$60 billion Treasury error sparks spending debate | Sky News Australia

Debate is raging over what the government should do with the $60 billion dollar windfall from the JobKeeper bungle.

23/05/2020 3:16:00 PM

Debate is raging over what the government should do with the $60 billion dollar windfall from the JobKeeper bungle.

Debate is raging over what the government should do with the $60 billion dollar windfall from the JobKeeper bungle. \n\nA significant reporting error led Treasury to dramatically revise its projections for the Morrison government's JobKeeper program. \n\nThe scheme, which sees the government pay $1,500 fortnightly in affected workers' wages, was originally expected to cover around 6.5 million employees at a cost of $130 billion. \n\nThe Treasury and Australian Tax Office were forced to admit those projections were wrong and the revised estimate of the cost of the JobKeeper program is now just $70 billion which is $60 billion less than the original forecast.\n\nUnions want the payments extended to more workers, while the government says the error will mean the burden of debt can be reduced. \n\nLabor and unions are placing pressure on the Coalition to use the money to extend the JobKeeper program to individuals previously excluded from payments such as casuals who had been in the job for less than 12 months and temporary visa holders.\n\nThere has also been a push to use the money to permanently increase the dole. \n\nImage: News Corp Australia

23/05/2020|3minDebate is raging over what the government should do with the $60 billion dollar windfall from the JobKeeper bungle. A significant reporting error led Treasury to dramatically revise its projections for the Morrison government's JobKeeper program. The scheme, which sees the government pay $1,500 fortnightly in affected workers' wages, was originally expected to cover around 6.5 million employees at a cost of $130 billion. The Treasury and Australian Tax Office were forced to admit those projections were wrong and the revised estimate of the cost of the JobKeeper program is now just $70 billion which is $60 billion less than the original forecast. Unions want the payments extended to more workers, while the government says the error will mean the burden of debt can be reduced. Labor and unions are placing pressure on the Coalition to use the money to extend the JobKeeper program to individuals previously excluded from payments such as casuals who had been in the job for less than 12 months and temporary visa holders. There has also been a push to use the money to permanently increase the dole. Image: News Corp Australia

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The 60 billion was borrowed money. It is not a wind fall. The savings are 1.2m ...getting rid of the two heads in charge. Oops! Where did your economics degree come from? It's not a windfall, what kind of moronic talk is that ? It's less debt, FFS ! Less borrowing Wait, this is new money? You do not use all your gun powder on the first shot. You need to keep some for the upcoming shots. The same idea applies to these funds as who knows what is still to come as we re-open the economy.

It doesn’t exist FFS. IT IS NOT A WINDFALL! It is $60 BILLION we don't have to BORROW. It is a crushing debt we don't have to pass onto the next generation. It is money we DO NOT HAVE. Why is this so difficult for the media and certain politicians to understand? auspol Pay the debt. Bloody idiots. Don't spend it.

Gamble it on 32 black . Invest in the military - cause you know we will need them soon ...........WW3 It isn’t really a windfall Build a prison for all liberal and IPA members what the stupid government is doing? Ah, it’s government allocation of funds not real money like the rest of us, adjust budget down.

How is this a 'bungle'? You're becoming like abcnews who used the same term. Just a typo accidental, It's not a windfall it's our taxes auspol FakeNews Albanese meltdown. How is it a windfall when it’s borrowed money? Only labour would/could come up with that one. The leftists smell money and they run like hungry dogs. That is what happens in 3rd world countries. They take money for unproductive welfare that 'dilutes' the creation of wealth. We don't have the 60 billion that the leftist idiots want to spend. That is BORROWED MONEY auspol

The Gov't have delt with a 1:100 year pandemic. The AU Gov't are the management leaders. The human civil society basic fabric depends on the standard rules for existence. CONVID 19 has exercised Gov't policy & intelegence. Business largely contributes to society. Not politics It's not a windfall - IT WOULD BE BORROWED MONEY to be paid back with interest

It’s not a bloody windfall🤬it’s $60B less debt to carry🤬🤬🤬🤬🤬🤬🤬 It is entirely debt. It's irrational and irresponsible to even consider spending it. What half baked financially illiterate moron would even recommend this. Leave it in reserve and use it creatively as a part of redirecting our economy we all need to forget our own expectations and focus on the national interest,not self interest.This is such an exciting opportunity.

What this debate shows this Government has a leader with no Plan. No Vision ,No Interest in Job Creation. What about 60 Billion in Nation Building Projects. Show some balls you gutless pathetic politicians wake up! ScottyFromMarketing lnpnoideasparty It's not a 'windfall'. It's simply money that we don't have to borrow and pay interest on 🤪

Just don’t spend it. Bank it There is only one sensible thing to do, keep it and save our great grand kids from some of the debt we are amassing It’s not a windfall. It means less debt. Easy. Don’t spend money we don’t have. Let’s spend if for future generations- bc we’re entitled and privileged lot.. Why call it a windfall? It is money my kids will not have to repay.

Either spend it on nation building infrastructure that will pay itself off or don't spend it at all. saynotolabor Put it back in the bloody bank. Let me guess, Labor want to spend it? For flips sake it isn’t a windfall! It’s a bit less debt we will have to repay!!!!!!! I have $20K unused credit on my VISA. What should I do with that? JohnRuddick2 RealMarkLatham australian RitaPanahi

Spend it. At All costs. That is what any half-decent specialist government would do. It’s not a BLOODY windfall. It’s borrowings we do not need to pay for. Stop the political bullshit and advise how much per person our kids have saved paying off. It's not a 60 billion windfall, it is taxpayers money which will have to be repaid. Money has been mismanaged with some people on jobkeeper getting much more than they should have and others missing out. I am furious

What’s the debate for? Its borrowed money. Labor/Greens love spending money we can’t afford so it seems there’s only side debating Labor and albo want to spend it but the government should put it back in the bank thank God labor are not in power Albo can tell Scomo what to do with the money all he likes. He has no power over what is done with it. All labor does is spend like wounded bulls without any thought to it. There was good reason why jobkeeper wasn't offered to casuals.

Save it for another rainy day. The 60 billion windfall is bull shit. Its money Australia has not had to borrow from Albo's mates in the Chinese Communist Party or Muslim brother hood It's not a windfall, it's simply $60b less that the government has to borrow and pay back. It's $60b less debt. Don't spend it, don't borrow it and don't use it.

How is it a windfall? I’ll wait. Why does the Govt HAVE to spend this? Maybe they could lend it to Victoria at an attractive rate so Dan Andrews and Tim Pallas don’t have to go begging to China for the loan they just negotiated ? give it back, so that we don't have to repay it. This just highlights why we dodged a bullet twelve months ago!

It’s not a windfall 🤦🏽. It’s $60b less freekin DEBT !!!!!! Do nothing with it. Absolutely nothing for the moment. Borrowed money so don’t spend it. Put it back on The line of credit owed by the Fed Gov. Reduce the intest bill. OR build some water infrastructure pipelines from Northern Australia to the Murray..so we can grow more food here economically. 🍷🍷

Labour complaining that tax payers money isn’t getting spent fast enough. What debate? They should keep it. Donate it to medicare, to the homeless, to victims of DV, to veterans, to pensioners, to...…….. the list is endless. Whatever you all do, don't listen to the ALP. It’s not a windfall if it’s money you don’t have. It’s just money we won’t borrow to hand out!! - my advice would be .. do nothing.

The fact that not one public servant, economist or Member from the opposition raised an eyebrow at the initial 170Bn$ is staggering.. Does no one check any of this? Clearly we ALL have absolutely NO idea what we are doing here.. Pathetic the entire lot of them! If the bank approved a loan for $120k for a car but the one I finally bought was only $70k, you know what I did with the rest of that loan? I didn’t borrow it! I didn’t go and buy another car or anything else. Now I don’t have to pay back that $60k

Windfall,who writes these. Just don’t borrow it. Never let Albo near your credit card. He would have it maxed out in seconds auspol you mean to report the 60B we don’t have to borrow for our grandkids to pay off, please report facts not sensationalism! It's not a windfall, it's a saving...... Stop misreporting ! There was an accounting error, and there is not a windfall - there is no extra money available to the government, just less taxpayer money spent than was originally projected. It’s madness to pretend that coffers have been filled FakeNewsAlert

Put it straight on the existing loan. Ffs 🤦‍♂️ but it’s a taxpayer problem now so they will waste it as economic slavery is their thing To Labor it's a windfall. To many of their lifetime Newstart supporters, the corona bonus was a 'payrise'. All depends on your perspective. Maybe someone should tell the AustralianLabor that the less you borrow the less we have to pay back. By we I mean taxpayer. So can only be dole bludgers and stay home baby factories that want Gov to spend this.

Do nothing. Then see the quiet Australians in the Centrelink line up and vote this corrupt government out next election. Save It How is a $60 debt a windfall? Keep it, it's borrowed money Sydney to Melbourne high speed rail line. If I was in charge of the extra budgeted cash- 1. Extend the program a bit further to casuals, people in the arts etc.. 2. Keep it going for more than 6 months, but at a lower rate. 3. Save some for another lower Centrelink stimulus payment later in the year.

Albo trying to look important. Fail ! If they really want to spend it then use it to start government owned businesses as they are going to need to have an enormous amount of money coming in to get us out of the hole they put us in. It’s not a wind fall.. it’s money not borrowed & having to be repaid with interest.

Give it to Zimbabwe Debate is raging over what the government should do with the $60 billion dollar windfall from the JobKeeper bungle. Give it to me. I’ll look after it, no problems. maybe get Albo a new tie What windfall borrowed money is not a windfall it,s debt. It is not a windfall. 'Build a national facsimile network' 🇦🇺

It’s not a windfall... it’s money the government didn’t spend that avoided bigger debt Windfall? Really? More like a stuff up of monumental proportions. It’s not a bloody “windfall”! I would hate any of these “journalists” doing my household budget!! It's not a windfall, it's money that no longer has to be borrowed! Fair dinkum

Maybe some more pink batts or give the money to dead people Albo!! For goodness sake there should no debate - this is not a windfall, this is a godsend that may save us and I repeat may save us from the most unimaginable disaster. These nincompoops like Albanese and the State Premiers seem to have no concept of where we are heading !

Not a winfall. Pay off some bloody debt 🙄 Dreadful media. windfall, it's debt! It's a dilemma. Wanna have less debt? then you have to make more money from export. Who's the biggest trade partner? CHINA...Who's best ally? USA. USA & CHINA, a 200 billion trade agreement has been made. Eat shit, Scott Morrison.

They don't have it! Save it for next time. Garbage news from Sky. Who caused this massive stuff up? Find out. Let’s hear the result of some investigative skills and not just propaganda. We have in Queensland 100billion times worse. We have the witch AnnastaciaMP Do nothing. It’s not a windfall ffs. Government just dodged a bullet. Money would have been p*ssed away and done nothing to avert the economic crisis that’s about to hit.

Not a bungle but an overestimation due to incorrect employee information, not a windfall but money we don’t need to borrow Obviously we can payoff the 60 bill debt we just spent 🤔 More sports club ‘grants’ in LibNp marginals; more money for Barrier Reef ‘research’. More grants for rice and cotton grower to concrete their water diversion schemes in arid area; even more money for private schools and more franking credits (thats borrowed $ anyway).

$60b for another rainy day Give it to the donkey bureaucrat's that made the mistake ,so they can do it again ,steel from the next generation and no one cares .About our debt . It's a win to win ratio for globalist pretending to be nationalists . Don’t borrow it, because that’s what it would have been, borrowed money.

Don’t spend it! Just saved a bucket in interest payments It reduces the amount borrowed! 'Bungle' Is uncle Rupert unhappy how his government is performing? Don't think I've ever heard him use such strong language toward his minions. 🤣😂🤣 Ensure women & children be protected. Put $$ into DV recovery so victims & survivors can have a chance & access legal advice. Woman with zero representation means disadvantaged & barriers for continued protection re courts.$$$abuse & coercive control implemented as law.

What debate? It's 60 billion not spent. 60 billion less debt. Borrowed. No windfall. No more debt. There is no “windfall”- we are in public debt to the tune of $1 trillion and all the money we spend to assist those struggling with Corona restrictions is borrowed money. Leave it in the kitty for the next wave Or use it to fund critical industries here in Australia so we can make important stuff like medicines and PPE here instead of buying it from China!

Don’t borrow it. Any sensible decision would be to borrow 60 billion less. But what would I know 🤔🤔🤔🤔 Spend it before Angus Taylor finishes devising plans to funnel millions into various family trust accounts... Don’t borrow it I'll tell what to do with it. Absolutely nothing. People keep talking about it like we have it in the bank. It would have been borrowed money. So don't borrow it. Reduce our level of debt.

This isn’t a windfall. This money was going to be generated through debt. It just means we have to borrow less money to get the country through this period. Spending it now would just be spending for the sake of spending There is no windfall...honestly you guys should know this. This is all BORROWED. It just means we borrow less. Of course the communist Labor camp want welfare to get a boost with the ‘free’ cash

Well obviously Labor just went to spend it. Its in their nature. How about not borrowing the 60 billion so our kids have a future .... Labor squeal and bleat of the debt. But they want to make it bigger. They are a confused party that don’t know what they stand for. Yep. Just reduce the amount borrowed overall.

It's not a windfall. However, there are many people out of work in the arts etc., that should be supported. caymans.. what windfall? it's borrowed. just don't borrow it now It’s not a windfall. Only idiots want to spend it.

Jobkeeper payment overestimated by $60 billionBREAKING: Treasury and ATO have revised the number of expected JobKeeper recipients from 6.5 million to 3.5 million, after discovering 'significant' reporting errors. 9News pls let's find a treasurer who can do math. Lmao they run our country. Hope the person that caught this error gets a gift card

Coronavirus Australia: Treasurer’s excuse for $60 billion JobKeeper stuff upOPINION: It was meant to be the program that helped Australia through the pandemic, but has led to a $60 billion stuff up. Here’s what doesn’t add up, writes samanthamaiden samanthamaiden Of course the old maiden will have a negative piece on it samanthamaiden The excuse doesn't add up. 1,500 x ,1,000 equals $13 billion, not $60 billion samanthamaiden 🤔emmmm,,, Maybe it wasn’t stuff up ?! Maybe the money was hidden to vanish somewhere?!!!! ConspiracyTheory fans

'Misunderstood question' caused $60 billion JobKeeper estimate blunderA confusing question on the JobKeeper scheme enrolment form led the Australian Tax Office to overestimate the cost of the scheme by $60 billion and its coverage by 2.5 million workers. 9News How did a form not received by employers until late April cause the government to overestimate the cost of the scheme in late March? How is it a blunder? An over estimation is smart, better than under estimating. But then there would be no pleasing you, as you would have reported the blunder either way. Terrible reporting. This is a positive time. There is funds there now that can be allocated to other areas.

Sick of confusing ATO forms? This one's partly responsible for a $60 billion errorWhat's the difference between one person and 1,500? Hundreds of businesses massively overstate how many employees they have on the books, thanks in part to a question the Government admits 'could have been clearer'. It's not the form. They finally received all registered businesses and the figure is lower than predicted. It's been stated from beginning of the cost, well before business made claims. 'How do we cut this stupid work thingie without looking mean and tricky'? 'I know, lets say it is an over estimate'! 'Fricken brilliant, no wonder we are the master race'. Time to resign Frydenberg. This government is so incompetent LNPfail

'Significant error': Treasury reveals much lower JobKeeper useThe Federal Treasury has admitted a 'significant error' in the Morrison government's JobKeeper application form has greatly inflated the number of people using the scheme and its total cost by $60 billion | swrighteconomy swrighteconomy swrighteconomy That's a hell of an error swrighteconomy Just like the Dead Zone Plague, lockdown etc, Even the HQC (but not the zinc)

'Significant error': Treasury reveals much lower JobKeeper useBREAKING: The Federal Treasury has admitted a 'significant error' has greatly inflated the number of people using JobKeeper and its cost. The $130 billion program is likely to cost $70 billion and cover 3.5 million workers, rather than more than 6 million. How convenient The superior economic managers. Maybe they can afford to inlude university staff and the arts.