The Federal Budget forecasts real wages to go backwards over the next two years. But that wouldn’t be the case if the rate of compulsory super contributions wasn’t increasing.
Cutting unemployment benefits by $50 a week will take about $5 billion out of the economy in the coming year. That’s not good news for jobs.
The Morrison Government today finally announced an increase in the permanent rate of JobSeeker. But still unemployed Australians are being asked to live well below the poverty line.
Australia is in for a long and damaging economic slump, unless governments inject substantially more fiscal stimulus.
New Grattan Institute modelling shows that most Australians will have a comfortable retirement – even if they’ve spent some of their super early.
Coastal electorates that rely heavily on tourism have been hit hardest, and workers in rural and regional electorates have been hit harder than workers in the major capitals.
The March labour force data will report on a jobs market that sadly no longer exists – the Australia before widespread spatial distancing and shutdowns of non-essential businesses.
Workers affected by the COVID-19 economic crisis can now access up to $20,000 of their super to help see them through. It’s a good move.
It’s clear than many Australian households will need help if they loose their livelihoods through the COVID-19 crisis. They should be a high priority for the Morrison Government as it puts together its second economic support package.
Over a third of Australian workers don’t have paid sick leave. They’re in a vulnerable position.