What a revamped JobKeeper could look like

author-avatar By on July 20, 2020
What a revamped JobKeeper could look like

Photo by Markus Spiske on Unsplash

JobKeeper changes for childcare workers apply from today, and from Thursday 23 July wider reforms will be revealed.

While the changes for childcare workers were announced back in May, from this Thursday there is expected to be further changes as the scheme is currently under review.

It's reported that other sectors could be weaned off JobKeeper from Thursday.

Already, there's a new stipulation to the scheme, which states, "An entitlement to JobKeeper payment under this Part may be cancelled, revoked, terminated, varied or made subject to conditions by or under later legislation". 

The Sydney Morning Herald is also reporting that small businesses will be given access to a $40 billion loan scheme.

Under the scheme, companies will be able to access four times the amounts previously allowed up to a new cap of $1 million.

Already the JobKeeper scheme's cost has been written down by the Treasury from approximately $130 billion to $70 billion after a reporting error was revealed in May.

“The difference between Treasury’s estimates at the time and the number of employees now accessing the JobKeeper program partly reflects the level and impact of health restrictions not having been as severe as expected and their imposition not having been maintained for as long as expected at the time," a Treasury statement said.

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Provider
Total
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Online Saver
1.55% 1.20% 4 months 0.35% Go to site
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2.00% 0.65% 4 months 1.35% More details

*Data accurate as at 04 August 2020. Rates based on a savings balance of $10,000. Sorted by total interest rate. Refer to providers' websites for bonus rate conditions. Note that the base rate will apply once the introductory term has passed.

For the unemployed, groups such as the Australian Council of Social Service (ACOSS) have called for the permanent increase of JobSeeker after the unemployment rate hit 7.4% last week, with those on JobKeeper bringing the total up to 13%.

“We will be looking to next week’s economic statement to deliver on the other two elements of our response: A strong recovery in employment and a substantial rise in JobSeeker payments for the almost two million who will likely continue to need income support to cover the basics beyond September,’’ ACOSS chief Cassandra Goldie said.

"The Government must not consign people suffering the misfortune of unemployment to the old $40 a day of Newstart.

"It must deliver a permanent, adequate increase to Job Seeker, the unemployment payment, for the sake of those directly affected and to maintain vital support to the economy."

ACOSS has also called for a long-term 'jobs and training guarantee' scheme, which would include paid work experience, vocational training and other support for six months for people younger than 25, and 12-24 months for people older than 25.


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author-avatar
Harrison joined Savings in 2020. He is a journalist with more than four years of experience, with previous stints at News Corp and financial comparison site Canstar. With a keen interest in personal finance, Harrison is passionate about helping consumers make more informed financial decisions.

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