The concerns about the jobs market were mirrored by Reserve Bank governor Philip Lowe, who used a major address to reject growing global arguments for governments to print money to cover the debts incurred fighting the pandemic recession.The $70 billion JobKeeper program, which provides a $1500-a-fortnight wage subsidy to firms who suffer a 30 to 50 per cent fall in turnover, and the coronavirus supplement were both due to end in the last week of September.
The government is expecting the number of people supported by JobKeeper to fall from the current level of 3.5 million to 1.4 million at the end of September. By the start of next year, this is tipped to be down to one million. Scott Morrison says people would likely move to unemployment benefits from JobKeeper as the wage subsidy was wound back.Taxpayers will foot the bill. JobKeeper, originally forecast to cost $70 billion, is now tipped to reach $86 billion while the coronavirus supplement extension will cost another $3.8 billion.
Shadow treasurer Jim Chalmers said Labor would likely support the changes, which also include allowing unemployed people to earn up to $300 a fortnight before having their JobSeeker payment reduced, arguing the government had done the right thing by dropping its original proposal to end the scheme in September.
But those sectors that had a pipeline of work before the virus, particularly construction and professional services which between them employ more than 2.2 million people, were now facing a decline in orders.
It would be mending if the lockdowns weren’t reintroduced. Don’t know what planet he’s on. It is getting worse due to lockdown 2.0
Morrison has no ducking idea how the people of this country are suffering under his imperialistic regime, he returns to the safety his castle, in the full knowledge that he will receive his $10k per week without lifting his head from the pillow.
Economy is not mending there are still millions of people underemployed or unemployed.
No incentive for some to even get out of bed!
In other news: Parliament has suspended meeting until a technology exists where people can communicate through a machine over long distances.
'Some people' ..yup, about a million some peoples
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