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Two million unemployed Australians have suffered a $100 a fortnight cut to their incomes as the Coronavirus Supplement was reduced from $250 a fortnight to only $150 a fortnight from 1 January.
This cut took the total JobSeeker and Coronavirus Supplement payment to $715.70 a fortnight for a single person with no children, equating to only $51 a day:
Even worse, the Coronavirus Supplement is scheduled to be axed completely from 1 April, thereby reducing the JobSeeker payment to only $565.70 a fortnight, or just $40 a day. This compares to the Aged Pension rate of $860.60 a fortnight, or $61.50 a fortnight.
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About the author
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.