Economists are warning of a $31.3 billion hit to the economy and an average of 145,000 job losses over two years if the JobSeeker welfare payment reverts to pre-pandemic levels.
Economists are warning of a $31.3 billion hit to the economy over two years if the Jobseeker welfare payment reverts to pre-pandemic levels.The coronavirus supplement is due to be cut by $300 from September 25 and is due to end at the end of the yearA Deloitte Access Economics analysis commissioned by the Australian Council of Social Services found winding back the supplement this month, and then removing it entirely in December, would reduce the size of the economy by $31.
Economist at Deloitte Nicki Hutley said financial support for unemployed Australians and low-income earners would be critical to the nation's economic recovery."If we take it away too soon and too harshly, we will end up adding to the unemployment queue," Ms Hutley said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What Cowboys enforcer called ref in vile sprayBrad Fittler described it as 'pathetic' and now it's been revealed exactly what Josh McGuire said to the referee. NRL 9WWOS
Read more »
Fremantle's future is bright under Justin Longmuir as a finals return awaits in 2021The Dockers have long been out of the running to make the AFL finals, but there are plenty of reasons for the Purple Army to be optimistic about their chances next season, writes Grandstand's Alister Nicholson.
Read more »
'Put up or shut up': Barilaro returns fire on the LiberalsNSW Deputy Premier John Barilaro has fired a warning to his Liberal colleagues: 'Put up or shut up'.
Read more »
Hundreds of millions lost on transport during COVID-19But Transport Minister Andrew Constance has promised there will be no reduction in services.
Read more »
NSW records four new COVID-19 cases, but 'concern' over low testing numbersHealth authorities in NSW confirm four new cases of coronavirus but remain concerned about low resting rates with under 10,000 swabs completed on Sunday.
Read more »
Theatre and arts prepare to return in a post-COVID worldThe arts was among the industries worst-hit by the coronavirus pandemic and with the curtain about to go up on live shows again, hand sanitiser and social distancing are taking centre stage.
Read more »