Speaking in parliament yesterday, Scott Morrison said he's been "clear" that the supplement will go forward past 2020.

"We expect the new JobSeeker rate will be lower than what it is right now ... it should be higher than the old Newstart rate," he said.

“The precise level and the arrangements that sit around that are matters the government is considering now and will be doing so over the next few weeks.”

Social Services Minister Anne Ruston doubled-down on the Prime Minister's clarity today.

“I think the prime minister made it very clear and provided certainty to Australians that on the 1st of January there is very likely to be continued elevated levels of support," she told a Senate estimates hearing.

"If the evidence supports the continuation of elevated levels of support, they will be made available to Australians who need them."

It is reported there will be an announcement on the supplement's fate in early December.

Need somewhere to store cash and earn interest? The table below features introductory and ongoing savings accounts with some of the highest interest rates on the market.

Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
4.40% p.a.
5.75% p.a.
Intro rate for 4 months
then 4.40% p.a.
$980
4 months
$0
$250,000
$0
$0
Featured
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
0.55% p.a.
Bonus rate of 4.95%
Conditions apply.
5.50% p.a.
$1,128
$0
$100,000
$1,000
$0
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
1.20% p.a.
Bonus rate of 4.20%
Conditions apply.
5.40% p.a.
$1,107
$0
$250,000
$1,000
$0
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
4.75% p.a.
5.35% p.a.
Intro rate for 4 months
then 4.75% p.a.
$1,001
4 months
$0
$249,999
$0
$0
Featured
  • 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
0.50% p.a.
Bonus rate of 4.85%
Conditions apply.
5.35% p.a.
$1,097
$1
$50,000
$500
$1
  • Maximum Age - 24
Bonus rate of 5.50%
Conditions apply.
5.50% p.a.
$1,128
$0
$100,000
$0
$0
Featured *Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • No balance growth needed or card transactions necessary.
  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
0.05% p.a.
Bonus rate of 4.95%
Conditions apply.
5.00% p.a.
$1,023
$1
$250,000
$20
$0
  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
0.05% p.a.
Bonus rate of 5.45%
Conditions apply.
5.50% p.a.
$1,128
$0
$50,000
$1,000
$0
For customers aged 14-35 years
0.05% p.a.
Bonus rate of 5.30%
Conditions apply.
5.35% p.a.
$1,097
$0
$250,000
$1,000
$0
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 . View disclaimer.

In July it was announced that the boosted JobSeeker rate will be extended but reduced from late September until the end of the year.

According to the Australian Council of Social Service (ACOSS), the supplement's fate has been decidedly unclear.

“The increase to JobSeeker through the Coronavirus Supplement at the start of this crisis dramatically reduced poverty rates overnight," ACOSS CEO Cassandra Goldie said after the Budget was announced.

“We need to put in place a permanent, adequate increase to JobSeeker so that the payment is above the poverty line to end our persistently high poverty rates.”

From 25 September the supplement was wound down to $250 a fortnight, bringing the total JobSeeker rate to $815, down from $1,115 total.

However, recipients can still earn $300 of their own money without it affecting the payment, maintaining $1,115 a fortnight.

Since the supplement was introduced in March, ACOSS and other groups have said the unemployed cannot return to the '$40 a day' rate that the old 'Newstart' (now called JobSeeker) provided.

From late September, JobSeeker recipients are also required to increase their job searches to eight a month.

In the months after the pandemic hit, it was wound down to four searches, while beforehand the rate was 20 searches.

Treasurer Josh Frydenberg said the Government's aim is to wean businesses and people off assistance such as JobKeeper and JobSeeker.

"In recommending that JobKeeper be continued, the Treasury said it should remain a time-limited program, as it can create disincentives that become more acute as the economy opens up," he wrote in the Financial Review in July.

In September, the Australian Bureau of Statistics revealed the household savings ratio skyrocketed to 46-year highs off the back of government assistance programs, early super withdrawals, and limited capacity to spend money due to COVID lockdowns.

ACOSS also found there was a 13% drop in poverty, while AMP found average household incomes were better off by net $5,000 since mid-March.





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