The Morrison and Berejiklian governments confirmed that the JobSaver program funding will drop by 40 per cent of weekly payroll to 30 per cent once the state reaches 70 per cent vaccination, which is expected to be reached by 10 October.
From 10 to 23 October, the minimum and maximum payments for businesses will be reduced by 25 per cent to $1,125.
Grants for sole traders will also be reduced to $750.
All payments will cease once New South Wales reaches 80 per cent vaccination, which is expected to occur by 31 October.
“At this point, it will be incumbent on the states to provide any necessary targeted business support needed in their jurisdictions relevant to any health restrictions they elect to impose,” Treasurer Josh Frydenberg said.
“We can’t eliminate the virus, we need to learn to live with it in a COVID-safe way. Our economy has bounced back strongly before once restrictions are eased and is well positioned to do so again when lockdowns lift.”
Details of further support for businesses through the COVID restrictions are expected to be announced on Thursday.
NSW Treasurer Dominic Perrottet added that the government’s focus now is to assist businesses to move from response to recovery as lockdowns around the country are lifted.
“The New South Wales government’s roadmap has laid out a clear plan for getting back to life as we know it and, ultimately, this will help give businesses the confidence to open up,” he said.
“Sydney and NSW will bounce back, we’ve done it before and we will do it again.”
The news comes after comments by Andrew Pease, of global asset manager Russell Investments, who said that the Australian economy will “return to life” as lockdowns are lifted through October and November.
In a Q4 outlook update, Mr Pease said that a strong recovery will be facilitated by consumer and business sheets which have continued to stay healthy and that the reopening of the international border will provide an additional boost.
