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Ending welfare schemes could cost 145,000 jobs in Aus
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IANS | 15 Sep, 2020
Ending pandemic-boosted welfare
schemes in Australia could see the economy lose A$31.3 billion ($22
billion) and 145,000 jobs over the next two years, a new report by
Deloitte Access Economics revealed on Tuesday.
JobSeeker
unemployment benefits have been doubled since March to combat the
economic effect of the health crisis, reports Xinhua news agency.
However, the supplement is scheduled to fall from A$550 to A$250 a fortnight from September 25.
Commissioned
by the Australian Council of Social Service, Deloitte's analysis found
winding back the supplement this month and then removing it in December
could reduce the size of the economy by A$31.3 billion over the next two
years.
Meanwhile, reversing JobSeeker payment to pre-pandemic levels could see an average loss of 145,000 full-time equivalent jobs.
Deloitte
Access Economics Partner Nicki Hutley said every dollar that the
government invested in JobSeeker was generating a significant economic
return, helping to pave the road out of recession.
"Providing
people without paid work with enough to get by is highly effective
economic stimulus, as they have little choice but to spend straight away
on essentials," she said.
"People on higher incomes have the
option of saving, which many are doing right now given the uncertainty
of the pandemic. This is why other measures, such as income tax cuts,
would not be as effective in getting us out of this recession."
Australian
Council of Social Service CEO Cassandra Goldie called on the government
to extend the existing supplement and move quickly to legislate a
permanent, adequate JobSeeker rate.
"There are a lot of things
that are not in our control in this pandemic but one thing that the
Government does have control over is ensuring that everyone has enough
to cover the basics of life, including a safe place to live."
A total of 26,692 Covid-19 cases have been reported in Australia, while the national death toll stood at 816.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 01 Oct, 2020 |
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