Eligible businesses will receive up to $1,000 a fortnight for each employee working at least 20 hours per week, down from $1,200.

For part-timers, the rate is now $650 a fortnight, down from $750. 

For businesses, there is a new 'decline in turnover' form to fill, and existing eligible businesses must submit it from 1 February. 

JobKeeper is also due to wind back entirely on 28 March.

Need somewhere to store cash and earn interest? The table below features 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
Featured
  • 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
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
0.10% p.a.
Bonus rate of 5.00%
Conditions apply.
5.10% p.a.
$1,044
$0
$250,000
$200
$0
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
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.

Deloitte Access Economics partner Chris Richardson said things will get more "challenging" after March.

“JobKeeper has been an absolute hero … and has created a world of difference for Australia," he told Channel Seven's Sunrise this morning.

However, the Government has maintained its stance on tapering off JobKeeper.

"The Morrison Government has always maintained that JobKeeper is a temporary program designed to taper off as economic confidence and momentum builds," Treasurer Josh Frydenberg told AAP.

"We're seeing that through the 734,000 jobs created over the last six months, with fewer businesses and their employees in need of JobKeeper and other temporary economic support."

The reduction in JobKeeper comes after the JobSeeker 'coronavirus supplement' was reduced from $250 a fortnight to $150 per fortnight on 1 January.

This means the maximum rate of JobSeeker is now $715 a fortnight. 

Zombie company protections were also wound back on 1 January, while the unemployment rate sits at 6.8%.

Photo by Louis Hansel @shotsoflouis on Unsplash





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