Under the $130 billion plan, which was announced today, businesses substantially impacted by the coronavirus can claim the fortnightly wage subsidy to help pay employee's wages for at least six months. 

Eligible businesses will receive $1,500 per eligible employee per fortnight. There will be a legal obligation to ensure these employers pass on the full wage subsidy to eligible employees. The ATO has released a guide for employers for more details on eligibility requirements.

Employers that are eligible to receive the $1,500 fortnightly payments include:

  • Businesses with a turnover of less than $1 billion that have a reduction in revenue of 30% or more since March 1 
  • Businesses with a turnover of $1 billion or more that have a reduction in revenue of 50% or more since March 1

Businesses that are subject to the major bank levy - ANZ, Commonwealth, NAB, Macquarie and Westpac - are excluded. 

Eligible employees for the wage subsidy include: 

  • Full-time workers
  • Part-time workers
  • Sole traders
  • Casuals who have been with their employer for at least 12 months
  • New Zealanders on 444 visas
  • Not-for-profit entities

Looking for a place to store cash? Below are a handful of 6-month term deposits with some of the highest interest rates in the market.

Provider

At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
  • Easy online application
  • Interest can be paid to other institutions
  • Maturity alert by email and phone

Term Deposit - 6 months

  • Easy online application
  • Interest can be paid to other institutions
  • Maturity alert by email and phone
At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

Online Term Deposit - 12 months

    Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]More details

    Term Deposit ($10000+) - 12 months

      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

      Term Deposit - 12 months

        Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit (Platinum Plus Club Members) - 12 months

          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50031$product[$field["value"]]$product[$field["value"]]More details

          Term Deposit ($500 - $1mn) - 12 months

            Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

            Term Deposit ($1000-$499999) - 12 months

              At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50001$product[$field["value"]]$product[$field["value"]]More details

              Term Deposit ($5k-$25k) - 12 months

                At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10007$product[$field["value"]]$product[$field["value"]]More details

                Term Savings ($1000-$500000) - 12 months

                  Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000031$product[$field["value"]]$product[$field["value"]]More details

                  Term Deposit - 12 months

                    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000$product[$field["value"]]$product[$field["value"]]More details

                    Term Deposit ($10k-$500k) - 6 months

                      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100000$product[$field["value"]]$product[$field["value"]]More details

                      Term Investment ($100k-$200k) - 6 months

                        At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

                        Term Deposit - 12 months ($5000-$25000)

                          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10000$product[$field["value"]]$product[$field["value"]]More details

                          Term Deposit ($10k-$500k) - 12 months

                            At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                            Term Deposit ($1000+) - 9 month

                              At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                              Term Deposit - 12 months

                                At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]1000$product[$field["value"]]$product[$field["value"]]More details

                                Term Deposit ($1000+) - 12 months

                                  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 8, 2023. View disclaimer.

                                  From today, businesses eligible for the wage subsidy will be able to apply to the Australian Tax Office (ATO) via the ATO's JobKeeper page which means that employers will not have to deal with Centrelink to access the funds.

                                  The fortnightly $1,500 payment will start to be issued from the first week of May and will be backdated to today.

                                  If employees have been stood down by their employer since March 1, they are still eligible for these payments. 

                                  The subsidy is around 70% of the median wage, and 100% of the median wage in the most heavily hit sectors like retail and hospitality.

                                  As of 7pm March 30, over 30,000 businesses have applied for the JobKeeper wage subsidy.

                                  Prime Minister Scott Morrison urged workers who have already been stood down to "ring up their employer". He also stressed people can not access both the Jobseeker and Jobkeeper payments.

                                  The $130b wage subsidy is expected to last for six months for an estimated six million Australians whose livelihoods have been impacted by the coronavirus pandemic.

                                  Treasurer Josh Frydenberg described the subsidy as more generous than similar measures in New Zealand and the United Kingdom.

                                  "Our wage subsidy scheme for Australia is unlike those of other nations," he said.

                                  "It is more generous to New Zealand's scheme, it is broader than the United Kingdom's scheme. Our scheme is uniquely Australian, with every eligible employee receiving the same wage subsidy."

                                  Mr Frydenberg said the wage subsidy is designed to help businesses bounce back once the pandemic is over.

                                  "The announcement today is all about providing additional income support and keeping employees connected to their employer, because once we get to the other side of this we want the recovery as speedy as possible," he told ABC News Breakfast.

                                  Looking for a place to stash some cash? Below is a snapshot of some of the highest interest rates being offered on "Intro Rate" savings accounts. 

                                  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
                                  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 $1,000 + each month from an external source
                                  • Make 5 or more eligible transactions
                                  • Grow your savings balance each month
                                  010000$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 $1,000 in the previous month
                                  • Easy access to your money
                                  4000$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%
                                  020001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                                  • Never miss out on your bonus interest with a little help from the Bonus Interest Tracker
                                  • $0 monthly account fee
                                  • Dip into your savings without losing your bonus interest

                                  Home Saver

                                  • Never miss out on your bonus interest with a little help from the Bonus Interest Tracker
                                  • $0 monthly account fee
                                  • Dip into your savings without losing your bonus interest
                                  02000$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 $200 per month to activate bonus interest
                                  020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                  HomeME Savings Account ($0 - $100,000)

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

                                    Growth Saver ($1 - $25k)

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

                                      Target Saver

                                        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)

                                          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
                                          • $0 monthly account fee
                                          • Earn bonus interest
                                          010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                          Boost Saver

                                            00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                            Reward Saver Account (31 years +) ($0-$100k)

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

                                              Bonus Saver Account (Amounts < $100k)

                                                0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                                Reward Saver Kick Start (Amounts ≤ $1m)

                                                  00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                                  Life (< 30 years) (Monthly deposit)

                                                    5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                                    NetBank Saver

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

                                                      ANZ Save

                                                        050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                                        Young Saver Account

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

                                                          Save up

                                                            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 8, 2023. View disclaimer.

                                                            Mr Frydenberg said that in return for the wages being paid, businesses are expected to keep their staff employed during the pandemic.

                                                            "At the end of the day we want Australian businesses and their employees to get to the other side intact,” Mr Frydenberg said.

                                                            “And that’s why we’re looking at this wage subsidy measure because it’s all about ensuring there’s a connection between the employer and the employee through what is a very difficult time.

                                                            “There are legal obligations for that to occur. And of course our focus here is supporting the employee who has done it very, very tough and obviously needs that security, needs that surety that they will continue to get that income support."

                                                            Mr Morrison had previously ruled out a UK-style wage subsidy which involves paying up to 80% of a person's wage.

                                                            "We've been very careful to ensure that income support can be delivered in a way that gets it to people as quickly as possible using the existing systems that we have," Mr Morrison said.

                                                            "It's not a matter of just cutting and pasting ideas from other places."

                                                            Prime Minister Scott Morrison said yesterday the new scheme would form part of his Government's third economic assistance package which would be "bigger than anything you have so far seen".





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