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1 April 2020 By Jeffrey Goldfarb Follow @jgfarb

Prime Minister Scott Morrison proposes spending some $80 bln subsidising wages for six months. That would cover about 70% of median pay for most and equal 6.5% of GDP. Increasingly generous pandemic stimulus measures in one country ultimately could help workers in another.

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Australian Prime Minister Scott Morrison on March 30 announced a A$130 billion ($80 billion) plan to subsidise wages of an estimated 6 million people to limit the fallout from the coronavirus pandemic on the country’s economy.

Under the so-called “JobKeeper Payment”, the Canberra government would provide employers with A$1,500 every fortnight for each employee for up to six months. Employers would be eligible if their business generates less than A$1 billion a year in turnover and experienced a 30% decline relative to a comparable period a year earlier. Companies with more than A$1 billion in turnover would have to experience a 50% decrease.

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