[adning id=”12070″]

[adning id=”12070″]

Jobkeeper saved 700,000 jobs – RBA

A research discussion paper released by the Reserve Bank of Australia (RBA), confirms what millions of Australians already know – that the Morrison Government’s JobKeeper program was a country saving moment.

The RBA paper titled, How Many Jobs Did JobKeeper Keep, shows the temporary payment helped to reduce “total employment losses by at least 700,000.”

Underlining the incredible impact JobKeeper had in helping to keep businesses in business and Australians in jobs, the RBA found that “overall employment losses would have been twice as large over the first half of 2020 without JobKeeper.”

The report further stated that “JobKeeper played an important role in cushioning the decline in employment over the first half of 2020.”

For the six months to the end of September, around $70 billion in JobKeeper payments were made to around 900,000 businesses supporting more than 3.5 million jobs.

As part of our Economic Recovery Plan the Government extended the temporary JobKeeper Payment by six months through until 28 March 2021.

The extension of the temporary payment recognises that while the economic recovery is underway, some parts of the economy continue to be particularly affected more than others due to health restrictions imposed as a result of COVID‑19.

With 650,000 jobs created over the past five months, 80 percent of those Australians who either lost their jobs or saw their working hours reduced to zero at the start of the pandemic are now back at work.

This has seen the effective unemployment rate come down from around 15 per cent in April to 7.4 per cent today.

Our Economic Recovery Plan outlined in the 2020‑21 Budget will help to create more jobs, boost our economic recovery and secure Australia’s future.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email
Share on print
Print

Leave a Comment

Your email address will not be published. Required fields are marked *

SUBSCRIBE FREE
SME NEWS BRIEFS

Get breaking news delivered
  • This field is for validation purposes and should be left unchanged.

RECEIVE GOVT GRANT OF $10K to $250K*.

Austrade Approved Business Events
AVAILABLE NOW APPLY BEFORE 30th MARCH 2021 (Condition apply)

  • ABF Events are approved and listed below have been certified by Austrade on the Schedule of Approved Business Events.
  • This allows exhibitors, sponsors, delegates and partners to participate in the Business Events Grant Program. Note event bookings need to be confirmed ASAP to participate in the grant program
  • The program provides 50% rebate (based on a minimum spend of $20k) for approved items including ABF event-media packages, exhibition stands, corporate function tables, delegate registrations.
  • Govt Grant applications are now open until the 30 March. Please contact ABF to discuss how we can assist, we have experts to assist grant applications.
  • Grant funding will cover up to 50% of eligible expenditure incurred in participating at pre-approved business-to-business events as buyers or sellers during the 2021 calendar year.  All grant applications must be submitted for approval via the following link: https://business.gov.au/grants-and-programs/business-events-grants
  • For further information please see this fact sheet.