Australia extends job support to businesses hit by coronavirus pandemic

According to reports, Australia will spend $11.8 billion to extend its w subsidies for businesses hit by vel coronavirus. re has been a surge in country’s souast part that will be reason to keep ecomy in recession.re can be a hard end to current A$70 billion scheme which was scheduled for September 30 as it has been extended for six months. This can contribute to one of major reasons for recession in Australia, in last three decades.

Ecomic measures

In an attempt to wean ecomy of fiscal support, new programme will run till March 28, 2021 with aim of covering 1 million workers. subsidies will be reduced under new programme. Scott Morrison, Prime Minister of Australia said, it has to scale down and work without se supports because y are t enduring. He added, y cant be permanent as y were t designed to be permanent. 

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support programme of Australia which was launched in March covered all workers, including those who worked only in casual shifts. It was launched with fortnightly payments for workers with affected businesses of A$1590. Under new programme, recipients will receive A$1,200 a fortnight. Those who work less than 20 hours a week will receive A$700 every two weeks. However, from Jan. 1, payments will fall to A$1,000 and A$650 a fortnight, respectively. 

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Reports suggest that w supplements have helped 3.5 million Australians. Prime Minister Morrison said that changes were essential in order to support ecomy. This should be done by striking a balance and t overpaying casual workers. He added, unemployment benefits will also be trimmed. se were increased in March by A$550 a fortnight until September 30. Australia’s Central Bank supported w programme and unemployment support.

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