3 September 2020
The Federal Treasury undertook a three-month review of the current JobKeeper scheme (Current Scheme) in June 2020. The review found that whilst the Current Scheme met its initial objectives to support businesses and job survival, the labour market remains weak in Australia and in need of further macroeconomic support.
In light of the review’s findings, on 21 July 2020, the Government announced its intention to extend the Current Scheme until 28 March 2021 (Extended Scheme), targeting support to those organisations who continue to be significantly impacted by the COVID-19 pandemic. The Federal Parliament passed legislation to this effect on 1 September 2020, ushering in Spring with its reformed JobKeeper package.
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For further information, please contact:
Drew Pearson, Partner, Herbert Smith Freehills
drew.pearson@hsf.com
