A research discussion paper released by the Reserve Bank of Australia (RBA), confirms what millions of Australians already know – that the Morrison Government’s JobKeeper program was a country saving moment.
The RBA paper titled, How Many Jobs Did JobKeeper Keep, shows the temporary payment helped to reduce “total employment losses by at least 700,000.”
Underlining the incredible impact JobKeeper had in helping to keep businesses in business and Australians in jobs, the RBA found that “overall employment losses would have been twice as large over the first half of 2020 without JobKeeper.”
The report further stated that “JobKeeper played an important role in cushioning the decline in employment over the first half of 2020.”
For the six months to the end of September, around $70 billion in JobKeeper payments were made to around 900,000 businesses supporting more than 3.5 million jobs.
As part of our Economic Recovery Plan the Government extended the temporary JobKeeper Payment by six months through until 28 March 2021.
The extension of the temporary payment recognises that while the economic recovery is underway, some parts of the economy continue to be particularly affected more than others due to health restrictions imposed as a result of COVID‑19.
With 650,000 jobs created over the past five months, 80 percent of those Australians who either lost their jobs or saw their working hours reduced to zero at the start of the pandemic are now back at work.
This has seen the effective unemployment rate come down from around 15 per cent in April to 7.4 per cent today.
Our Economic Recovery Plan outlined in the 2020‑21 Budget will help to create more jobs, boost our economic recovery and secure Australia’s future.