Payment of $750 per week to be available via employers.
Prime Minister Scott Morrison has just announced a massive $130 billion initiative which will see wages for employees subsidised to the tune of $1500 per fortnight.
The program will apply to businesses which have suffered a 30% or greater turnover slump due to COVID-19, or a 50% downturn in the case of companies with a turnover of greater than $1 billion.
The payments will be made to employers starting in May, but backdated to today and based on staffing in place as of 01 March 2020.
Parliament will be recalled to approve the package, with the funding to be made available via the Australian Tax Office and monitored through the Single Touch Payroll system. In addition there is no superannuation guarantee levy on this payment.
Morrison said the payment would give employers breathing space to keep people in jobs, allowing them to work together to resuscitate businesses slammed by the coronavirus.
“This is the means, the bridge by which we can get to the other side of this crisis,” the Prime Minister said.
More details in tomorrow’s issue of Travel Daily.