Australia’s New Wage Support Plan Attracts 60,000 on First Day
More than 60,000 registrations of interest have already been received for wage subsidies to Australian businesses
(Bloomberg) -- More than 60,000 registrations of interest have already been received for wage subsidies to Australian businesses that are significantly affected by the coronavirus.
“Australia is fighting a war on two-fronts - a health crisis and an economic crisis,” Treasurer Josh Frydenberg said on Sky News Tuesday. “A number of businesses will need this wage subsidy.”
The government said it will take “years and years” to pay off the stimulus package, and is likely to be the last of its size.
“We’ll be making further announcements in due course - but they won’t top yesterday’s announcement,” he said. “That is the most significant announcement you will see from the government for years to come.”
Australia’s record A$130 billion ($80 billion) jobs-rescue plan will see the government pay wage subsidies of A$1,500 every two weeks per employee to help struggling businesses keep people in work as the coronavirus outbreak wreaks havoc on the economy.
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