State starts to ease restrictions and enjoy greater freedoms.

When NSW reaches the 70 per cent double vaccination rate JobSaver payments will be tapered from 40 per cent to 30 per cent of weekly payroll.

When NSW reaches the 80 per cent double vaccination rate, the joint Commonwealth and NSW Government JobSaver payments will cease and the Commonwealth will end its contributions.

At that time, the NSW Government will continue to fund its 50 per cent contribution to JobSaver payments. At this point JobSaver payments will be tapered from 30 per cent to 15 per cent of weekly payroll.

JobSaver payments will end on 30 November, coinciding with the further relaxation of restrictions.

Premier Gladys Berejiklian said the extension of JobSaver would work alongside the NSW Government’s Roadmap and the easing of restrictions, giving businesses certainty.

“The continuation of JobSaver over the next two months will give businesses across NSW the financial boost they need to get them through the challenge of re-opening their doors,” Ms Berejiklian said.

“The light at the end of the tunnel is so close, and this support will help see businesses and workers out to the other side and prepare them for re-launch.”

By 30 November, the NSW Government is expected to have unilaterally provided over $8 billion in direct support to businesses and individuals, including through the JobSaver program and its contribution to Commonwealth Disaster Payments.

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Treasurer Dominic Perrottet said pivoting JobSaver from support to recovery would put businesses on the front-foot as restrictions are eased and the economy is restarted.

“JobSaver has helped businesses weather the storm of the latest outbreak and now is the right time to plan for the future so we can get our economy firing again,” Mr Perrottet said.

“I know business across the State are keen to open their doors, and are busy planning now that our Roadmap is out. There’s renewed optimism in NSW.

“We are sticking by businesses and giving them the support they need to get back on the road to prosperity with the State only a few weeks away from re-opening.

The jointly funded Commonwealth and NSW Government business support package, including JobSaver, has provided a $7 billion financial lifeline to businesses over the past three months helping keep people connected to their workplaces. Over the next two months, this lifeline will increase to almost $12 billion provided to NSW businesses to make it through the Delta pandemic.

After NSW reaches the 80 per cent double vaccination target the Micro-business grant will continue to be available at a rate of $750 a fortnight, before ceasing on 30 November.

The NSW Government will announce its comprehensive Economic Recovery Plan in early October, designed to boost business confidence and jobs growth and inject stimulus as restrictions ease across the State.

Details of the JobSaver tapering are set out below:

JobSaver
(excluding extension
program)
Share of
weekly payroll
Weekly payment range
(paid fortnightly)
Weekly payments to non-employing business
(paid fortnightly)
Current 40% $1,500 to $100,000 $1,000
10 October 30% $1,125 to $75,000 $750
80 per cent double dose 15% $562.50 to $37,500 $375
30 November
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Source: 16 News http://www.16news.com.au/index.php/2021/09/30/jobsaver-extension-to-boost-business-recovery/

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Finance Advice 2021