In Canberra on March 30, Prime Minister Scott Morrison has announced a massive stimulus package for employers to keep paying employees who are affected by the Coronavirus. The Federal Government is committing $130 billion over six months to support up to 6 million Australians which equates to around $1500 per fortnight.
This will be known as a Job Keeper payment.
The PM said “We are introducing a $1500 per fortnight Job Keeper, payment, We will pay employers, to pay their employees and we will make sure that happens”The Job Keeper Supplement will apply to part timers, full timers, sole traders and casual staff who have been in employment with their employer for over 12 months. Those made redundant after March 1 are also eligible.
This news is on the back of the ASX 200 closing at 5181 points up 7%. Health, financials and consumer facing sectors were strongest.