MORE than 5000 businesses in the local area are receiving JobKeeper - and they'll be relieved to see the support scheme extended beyond the original September end date.
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So believes local MP Pat Conaghan, who has welcomed the Federal Government's decision this week to roll forward with the JobKeeper and JobSeeker programs to help people through the coronavirus pandemic.
The JobKeeper Payment will be extended by six months to March 28 next year, while the temporary Coronavirus Supplement for those on income support will be extended until the end of this year.
"I know the 5300 businesses in Cowper receiving JobKeeper and their employees will be relieved and they will have the confidence to continue to adapt and work hard to come out of this pandemic," Mr Conaghan said.
"As the economy re-opens the JobKeeper Payment will be tapered in the December and March quarters to encourage businesses to adjust to the new environment. It will ensure those businesses that need support to continue will be able to receive it during this time.
"From September 28, the JobKeeper Payment will be targeted to businesses that have been most significantly affected and the payment rates will be stepped down with two tiers of payments introduced.
"For those people who, because of circumstances outside of their control, are now on JobSeeker, I welcome the Government continuing the Coronavirus Supplement of $550 per fortnight until September 25 and committing to continue it as the economy re-opens at the rate of $250 per fortnight until the end of December.
"For those on JobSeeker what this means in real terms is an increase of $125 per week from the previous Newstart rate to around $405 per week. This is more than the recommendation of the NSW Council of Social Service late last year to increase payments by $75-95 per week. I will continue to advocate for this level of support into the future.
"Our region is going through a one-in-100-year event and about 26 per cent of employment locally comes from the hardest hit sectors of hospitality and tourism, so this support is vitally needed."
Treasurer Josh Frydenberg has estimated the extension to the JobKeeper Payment until March next year will cost $16 billion. More information on the cost of these income support measures will be provided in the Economic and Fiscal Update being delivered by the Treasurer on Thursday.
