JobKeeper changes: What it means for Toowoomba workers
THE Toowoomba Chamber of Commerce is backing the Federal Government's decision to keep JobKeeper payments flowing into 2021.
Chamber CEO Todd Rohl said the decision would help businesses and employees across the Garden City, who had expressed concern about the program coming to an end in September.
"There is no doubt that a complete and sudden removal of JobKeeper had some of our local businesses concerned about how they are going to afford to keep their doors open and staff employed, post September," Mr Rohl said.
"The package outlined by the Prime Minister and Treasurer today, provides necessary ongoing support to small business, will keep Toowoomba residents in jobs and build business confidence.
"It appears to be a practical transitional arrangement which considers both the health of the nation and local economies."
Prime Minister Scott Morrison and Treasurer Josh Frydenberg on Tuesday announced a revision of the stimulus package, which is designed to combat the economic impacts of COVID-19 across Australia.
The program, initially scheduled to finish on September 27, will now continue through to March 28, 2021.
But there will be changes.
Currently, employers, sole traders and other entities can apply for a payment of $1500 per eligible employee every fortnight.
This payment rate will be reduce to $1200 each fortnight from September 28, and dip to $1000 from January 4 until the end of the program on March 28.
A lower payment rate will also be introduced for people who work fewer hours.
If you work fewer than 20 hours per week, you will receive $750 per fortnight from September 28-January 3, and $650 per fortnight from January 4-March 28.
About 3.5 million workers and more than 900,000 businesses are currently supported by the program.
The program's extension is expected to cost the Federal Government $16.6 billion.