PM's JobKeeper Payment Subsidy Announcements

The Prime Minister just made the following announcements:

• The Australian Government is delivering a plan to provide Australians with an economic lifeline for the many months ahead
• They are trying to protect and preserve the economy
• Many countries in the months ahead and perhaps beyond that may see their economies collapse or hollow out
• In the very worst situations some countries may fall into chaos
• This will not be Australia
• It will be dealt with using very Australian solutions
• Using Australian systems to address these situations
• Keeping Australians in jobs and businesses in jobs
• Cushioning the blow for those who will be significantly impacts
• The latest package will come at a cost of $130 billion over the next six months is in addition to the $70 billion of support already announced by the Australian Government (plus $15 billion of support by the States and Territories)
• Support the jobs and livelihoods of more than 6 million Australians estimated to need the life line
• The Federal Government is today introducing $1,500 JobKeeper fortnightly payment to keep Australians in their jobs
• The Government will pay employers who will pay their employees and to make sure they do using the Single Touch Payroll system
• To keep them in the businesses that employ them and bounce back on the other side
• Want to keep the engine of our economy running through this crisis
• Businesses large and small across the entire economy will share this with the welfare system to provide this income support
• Sees every Australian worker the same way no matter what you earn
• Extending arrangements for JobSeeker to those who are receiving payments / seeking to receive where they have a partner pay income test will be changed to annual income of $79,620 per annum to broader access to the payment (previously it was $48,000)

The Treasurer announced:

• The Government is working closely with banks, utility and insurance companies to help customers get to the other side
• Focused on keeping Australians in jobs and businesses in business
• The JobKeeper payment is $1,500 flat payment per fortnight (about 70% of the median wage) and applies to everyone full-time and part-time, sole traders (casuals who have been with their employe for more than 12 months)
• Employers and sole traders can apply to the ATO from today and back dated to 30 March 2020
• If someone has been stood down since 1 March 2020, they are still eligible
• Support applies to businesses with a fall in revenue of 30% (I missed the revenue for this category, but will update once I know)
• and to businesses with a turnover of more than $1 billion with a revenue fall of 50%
• There is no superannuation guarantee on the payment
• Employers can top up the payment if an employee is paid more than $1,500 per fortnight