JobTweaker lever needed to pull back from cliff

  • So a second wave of government supports must extend the emergency lifeline for the economy beyond September.
  • The list is long: JobKeeper ends, the doubling of unemployment benefits through JobSeeker stops, the pause in payments on half a million mortgages runs out, the rental eviction ban is lifted, government loan guarantees for small businesses pull back, and the clock runs out on extra wage subsidies for apprentices.
  • Or, to put that another way, if you want to know what will happen with JobKeeper, keep watching the virus numbers in Melbourne.
  • But the recession is changing shape fast, so the nature, timing and dollars of government support needs to change fast too.
  • So whatever happens, we shouldn’t be scared of spending more money if that’s needed to get unemployment back down.
  • The mistake the world made after the GFC was pulling back government support too soon.

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