THE LATEST: JobSeeker will reportedly get a permanent increase.
Previously, JobKeeper payments for childcare workers were announced to end on 20 July, while the nation's free childcare program will also be wound up on 12 July.
A transition payment of 25% of fee revenue will continue to flow to centres from 13 July to 27 September. It's currently at 50%.
It's rumoured other sectors could follow.
Below last updated 11 May...
In a press conference on Friday, Prime Minister Scott Morrison was bearish about the longevity of JobKeeper and JobSeeker.
“I can give them the certainty that I want them to be back in their jobs, where they don't need it [JobKeeper or JobSeeker],” he said.
“That's what we want. I mean, people don't want to be on JobKeeper and JobSeeker. They want to be in a job that's paying them.
“And that's what this plan is about - not to keep people on income support from the taxpayer, but to have a wage that's provided by a business that's successful and earning again and going forward and creating a strong economy.”
JobKeeper is officially slated to begin payment from 4 to 14 May, meaning some businesses have had to wait after experiencing the initial shock of lockdowns announced on 22 March.
JobKeeper is due to run until 27 September, however the Government recently announced a three-stage plan allowing for pubs, clubs and cafes to reopen in June.
All JobKeeper payments are backdated to March provided the employers applying are eligible and have completed the two step process - register their intent with the tax office, and have reported their April income and projected their May income.
For JobSeeker, legislation ends 24 September - five months after payment dates started on 27 April.
This means that certain groups who receive payments from 11 May could receive one less payment than other groups.
Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.
Provider | |||||||||||||
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4 | 0 | 0 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
FEATURED | High Interest Savings Account (< $250k)
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High Interest Savings Account (< $250k)
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0 | 1000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
FEATURED | Savings Maximiser (<$100k)
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Savings Maximiser (<$100k)
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4 | 0 | 0 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Savings Account (Amounts < $250k)
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Savings Account (Amounts < $250k)
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0 | 2000 | 1 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Home Saver
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Home Saver
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0 | 200 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
No monthly fees | Save Account
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Save Account
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0 | 2000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
HomeME Savings Account ($0 - $100,000) | |||||||||||||
0 | 200 | 1 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Growth Saver ($1 - $25k) | |||||||||||||
0 | 1000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Target Saver | |||||||||||||
0 | 1000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
For customers aged 14-35 years | |||||||||||||
Future Saver Account ( < $50k) | |||||||||||||
0 | 500 | 1 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Goal Saver
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Goal Saver
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0 | 1000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Boost Saver | |||||||||||||
0 | 0.01 | 1 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Reward Saver Account (31 years +) ($0-$100k) | |||||||||||||
0 | 100 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Bonus Saver Account (Amounts < $100k) | |||||||||||||
0 | 20 | 1 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Reward Saver Kick Start (Amounts ≤ $1m) | |||||||||||||
0 | 0.01 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Life (< 30 years) (Monthly deposit) | |||||||||||||
5 | 0 | 0 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
NetBank Saver | |||||||||||||
0 | 0 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
ANZ Save | |||||||||||||
0 | 5 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Young Saver Account | |||||||||||||
0 | 50 | 1 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Save up | |||||||||||||
0 | 200 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Bonus Saver (<$1 Million) |
The Australian Council of Social Services (ACOSS) has warned against the Government's wind-up date on boosted JobSeeker payments.
“People cannot afford these huge cuts to income support, proposed by the Government, which would take us back to the old, brutal rate of Newstart at just $40 a day," ACOSS chief Cassandra Goldie said.
"The Government must keep the new JobSeeker Payment in place until our income support system is fixed so that nobody is forced to live below the poverty line.
"The poverty line in Australia, as defined by the OECD, is $500 per week for a single person with no children."
So, what's in store for JobKeeper and JobSeeker?
JobKeeper payments are backdated to March when the lockdowns began, giving the full six months to September like the Government legislated.
If the economy is ticking along, coronavirus is shown the door, and places reopen in June, then JobKeeper - a $130 billion hit to the budget - may well naturally come under the microscope, with Prime Minister Scott Morrison saying there will be a review into JobKeeper at the end of June.
“I need to stress again that was a temporary lifeline put in place to help Australians through the worst of this crisis,” he told reporters in Canberra on Friday.
“It comes at a very significant cost.”
Similarly, the continuity of boosted levels of JobSeeker payments is also in doubt.
At the individual level, it could be incredibly hard to give-up the boosted payments of $1,100 per fortnight, and organisations such as ACOSS are lobbying hard for a permanent boost.
JobSeeker may not return to the '$40 a day' level, however continuing at $1,100 a fortnight post-September looks unlikely.