SYDNEY - Australia on Friday halved the number of people expected to be covered by its centrepiece wage subsidy scheme, a revision that will save the government around A$60 billion but mean less stimulus as efforts to revive the economy ramp up.
"The impact on the public purse from the programme will not be as great as initially estimated," Australian Treasurer Josh Frydenberg said in a statement. "It's costing less than expected. It's quite a big difference and it does provide scope for that savings to be re-allocated to those who need it." "Our measures are temporary, targeted and proportionate to the challenge we face and will ensure Australia bounces back stronger on the other side," Frydenberg said in an emailed statement about the Fitch move.
"Losing 221,000 jobs in April was a disaster," state premier Gladys Berejiklian told reporters in Sydney, referring to state-wide job losses."We don't want to see that continue."
Source: Financial Digest (financialdigest.net)
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