JobKeeper 2.0 the right policy for Sydney

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The federal and NSW governments have responded to the growing outbreak in Greater Sydney by agreeing to provide a combined $5.1 billion in COVID-19 disaster payments for businesses and individuals who have been affected by the lockdown. The funding commitment is based on expectations that the lockdown will be extended by at least four weeks.

Prime Minister Scott Morrison says it is in the national interest to increase the financial support, given the severity of the Sydney outbreak, while Premier Gladys Berejiklian says the package will encourage compliance with lockdown rules.

A summary of the stimulus payments are as follows:

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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.