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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  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
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Macquarie Savings Account (<$250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
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  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
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Save Account

  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.
Disclosure
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  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
Disclosure

AMP Saver Account

  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
Disclosure
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account (<$100k)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver

      01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Virgin Money Boost Saver

        01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Bonus Saver Account

          01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Bonus Saver

            0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            mySaver

              000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Simple Saver

                4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Netsave Account

                  3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Online Savings Account

                    3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    HSBC Everyday Savings Account

                      0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Incentive Saver Account

                        4000.01$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Bankwest Easy Saver

                          0502$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Bonus Saver

                            0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Incentive Saver Account

                              02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Growth Saver Account

                                Important Information and Comparison Rate Warning

                                All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of October 14, 2024. View disclaimer.

                                Important Information and Comparison Rate Warning

                                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.