Australia on Friday halved the number of people expected to be covered by its coronavirus wage subsidy scheme due to reporting errors and after swiftly controlling the outbreak, a revision that will save the government around A$60 billion ($39 billion).
FILE PHOTO: Travelers wearing protective face masks depart the arrivals section of the international terminal of Kingsford Smith International Airport the morning after Australia implemented an entry ban on non-citizens and non-residents intended to curb the spread of the coronavirus disease in Sydney, Australia, March 21, 2020. REUTERS/Loren Elliott/File Photo
The scheme excluded non-resident and casual employees who had not been in jobs for at least 12 months, and despite scope to expand, Frydenberg ruled out increasing spending to further stimulate the struggling economy. “You could argue if there are 3.5 million employees covered by the scheme now then it’s probably good news,” said Shane Oliver, chief economist at AMP Capital.
“Our measures are temporary, targeted and proportionate to the challenge we face and will ensure Australia bounces back stronger on the other side,” Frydenberg said in an emailed statement about the Fitch move.Citing the need to revive its economy, New South Wales, Australia’s most populous state, said restrictions imposed to slow the spread of coronavirus will soon be eased to allow cafes, restaurants and pubs to have up to 50 seated patrons.
Australia’s hospitality industry has been one of the hardest hit by social distancing restrictions imposed in March to slow the spread of coronavirus, with restaurants and cafes only able to offer takeaway services until earlier this month.NSW - which has recorded about half of Australia’s near 7,100 COVID-19 cases - has moved quickly to reopen compared to other states.
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