The introduction of stage four restrictions by the Victorian Government will have a severe impact on the Australian economy.
The Morrison Government will help more businesses by easing the eligibility criteria to make it easier for organisations to qualify for the JobKeeper extension from 28 September 2020.
The key changes include:
A change to the employee reference date
From 3 August 2020 the relevant date of employment for an eligible employee will move from 1 March to 1 July 2020, expanding employee eligibility.
A change to the turnover reference period
To be eligible for JobKeeper after 28 September 2020, organisations will only have to demonstrate that their actual turnovers have significantly declined in the previous quarter.
These changes mean organisations that can demonstrate a significant decline in turnover in the September 2020 quarter will be able to access the JobKeeper extension in the December quarter. An organisation able to demonstrate the requisite decline in turnover in the December 2020 quarter would be able to access the JobKeeper extension in the March 2021 quarter.
The economic deterioration in Victoria and the eligibility changes being made to the program will see the cost of JobKeeper increase by around $15.6 billion in 2020-21.
While these changes will apply nation-wide, it is expected that more than 80 per cent of the increased payments will flow to Victorian businesses and employees.
It is now expected that around four million Australians will be benefiting from JobKeeper Payments at the end of the September quarter, falling to around 2.24 million in the December quarter and 1.75 million in the March 2021 quarter.
The Government will continue to do whatever it takes to save lives and save livelihoods.
The COVID-19 pandemic has Australia facing a constantly changing situation. The Government’s response is to ensure the right support for Australian families, workers and businesses that need support, as these circumstances change.
Every arm of government is working to keep Australians in jobs and businesses in business.
The Morrison Government will continue to do what it takes to cushion the blow and help Australians get to the other side of the coronavirus crisis.
Further information on the extension of the JobKeeper payment can be found here
Senator the Hon Michaelia Cash
Minister for Employment, Skills, Small and Family Business
Senator for Western Australia