job keeper

JobKeeper changes

Speaking at Parliament House, Mr Frydenberg stated he might now announce the final results of its halfway assessment of the $70 billion JobKeeper software as well as a detailed financial and fiscal replace on 23 July.
The Treasury has since started out its assessment of the JobKeeper application, and it is predicted to be finalised by the end of June.
Despite Prime Minister Scott Morrison brushing off drastic modifications to the program ultimate month, Mr Frydenberg has now hinted that the $1,500 flat-fee payment can be overhauled to prevent overpayments to some employees.
“We need to apprehend whether or not the quantum, that $1,500 payment, is still the right amount, additionally bearing in mind that a few people are getting paid more than they might otherwise get through virtue of having a flat payment,” Mr Frydenberg stated.

The Treasurer additionally flagged that the review could recollect the viability of continuing the JobKeeper bills to groups which have recovered sufficiently.
He said: “But, inside the context of an financial system, where the regulations are being eased, and those are getting returned into work, we need to assess — and particularly paying a focus to certain sectors as well — we need to evaluate the continuation of that JobKeeper software in that context.
“It’s too early to pre-empt what the effects of that assessment will be, however any government choices approximately the evaluate can be included into that assertion that the Finance Minister and I will make in July.”
Australia in ‘recession’
Revealing that the financial system has contracted by way of 0.3 of a percentage point inside the March region, Mr Frydenberg declared that Australia become now in its first recession in close to a few decades, no matter the June zone GDP figures yet to be realised.
A technical recession requires two consecutive quarters of GDP contraction, however Mr Frydenberg said that become inevitable following the Treasury’s advice on wherein the June sector might be following COVID-19 shutdowns.

“Clearly, with this once-in-a-century pandemic, the effect on the economic system has been very severe, the impact in the June area can be even greater severe,” Mr Frydenberg said.


“We’ve climbed this mountain before, we’ll climb it again.”

Reference: https://www.accountantsdaily.com.au/

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