Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Australia says 1.5 million workers in Victoria state to get wage subsidy

Published 07/08/2020, 10:35 am
Updated 07/08/2020, 10:36 am
© Reuters.

By Colin Packham

SYDNEY, Aug 7 (Reuters) - Nearly half the workers at private companies in Australia's Victoria will receive a federal wage subsidy as a surge of coronavirus cases forces a near total lockdown in the second most populous state, Treasurer Josh Frydenberg said on Friday.

Melbourne, the capital of Victoria state and the country's second largest city, began a six-week total lockdown on Thursday, shuttering shops and businesses and requiring its five million inhabitants to stay home.

With Australia making it easier to qualify for wage subsidies, Frydenberg said half of the private sector labour force in Victoria will receive a two-weekly payment of A$1,500 ($1,085), a programme known as JobKeeper. wage subsidy scheme, which is scheduled to run until March 2021 and cost more than A$32.4 billion, is among measures seeking to prop up the economy, which is entering its first recession in nearly three decades.

On Thursday, Prime Minister Scott Morrison said unemployment was forecast to peak at 10%, with effective unemployment closer to 14% when counting workers in the wage subsidy scheme.

But authorities say the lockdown of Melbourne is the only way to contain the second wave outbreak of COVID-19 which has infected thousands in recent weeks.

Victoria reported on Thursday 471 new COVID-19 cases and eight deaths in the previous 24 hours.

Australia has 20,000 reported cases of the virus, of which Victoria accounts for 13,000. Nationwide, deaths total 255, still far fewer than many other developed nations.

($1 = 1.3820 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.