Trends

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Created by
Yasmin K

Cards (16)

  • the stage 3 tax cuts were amended by Albanese Government from the original stage 3 tax cuts
  • The government spent $291B in total during the COVID reccesion
  • estimated that job keeper saved 700,000 jobs
  • $89B was spent on job keeper
  • unemployment decreased from 7.4% to 3.5% after COVID
  • The 2020 COVID recession saw GDP fall a record of -7% in July of 2020
  • Unemployment increased to 5.2% in Feb 2020 to a peak of 7.4% in July 2020
  • 600,000 people lost their jobs in april 2020
  • in response to the recession, the government adopted a highly expansionary stance
  • The stimulus included:
    • Job keeper
    • Transfer Payments
    • Business support
  • the jobkeeper scheme was designed to keep workers employed during the pandemic by paying employers $1500 per week for every employee they kept on.
  • JobKeeper supported over 3.8million individuals and over 1 million businesses (mostly SMEs)
  • The jobkeeper payment was $1,500 per fortnight per employee
  • The government boosted cash flow for businesses with $35b in cash flow support so they could keep operating, pay their rent, electricity and other bills and retain staff
  • Coronavirus supplemnt ($20b) boosted the incomes of job seekers from usual $550 to $1120 per fortnight
  • coronavirus supplement supported over 3m Australians with additional income