Coronavirus crisis: UK-style wage subsidy scheme on cards for Australia

Coronavirus crisis: UK-style wage subsidy scheme on cards for Australia

Finance Minister Mathias Cormann has confirmed the Morrison Government is working on a wage subsidy so that business can keep workers on their payrolls during the coronavirus crisis.

The Government, including Senator Cormann, has repeatedly rejected a UK-style 80 per cent wage subsidy, saying it would take too long to introduce.

“We are going to do it in an Australian way,” he told ABC’s Insiders program on Sunday.

“We’re going to do it in a way that actually is going to be able to be delivered, using our existing systems and our existing architecture.”

Senator Cormann said from his understanding, the UK’s plan had yet to be rolled out.

“We are working very hard on further expanding the level of income support through businesses to enable more businesses either to stay in hibernation or to survive through this difficult period ahead for a strong bounce back on the other side,” he said.

He declined to go into the specifics of the plan but said the Government intended to make an announcement “over the next few days”.

AAP

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