Australia to extend wage subsidies into 2021

Australia’s Treasurer JOsh Frydenberg introduced a bill on Wednesday, which will pave the way for an extension of the wage subsidy program into 2021, according to Reuters News. 

The extension will boost the total cost of the program by about $15 billion to more than $100 billion. 

Key points (AAP Newswire, Reuters)

JobKeeper will be split into two tiers, resulting in different pay rates for full-time and part-time staff.

"The phasing down of the JobKeeper payment will ensure a smooth and gradual transition to economic recovery, while ensuring that those who most need support continue to receive it," Mr Frydenberg told parliament.

"The introduction of a two-tier payment rate will also better align the JobKeeper payment with the pre-COVID incomes of recipients, particularly those who worked part-time hours."