The ABS today released some extraordinary data on the $105 billion of fiscal support that has been lavished on Australian businesses in response to the COVID-19 pandemic:
The JobKeeper wage subsidy continued to account for the majority of government business support in the September quarter, with total payments of $35.8 billion, following $35.1 billion in June quarter. The Boosting Cash Flow for Employers support provided $13.5 billion in the September quarter, following $14.6 billion in the June quarter. In section 4, this article explores how JobKeeper and Boosting Cash Flow for Employers translated into industry support.
Other COVID-19 related subsidies, including those made by state governments, added an additional $2.9 billion in fiscal support in the September quarter.
The full text of this article is available to MacroBusiness subscribers
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
