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.

Rates
Features
Conditions
Other
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
More details
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 $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money

Saver Account (<$250k)

  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money
More details
4000$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
  • A great base interest rate of 4.75%

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%
More details
05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Maximum Age - 24
  • $0 monthly account fee
  • Earn bonus interest

Goal Saver

  • Maximum Age - 24
  • $0 monthly account fee
  • Earn bonus interest
More details
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
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
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
More details
0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings

Bonus Saver Account (Amounts < $250k)

  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
More details
010000$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)

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

    Boost Saver

      More details
      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 December 11, 2023. 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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