JobKeeper was scheduled to end on 27 September, but in light of the deepening economic fallout from COVID, was legislated for another six months.

However, payments have now been cut and are as follows: 

  • Employees who are contracted for more than 20 hours a week will see payments reduced from $1,500 a fortnight to $1,200 a fortnight; and
  • Employees who are contracted for less than 20 hours a week will see payments reduced from $1,500 a fortnight to $750 a fortnight

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

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • 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

Savings Account (Amounts < $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
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
*Rate varies on savings amount

Save Account (>$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
40501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.

Reward Saver (< $1M)

  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.
05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Goal Saver

    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Bonus Saver Account (Amounts < $250k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          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 July 22, 2024. View disclaimer.

          Employers will also have to reassess their turnover for the September quarter to continue to receive payments:

          • Employers with an aggregated turnover of more than $1 billion will need to demonstrate a decline in turnover of 50%; and
          • Employers with an aggregated turnover of less than $1 billion will need to demonstrate a decline of 30%

          JobKeeper is scheduled to end in March of next year without further government intervention, with many groups calling for a further extension. 

          In January, payments will be rolled back further, by $200 for those working more than 20 hours, and $100 for those working less than 20 hours, before ending completely on March 28 2021. 

          The Treasury has estimated there will be 2.24 million people on JobKeeper in the December quarter, with 60% of this number found in Victoria alone. 

          In the March 2021 quarter, there will still be 1.75 million people on the scheme, with 60% again found in Victoria. 

          The government has been firm in its stance that inflated government support schemes were always a temporary measure and the focus was on getting people back into work. 

          In a speech last week, Treasurer Josh Frdenberg said the government's fiscal plan had built the foundation for a stronger and more dynamic economy.

          "Our revised fiscal strategy is built around supporting the economy in the near term, to make sure Australians are back in work and businesses are back to business as soon as possible," Mr Frydenberg said.

          "It maintains our core values as a government, with an enduring focus on fiscal discipline, lower taxes and containing the size of government."

          JobSeeker payments also slashed

          JobSeeker payments were cut on Friday, with the Coronavirus supplement slashed by more than half. 

          JobSeeker recipients saw the supplement cut from $550 a fortnight to $250 a fortnight, taking the fortnightly rate to $815.70 for singles, $862 for singles with children and over 60s, and $760.80 each for couples.

          Recipients are also able to earn $300 of their own income without payments being reduced. 

          Pre-COVID measures have also been reintroduced, including having to actively search for 8 jobs per month, and penalties for those who don't accept offers of work. 

          Job plans and meetings with employment service providers, as well as asset tests have also been reintroduced. 

          Treasury estimates there are 1.35 million people receiving JobSeeker payments, with 500,000 of these in Victoria alone.