First Super's chief executive Bill Watson said it was too early to tell if the $3.2 billion fund would face liquidity issues resulting from the scheme but in theory, he would support the RBA stepping in to provide support for funds.
Hostplus chief executive David Elia said RBA support was not necessary for the $54 billion hospitality fund. KPMG superannuation expert and partner Damian Ryan said either the Australian Tax Office or RBA could play a role in assisting funds with liquidity, potentially funding the $10,000 payments and organising refunds later.
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'Hundreds of thousands' about to lose super insurance safety netA leading insurance lawyer warns changes to superannuation due to start on Wednesday will likely leave hundreds of thousands of people facing the coronavirus pandemic without life or disability insurance. Their whole shtick about being there for the worker is going to be totally exposed. BT drained my super account after being told to stop and cancel the insurance I didn't ask for. Their response: 'Tell your bank.' interesting timing that a heap of super providers cancelled life insurance JUST before the virus hit.
Source: abcnews - 🏆 5. / 83 Read more »
More than 60,000 businesses register in govt's $130bn JobKeeper scheme | Sky News AustraliaTreasurer Josh Frydenberg says more than 60,000 businesses have already registered their interest in the government’s $130 billion JobKeeper scheme and expects thousands more to register yet. \n\nWithin an hour of the announcement, 8000 businesses signed up for the Job Keeper allowance which will see them paid $1500 a fortnight for each worker they keep on the books for the next six months. \n\n“Businesses will need this subsidy to keep their employees and I think it will save thousands of businesses and millions of employees,” Mr Frydenberg said. \n\nSpeaking to Sky News on Tuesday, the Treasurer said Australia was “fighting a war on two fronts, a health crisis and an economic crisis simultaneously”. \n\nWhen asked how long he expected it would take the government to pay off the $130 billion scheme, Mr Frydenberg admitted “it will take years and years” but said “we have to do what is needed at this time and that’s to support the economy”. \n\nThe Treasurer said the government would make further announcements “about various initiatives in due course” but said “they won’t top what was announced yesterday”. \n\n“That was the most significant announcement that you will see from a government for years to come,” he said. \n\n JoshFrydenberg Classic problem, reaction solution. Create total hysteria and fear around an invisible boogeyman. Shut down entire economies as a result of this manufactured crisis. Drive people straight into the arms of gov't, where they will willingly hand over ALL freedom and civil liberty. JoshFrydenberg JoshFrydenberg
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Wages of NRL and AFL players set to be paid by taxpayer thanks to JobKeeper schemeThe Government's proposed JobKeeper payment is set to move the goalposts in desperate negotiations between sporting codes and their players amid the coronavirus pandemic. At the same rate? As they should be So, that would mean our professional net ballers would also be covered. SuperNetball
Source: abcnews - 🏆 5. / 83 Read more »
PM gives workers $1500 a fortnight paymentThe federal government will commit $130 billion in the next six months to support workers. 9News Sole traders are also workers. This needs greater clarification. How will you pay for this in the future-by cutting pensions, by insisting people work to 70, by further humiliating and eroding those meage unemployment payments to people you despise- these people are the curve, the undesirables Australia wishes to see die of this virus I was super excited until I read that you had to be employed by them for at least 12 months. I was 3 months into my dream job and then gone because of the virus, no lifeline for me :-(
Source: 9NewsAUS - 🏆 10. / 72 Read more »
Almost 60,000 businesses sign up to the federal government's $130 billion wage subsidy schemeBusinesses have rushed to sign up to the federal government's $130 billion wage subsidy scheme, with about 60,000 signing up since its announcement on Monday. It will be interesting to see how much money actually 'trickles down' to workers. Just me or is this the biggest Govt project.. $130B!!! How much will trickle down to workers who lost jobs?
Source: SBSNews - 🏆 3. / 89 Read more »
Businesses, unions welcome government's $130 billion wage subsidy schemeMore than 8,000 employers have already rushed to sign up for the Federal Government's 'Job Keeper' wage subsidy scheme, just hours after it was announced by the Prime Minister. Totally unprecedented.. awesome! 🤗 Starting in May but backdated to March- what about employees who've been stood down already - how do they support themselves till May? JobKeeper allowance- yes.. Did the PM state for how long this will last? Hmmmm... 🤔 Where is that money normally for the poor people ? With this sort of money about there shouldn't be anybody normally living on the street and the policing to cover it. It is a fucked up world we are leaving behind.
Source: SBSNews - 🏆 3. / 89 Read more »