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More than 285,000 businesses seek wage subsidy

Published: (Updated: ) in Australian News by .

More than 285,000 businesses have registered their interest in claiming a wage subsidy for their workers.

More than 285,000 businesses have registered their interest in claiming a wage subsidy for their workers.

The $1500 fortnightly payment per worker will flow to businesses from May, with the government estimating it will keep six million workers in jobs at a cost of $130 billion over the next six months.

The massive expenditure brings the government's total support measures up to about $320 billion, with all talk of a budget surplus long gone.

The Parliamentary Budget Office is now examining the implications of the coronavirus and its economic hit to the budget over the next decade.

A spokeswoman said it would publish this analysis periodically over the coming months.

Treasurer Josh Frydenberg expects the plan to benefit at least six million Australian workers.

"Australia's never seen income support like this," Mr Frydenberg said.

.It applies to full and part-time workers, sole traders, as well as casuals who have been on the books for at least 12 months.The subsidies will last for six months.

Meanwhile, the Morrison government is urging other countries to do more to stabilise the global economy as it prepares to roll out a massive program of wage subsidies.

Mr Frydenberg met with G20 finance ministers overnight, asking them to act urgently and commit to a fiscal support target to help the recovery once the coronavirus crisis is over.

He wants the grouping of the world's largest economies to send a signal to their citizens they are doing whatever it takes.

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Source: 9News https://www.9news.com.au/national/coronavirus-nearly-300-000-companies-apply-jobkeeper-wage-subsidy-treasury/f94502d0-0106-400a-a767-979dfc453296

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