Government Announces $130bil JobKeeper Package

As most of you will have seen, the Prime Minister has once again addressed the nation on a new $130 billion (yes you read that correctly) stimulus package. The package involves the following:

Changes to individuals

Jobseeker eligibility:

Prior to the Coronavirus Centrelink qualified applications on an assets test and a spouse’s income needed to be under $48,000. From the 25th of March 2020 there will be no assets test and as mentioned today, the spouse’s income limit has been adjusted to $79,000.00, making it available to more Australians.

Changes to Australian Businesses

The Australian Government have created, what they are calling a ‘Jobkeeper Payment’ (not to be confused with Jobseeker Payment) to eligible employers of $1,500.00 per employee, per fortnight, for the next 6 months. The employee must be ‘on the books’ as of the 1st of March. This payment can be for full-time, part-time and casual employees (casuals must have been employed for 12 months). To be eligible you must have suffered a decrease in income of 30% or more due to the COVID-19.

The government has released a fact sheet which goes into further detail of how this plan will work including details for Sole Traders. A further JobKeeper Payment information sheet for employers is also available online.

Payments will flow from the first week of May 2020 but will be backdated to today. Please note that there may be issues if you have had employment terminated and benefits paid out, which will need to be worked out between you and your employer.

Before you make any employment decisions, that this has not been legislated and can change.

I will post more once the legislation has been issued and once I have read it in detail. If you have any problems, please do not hesitate to contact me on 03 9762 6652 or subscribe here to get updates as they are announced.