Government’s Tranche 3 ‘JobKeeper’ wage subsidy – $130bn for payment of $1,500 per fortnight to COVID-19 affected employers, to fund remuneration to eligible employees

On 30 March 2020 the Federal Government continued its tsunami of economic stimulus with the release of a $130b ‘JobKeeper Payment’ initiative. It is aimed at helping employers to retain their workforce, while navigating their way through the commercial disruption of COVID-19. Commencing 30 March 2020, the government will underwrite/reimburse businesses $1,500 each fortnight per employee the business retains through the period. Businesses will be eligible if their turnover has or will be reduced by 30 per cent or more relative to a comparable period (of at least one month). This applies to the self-employed as well. See commentary on this measure in this related TT article.