Federal government support for Victoria is on track to reach $75 billion, according to data from Treasury, with the daily bill for support payments like JobKeeper and JobSeeker reaching $200 million. 

The data also revealed lost economic output for the September quarter now exceeded more than $100 million per day. 

In separate data, the Australian Bureau of Statistics found the average daily jobs lost over August and September in Victoria was 1,200, 52% of all jobs lost nationally since March. 

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.

Rates
Features
Conditions
Other
Provider
4001$product[$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
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
Disclosure
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus variable rate for the first 4 months on balances up to $250k and high variable ongoing rates.
  • No fees and no monthly requirements to earn interest.
  • Easily open an account online in 3 minutes.
Disclosure

Savings Account

  • Bonus variable rate for the first 4 months on balances up to $250k and high variable ongoing rates.
  • No fees and no monthly requirements to earn interest.
  • Easily open an account online in 3 minutes.
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.75% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.20%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.75% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.20%
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn 4.85% p.a. for the first 4 months
  • No minimum Balance
  • No monthly deposit or withdrawal required

Save Account

  • Earn 4.85% p.a. for the first 4 months
  • No minimum Balance
  • No monthly deposit or withdrawal required
More details
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Score $20 using code SWIPE20
  • Sign up with code SWIPE20 to score $20 after 5 card purchases in your first 30 days. *See terms on the app store
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure
*Score $20 using code SWIPE20

Save Account

  • Sign up with code SWIPE20 to score $20 after 5 card purchases in your first 30 days. *See terms on the app store
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
More details
Disclosure
  • Bonus variable rate for the first 4 months on balances up to $250k and high variable ongoing rates.
  • No fees and no monthly requirements to earn interest.
  • Easily open an account online in 3 minutes.

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 July 12, 2025. View disclaimer.

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Treasury deputy secretary Luke Yeaman told a Senate committee hearing today the situation was becoming untenable. 

"The longer it goes, the greater the risk of further business closures," Mr Yeaman said. 

Treasury said Victoria's effective unemployment rate was 14%, well above the national average of 9-9.5%. 

Mr Yeaman said without the second lockdown, the effective national unemployment rate would be considerably lower. 

The figures come as Victoria recorded no new COVID cases or deaths today for the first time since June. 

Premier Dan Andrews yesterday announced a "cautious pause" to easing restrictions, after previously flagging there could be a significant rollback of restrictions announced on Sunday. 

“We are not in a position to do that today because we have at least 1,000 test results from that northern metropolitan outbreak that are in the labs,” he said on Sunday.

Retail group slam restriction pause 

The Australian Retailers Association (ARA) said it was deeply concerned there had been a delay to eased restrictions and called for realistic plans to navigate the virus. 

“We can no longer say there is no alternative when we can see successful alternative paths to managing these outbreaks within NSW," ARA chief executive Paul Zahra said. 

“The extended lockdowns are destroying thousands of retail jobs – and whilst retailers are doing everything they can to stay optimistic and keep their teams employed, many can’t hold on much longer.

"Every day of delay is costing us more jobs - most of which are held by women and young people.”

Mr Zahra called for retail staff to be allowed access to stores to begin making COVID-safe arrangements and start Christmas preparations. 

“Every day we get closer to Christmas will create a greater safety challenge to retailers in managing pent up demand and crowds," he said. 

"Not only are businesses needing to prepare for any COVID-related measures, they also need to be getting ready for Christmas, which includes potentially hiring extra workers and ordering and merchandising new inventory."