While it is a given some will be quick to find fault with the "JobKeeper" payment announced on Monday, it will be warmly welcomed by the millions of working Australians facing an uncertain future.
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As of yesterday, all workers, whether full-time, part-time, casuals who have been on the books for 12 months or more, or sole traders, are guaranteed $1500 a fortnight for the next six months.
It is a flat payment. Workers earning less than $1500 a fortnight prior to the crisis will actually be earning more under this scheme.
The program, which can be topped up by employers if they wish, is open to small and medium enterprises whose turnover has dropped by 30 per cent or more, and all businesses with an annual turnover of more than $1 billion whose turnover has fallen by 50 per cent or more.
The big advantage over the JobSeeker payment is it will maintain the connection between companies and workers.
The program is also an incentive for some companies, such as airlines, to rehire laid-off workers.
While, as noted, it is probably less than perfect, the scheme can be tweaked when areas of concern come to light. It is likely, for example, that it will be extended beyond six months if the crisis goes beyond that.
The most startling aspect is the amount to be spent. This latest round of support, which could cover up to 6 million workers, will cost $130 billion. The government spent $488 billion in the whole of 2018-19.
Workers earning less than $1500 a fortnight prior to the crisis will actually be earning more under this scheme.
This $130 billion is on top of $190 billion in support previously announced by state and federal governments and the Reserve Bank.
Australian taxpayers are stumping up 65 per cent of what the federal government would usually spend on everything, including defence, health, welfare and the rest, to keep businesses in business, workers in jobs, and those who have lost their jobs supported for the next six months.
The additional coronavirus health expenditure is on top of that.
Not only is the surplus a thing of the past; the nation will be living with deficits for years to come.
But if this massive spend allows this country to weather the crisis in relatively good economic shape, and with a better-than-expected health outcome, nobody will say it was the wrong thing to do.
The good news is that over the weekend Australians were told there were signs social distancing is working, and the push to get the number of new infections under control is starting to bear fruit.
New infections were running at 25 to 30 per cent a day last weekend. On Sunday, the PM said this had fallen to 9 per cent.
This is not the time to become complacent, however.
If people choose to relax their guard on the basis the battle is being won, the curve will start to rise again very quickly.
It is vital the latest restrictions on movement, including limiting non-household gatherings to two people and the compulsory quarantining of all residents and citizens returning from overseas, are strictly adhered to.
Nobody should be leaving their home unless they must for exercise, for work, for healthcare, or to buy household essentials.
The next challenge for the government is to talk through the measures announced on Monday with businesses to ensure they have a clear understanding of what they must do to access the scheme.
Complication and uncertainty are the biggest threats to the success of both this and the support packages previously announced.
- For information on COVID-19, please go to the federal Health Department's website.
- You can also call the Coronavirus Health Information Line on 1800 020 080
- If you have serious symptoms, such as difficulty breathing, call Triple Zero (000)
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