Should Australia adopt an unemployment insurance scheme?

Earlier this week it was reported in the mainstream press that the Morrison Government was considering an unemployment insurance scheme in lieu of permanently lifting JobSeeker.

Under such a scheme, anyone made unemployed would be paid a fixed percentage of their income (e.g. 70%) for a set amount of time (e.g. three months) while they search and hopefully gain another job. However, the amount received would be capped, to prevent very high income earners from being paid too much.

After this set timeframe, the unemployment payment would revert back to its poverty level of $40 a day.

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