In what is welcome news for the travel and tourism industry, the Federal Government has this afternoon announced its latest rescue payment in a bid to prevent millions of people from losing their livelihoods to the coronavirus pandemic.
In a live address to the nation, PM Scott Morrison announced that businesses will receive a fortnightly wage subsidy up to $1,500 per employee per fortnight for the next six months as part of a $130 billion initiative.
The latest government COVID-19 contingency package has been nicknamed the “JobKeeper” payment.
Employers with an annual turnover of less than $1 billion that has experienced a 30 per cent fall in revenue since March 1 will be eligible for the wage subsidy.
Companies with an annual turnover above $1 billion will have to have a 50 per cent fall in revenue to be eligible for the scheme. Businesses subject to a major bank levy will be ineligible.
The fortnightly wage subsidy and payments will be available to:
- Full-time workers
- Part-time workers
- Sole traders
- Casual workers who have been with their employer for 12 months or more
- Partnerships and trusts
- New Zealanders living in Australia on 444 visas
- Anyone who has already been stood down due to coronavirus
- The subsidy is the central plank in a $130 billion economic stimulus package, the third and largest package the Government has announced in response to the coronavirus.
Payments will flow from the first week of May but will be backdated to today (30 March) to include anyone who has been stood down due to coronavirus. However, a person can not receive both the JobSeeker and JobKeeper payments.
The Jobseeker payments will continue until the end of September 2020.
The PM said the Jobkeeper payment was “to keep Australians in their jobs even when the work dries up.”
The news will come as welcome relief to a wide range of businesses within the travel and tourism sector in Australia who have been decimated in recent weeks.
Thousands of staff have been stood down in recent weeks across many of the industry’s biggest employers including Qantas, Virgin Australia, Flight Centre and Helloworld Travel.
How do you find out more or apply for the “Jobkeeper” payment? Speak to your employer or go to www.treasury.gov.au/coronavirus
Will this latest package help you or your business? Share your opinion at editor@karryon.com.au