Shadow Treasurer JEChalmers has questioned the Morrison government on whether cutting JobKeeper, JobSeeker and wages will make the worst recession in a century even deeper and longer.
Shadow Treasurer Jim Chalmers has questioned the Morrison government on whether cutting JobKeeper, JobSeeker and wages will make the worst recession in a century even deeper and longer. Treasurer Josh Frydenberg hit back highlighting how many people the programs supported, and that it was always implemented as a temporary measure.
“JobKeeper is at $101 billion, the single largest economic support program that this government, or indeed, any Australian government has ever undertaken,” Treasurer Josh Frydenberg said. “And right now, it’s supporting 3.5 million Australian workers and around 1 million businesses, Mr Speaker. “We’ve always said, though, the program was temporary, it was targeted, and that there would be a transition. “We are seeing this payment transition over time but right now it’s supporting 3.
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New JobKeeper legislation ‘critical to economic recovery’ passes through parliament | Sky News AustraliaThe ground-breaking JobKeeper program has passed through the parliament which will see it extended and expanded for another six months.\n\nTreasurer Josh Frydenberg and Industrial Relations Minister Christian Porter announced the passage of the extension of the scheme which is currently supporting more than 3.5 million Australian workers.\n\nThe legislation will see the payment drop to $1,200 per fortnight from September 28, with another decrease scheduled from January 2021 to $1,000.\n\nThis will only apply to workers who recorded at least 20 hours of work a week before the scheme was introduced.\n\nMr Frydenberg also praised the “critical industrial relations flexibility arrangements” as part of the legislation which he said will be “absolutely critical” to Australia’s economic recovery.\n\n“The passage of the legislation tonight is going to give confidence and certainty to millions of Australian workers and provide hope for our economic recovery,” he said.\n\nImage: Getty
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JobKeeper extension passes federal parliament | Sky News AustraliaJobKeeper payments will continue at a lower rate beyond next month after changes to the government’s subsidy scheme passed through the federal parliament. \n\nFull time workers will receive $1200 a fortnight while part time workers will receive $750 a fortnight, before the rate is revised down to a maximum payment of $1000 a fortnight from December to March. \n\nTreasurer Josh Frydenberg said the six-month extension provided an important lifeline to millions of Australian jobs and businesses. \n\n“There’s also critical industrial relations, flexibility arrangements that come with this legislation and that’s going to be absolutely critical to our economic recovery,” he said.\n\nImage: Getty
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JobKeeper extension 'allowing' states to keep borders shut | Sky News AustraliaSky News Political Editor Andrew Clennell says federal sources acknowledge the extension of JobKeeper is allowing states to keep borders shut for longer than they ordinarily would.\n\n“In July after Mr Frydenberg told New South Wales Treasurer Dominic Perrottet there would be an extension to JobKeeper nationally, Mr Perrottet told Mr Frydenberg ‘sure’ but hoped he knew this would allow premiers to sit on their hands for longer and to keep their borders shut for longer,” Mr Clennell said.\n\n“And that is exactly what is happened.”\n\nPrime Minister Scott Morrison said he is determined to do something about border issues at the National Cabinet on Friday.\n\nQueensland Premier Annastacia Palaszczuk however said she “won’t be moved” on border measures.\n
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AUSTRALIA IN RECESSION: Economy contracts by seven per cent | Sky News AustraliaAustralia’s economy has recorded its worst fall on record, contracting by seven per cent, officially ending the near three-decade streak of uninterrupted economic growth.\n\nThe economy contracted year-to-year by 6.3 per cent.\n\nThis contraction follows last quarter’s GDP figures, which saw a drop of 0.3 per cent, largely attributed to the devastating bushfires in the early months of 2020, and not the full impacts of the coronavirus.\n\nAustralia was last in a recession from 1990 to 1991.\n
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Treasurer to announce Australia in first recession in three decades | Sky News AustraliaThe Treasurer is today expected to announce Australia has entered its first recession in almost three decades with an expected six per cent contraction in Gross Domestic Product during his national accounts address.\n\nJosh Frydenberg said the coronavirus pandemic swung 'a wrecking ball' through the economy but said Australia was doing better comparatively than other nations.\n\n'The impact... on GDP in the June quarter across the world has been staggering,' Mr Frydenberg said.\n\n'In the United Kingdom, it has been around 20 per cent. In France, it has been around 14 per cent.\n\n'The expectation is the fall here will not be as large as we've seen in other countries around the world indicating the remarkable resilience of the Australian economy.'\n\nThe contraction represented the worst economic downturn since records began in the 1950s - dwarfing a two per cent quarterly drop in 1974.\n\nThe Reserve Bank of Australia unsurprisingly announced yesterday it would again keep the cash rate on hold at the record low 0.25 per cent but Governor Philip Lowe confirmed another cut was unlikely for the 'forseeable future'.\n\nMeanwhile, the parliament has greenlighted the government's plan to cut Jobseeker and Jobkeeper payments beyond September when a two-tiered, revised system comes into effect through to March 2021.\n\nThe Treasurer argued it was time to begin winding back the government's high level of fiscal support, but said no Australian would be 'left in the lurch'.\n\nImage: News Corp Australia
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Once you shutdown an economy, this is what you get: Clennell | Sky News AustraliaSky News Political Editor Andrew Clennell says 'once you shutdown an economy, this is what you get' following news Australia had entered its first recession since 1991.\n\nMr Clennell pointed to a drop in household expenditure as a key factor with a 17 per cent drop in services including travel and social dining.\n\n'The concerning thing I think is, you get through this quarter and a couple of weeks into the next quarter you get the whole state of Victoria is locked down.\n\n'That's going to be a significant number next quarter. I know people are saying it'll be better next quarter because things have opened up but, what about the Melbourne effect?\n\n'Funnily enough, the household savings ratio is up from six per cent to 18 per cent.'\n\nThe Australian Bureau of Statistics revealed Australia's GDP contracted seven per cent in the June quarter, above market expectations, in what was the largest quarterly fall on record.\n\nSky News Business Editor Ticky Fullerton said she believed Australia's economy had seen a 'lower dip' relative to other global economies.\n\n'If you compare us to say the quarters that have happened abroad, I mean, Britain; minus 20.4 per cent. The US fell by nine per cent; Europe by 12 per cent,' Ms Fullerton said.\n\n'Relatively speaking, our low has been a lower dip than elsewhere in the world.'\n\nThe drop ends a near three-decade streak of uninterrupted economic growth.\n\nImage: News Corp Australia
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