Australia today halted a payroll subsidy policy set up in response to the Epidemic, but officials also warned that as many as 150,000 people could lose their jobs without the subsidy.
Australia began implementing the so-called “JobKeeper” program in March last year, with employers receiving a fortnightly allowance of A$1,500 per person from the government, which is then passed on to employed employees. At that Time, Australia implemented a nationwide closure in response to the 2019 coronavirus disease (Chinese Communist Virus, COVID-19) epidemic, resulting in tens of thousands of people losing their jobs and having to wait in line outside unemployment centers.
Australia’s Finance Minister Josh Frydenberg said the program was an “economic lifeline” for some people and had achieved the goal of “saving lives and saving livelihoods” in the past year.
Australia’s unemployment rate has fallen from 7.5 percent last July to 5.8 percent in February, but the Treasury estimates that 100,000 to 150,000 jobs will be lost as a result of the policy change.
At the height of the crisis, nearly 4 million jobs were preserved thanks to the support of the Job Retention Allowance.
In the past 12 months, the Australian government has twice extended the duration of the Job Retention Allowance, but as the epidemic was brought under control and the economy began to recover, the amount of the allowance was lower.
Australia has been relatively successful in containing the epidemic, with only about 29,000 people infected and less than 1,000 killed so far. There have been recent outbreaks related to border quarantine facilities, but they have been quickly eliminated.
Australia’s economy fell into recession in the first half of 2020, but grew by 3.1% in the September to December quarter.
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