Australian Treasurer Frydenberg: To add $15.6 billion to JobKeeper program
|While speaking at the ABC Breakfast News, Australian Treasurer Frydenberg announced that $13 billion of $15.6 billion will be availed to Victoria.
Key quotes
The reality is, as Treasury have forecast, it will hit the economy by between $10-12 billion in the September quarter and we'll see between 250,000 and 400,000 Victorian employees either stood down or - stood down to zero hours or who lose their job as a result of these stage 4 restrictions.
The Morrison government is committing an additional $15.6 billion to expand the JobKeeper program. Around $13 billion of that will go into Victoria.
We're making two major changes. One is to the business turnover test. The other is to the eligibility employee test.
When it comes to the business turnover test, previously, in order to be eligible as a business for the December quarter, you needed to be down in both the June and the September quarters. We're now saying that you need to be just down in the September quarter.
The second change is around the employee eligibility. In order to be eligible for the JobKeeper program, the employee needs to be on the business's books as of July 1. Previously, it was March 1.
FX implications
AUD/USD seems to pay a little heed to the news while seesawing near the 1.5-year high around 0.7230/35.
Read: AUD/USD sits near 1.5 year top above 0.7200 ahead of a busy day
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.