A revision to the cost of the government’s JobKeeper program is “very good news” for the economy, according to Energy Minister AngusTaylorMP. Kieran_Gilbert
A revision to the cost of the government’s JobKeeper program is “very good news” for the economy, according to Energy Minister Angus Taylor. The government on Friday revealed a costing error by Treasury meant the wage subsidy scheme was initially forecast $60 billion higher than was required. It is now estimated the JobKeeper program will cost the government $70 billion and will cover about 3.5 million workers.
“This was a forecast, an update of the forecast, the original forecast was based on the best information available and this was a more subsequent update,” he said. “This was not an objective or a target. Only the Labor Party could think spending more money is a target.” Mr Taylor said the revision indicated the economy was in better shape than was anticipated. “It is actually very good news.
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JobKeeper mistake ‘is actually good news for Australian taxpayers’: Frydenberg | Sky News AustraliaSky News host Chris Kenny says “staggering developments” have emerged following the Treasury’s announcement of a 'massive' $60 billion JobKeeper mistake which he discussed in an exclusive interview with Treasurer Josh Frydenberg. \n\nA significant reporting error has led Treasury to dramatically revise its projections for the Morrison government's JobKeeper program. \n\nThe scheme, which sees the government pay $1,500 fortnightly in affected workers' wages, was originally expected to cover around 6.5 million employees at a cost of $130 billion. \n\nBut late Thursday, the Treasury and Australian Tax Office were forced to admit to the Morrison government those projections were wrong.\n\nAs a result, Treasury's revised estimate of the cost of the JobKeeper program is now just $70 billion which is $60 billion less than the original forecast. \n\nTreasury now expects the number of employees likely to be covered under JobKeeper program to be around 3.5 million, around 3 million less than forecast.\n\nTreasurer Josh Frydenberg said the “reality is” this was an “unintentional error by a thousand businesses”.\n\nHe said the initial forecast done by Treasury was done at a time when the number of coronavirus cases were on the rise in the nation but said this result “is good news for the Australian taxpayer”. \n\n“It’s good news that the Australian economy hasn’t deteriorated in the way Treasury initially predicted”. \n\n“Nobody should be seeking to blame Treasury or the ATO, we should just be accepting that this is a mistake, it was an unintentional one”. \n\nMr Kenny said the whole “massive” mistake has raised “a range of questions” over the government’s budget which now faces $60 billon less debt than expected. \n\nHowever, “the good news was that it means we’re $60 billion better off than we thought,” Mr Kenny said. \n\nImage: News Corp Australia
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Budget bottom line to benefit from JobKeeper bungle, but economists say the money could be better spentThe JobKeeper bungle now means the Federal Government is essentially $60 billion richer, which is good news for the budget's bottom line.
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ATO admits the JobKeeper forms 'could have been clearer' | Sky News AustraliaThe Australian Tax Office admits the JobKeeper forms 'could have been clearer', after confusion over the first question resulted in the estimated budget being out by $60 billion dollars. \n\nA significant reporting error has led Treasury to dramatically revise its projections for the Morrison government's JobKeeper program. \n\nThe scheme, which sees the government pay $1,500 fortnightly in affected workers' wages, was originally expected to cover around 6.5 million employees at a cost of $130 billion. \n\nBut late Thursday, the Treasury and Australian Tax Office were forced to admit to the Morrison Government those projections were wrong. \n\nAs a result, Treasury's revised estimate of the cost of the JobKeeper program is now just $70 billion which is $60 billion less than the original forecast.\n\nImage: Getty
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Revised JobKeeper projections 'are a great result for Aussies' | Sky News AustraliaTasmanian Senator Eric Abetz says Treasury's revision on JobKeeper projections is actually 'fantastic' and is 'a great result for the Australian people'. \n\nA significant reporting error has led Treasury to dramatically revise its projections for the Morrison government's JobKeeper program. \n\nThe scheme, which sees the government pay $1,500 fortnightly in affected workers' wages, was originally expected to cover around 6.5 million employees at a cost of $130 billion. \n\nBut late Thursday, the Treasury and Australian Tax Office were forced to admit to the Morrison government those projections were wrong.\n\nAs a result, Treasury's revised estimate of the cost of the JobKeeper program is now just $70 billion which is $60 billion less than the original forecast. \n\nTreasury now expects the number of employees likely to be covered under JobKeeper program to be around 3.5 million, around 3 million less than forecast.\n\nMr Abetz told Sky News host Chris Kenny 'the important is if you make errors, make them in the way it was done in this occasion'. \n\nHe said the 'worst thing' that could have happened is if the nation had to spend over predicted estimates, as opposed to what has happened in this instance. \n\nImage: Getty
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JobKeeper 'badly implemented, badly communicated and badly budgeted' | Sky News AustraliaShadow Treasurer Jim Chalmers says the JobKeeper program has been “badly implemented, badly communicated and badly budgeted” which shows you cannot trust “a bad government with a good idea”. \n\nThe Australian Tax Office admitted the JobKeeper forms 'could have been clearer', after confusion over the first question resulted in the estimated budget being out by $60 billion dollars.\n\n“The $60 billion question is how can we ever believe anything that this treasurer or this government tells us about the budget or about the economy into the future,” Mr Chalmers said.\n\nImage: News Corp Australia
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Government's $60b accounting bungle ups pressure to extend JobKeeper schemeWith $60 billion now on the table, various stakeholders are trying to get their hands on a portion of the money with calls to extend the JobKeeper scheme to those still in need. 9News
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