4 years ago
HOW WILL THE GOVERNMENT’S JOBSEEKER SNAPBACK IMPACT THE ECONOMY?
LINDA BURNEY MP
Labor is calling on the Government to release modelling on the anticipated economic impact of ‘snapping back’ the Coronavirus Supplement overnight.
Last week, the Department of Social Services said it estimated some 1.7 million Australians will require unemployment support by September.
Yet the Prime Minister has been insistent that he will snapback the JobSeeker payment back to $40 per day for millions of Australians, on 24 September.
This is the equivalent of ripping almost $1 billion a fortnight from household budgets.
This sudden stop will have a significant impact on the Australian economy.
It was revealed last week at the Senate Select Committee on COVID-19 that the government had not coordinated its JobSeeker increase with its wage subsidy rollout, which it introduced following pressure from Labor, business and unions.
The Reserve Bank, the Commonwealth Treasury and the International Monetary Fund have all confirmed in recent weeks that an economic snapback is nothing but a myth from the Prime Minister. A snapback of JobSeeker risks leaving millions of Australians behind.
The Government need to be honest about whether the nation is now edging closer to another economic cliff in the form of the Prime Minister’s promised JobSeeker snapback.
If the Prime Minister wants to snapback JobSeeker, he should be upfront with Australian workers and Australian businesses as to its consequences.
This is a reasonable ask: seek advice from the Department of Social Services and the Treasury.
The Government’s JobSeeker snapback isn’t a plan for the economy. It’s a recipe for disaster.
Last week, the Department of Social Services said it estimated some 1.7 million Australians will require unemployment support by September.
Yet the Prime Minister has been insistent that he will snapback the JobSeeker payment back to $40 per day for millions of Australians, on 24 September.
This is the equivalent of ripping almost $1 billion a fortnight from household budgets.
This sudden stop will have a significant impact on the Australian economy.
It was revealed last week at the Senate Select Committee on COVID-19 that the government had not coordinated its JobSeeker increase with its wage subsidy rollout, which it introduced following pressure from Labor, business and unions.
The Reserve Bank, the Commonwealth Treasury and the International Monetary Fund have all confirmed in recent weeks that an economic snapback is nothing but a myth from the Prime Minister. A snapback of JobSeeker risks leaving millions of Australians behind.
The Government need to be honest about whether the nation is now edging closer to another economic cliff in the form of the Prime Minister’s promised JobSeeker snapback.
If the Prime Minister wants to snapback JobSeeker, he should be upfront with Australian workers and Australian businesses as to its consequences.
This is a reasonable ask: seek advice from the Department of Social Services and the Treasury.
The Government’s JobSeeker snapback isn’t a plan for the economy. It’s a recipe for disaster.