New South Wales Treasurer Dominic Perrottet has announced an expansion of the JobSaver payment, which will see the turnover eligibility ceiling increase from $50 million to $250 million, along with an increase to maximum payments of $100,000 available under the scheme.
“That will ensure that around 460,000 businesses with a turnover reduction of 30 per cent will be eligible for those support payments,” Mr Perrottet said. “That is up from 230,000 businesses. That has a coverage of around 3.3 million workers right across the state.”
The expansion and extension will also see maximum weekly payments increased from $10,000 to $100,000 per week under the scheme.
“That will ensure that businesses, the cash flow and financial support is there so they can get through this. We have made it clear that businesses can’t reduce headcount,” Mr Perrottet said. “We want to make sure that workers remain connected to their businesses as we move through this lockdown period.”
Applications for JobSaver opened on Monday and will see businesses and not-for-profits receive 40 per cent of their weekly payroll, at a minimum of $1,500, as long as they maintain their full-time, part-time and long-term casual staffing level as of 13 July.
Mr Perrottet said that the increased maximum payments will be backdated to applications made as far back as last week.
The added support supplied by the state will be in part paid for by the federal government.
“I want to thank the Federal Government, the Prime Minister and the Federal Treasurer for the constructive discussions we have had and the increase in financial support,” Mr Perrottet said.
“Anecdotally, if you look at the other business packages we have here in New South Wales, almost 29 per cent of businesses have had a downturn of around 30 per cent – they can apply for financial assistance. That is micro business, medium business, large business.”
Both Mr Perrottet and NSW Premier Gladys Berejiklian, said Prime Minister Scott Morrison is expected to announce an expansion to the Commonwealth’s individual COVID-19 disaster payments on Wednesday afternoon.
“I appreciate the consideration given to the concerns that we have raised, and I think the support package we are announcing this morning, combined with the support package from the Federal Government, an announcement coming this afternoon,” Mr Perrottet said.
“We’ll make sure that all workers in the state, all businesses in this state, can get the support they need to the other side stronger.
“We have done this over the last 18 months and we will do it again.
“Finally, my message to the people of New South Wales is yes, it is difficult, the lockdown has been extended, but we will get through it.
“We have got through it and we will ensure our financial support, as things evolve, will be that you keep people in work and businesses in business across the state.”
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
