The coming weeks could bring onthe biggest economic shocksince the pandemic itself, with the end of the $90 billion JobKeeper wage subsidy scheme. Business owners, bureaucrats and insolvency experts are cautiously awaiting the fallout.
Key points:
- The $90b JobKeeper wage subsidy scheme has ended, with amillion workers still relying on it
- JobKeeper may have been propping up businesses that won’t survive
- Insolvencies are set to rise as the support ends
“JobKeeper has been very, very helpful for us, the saving grace for us really,” said businessman Steve Khan, sitting in the plaza of ‘Little India’ in Dandenong, one of Melbourne’s outer-suburban hubs.
“Our cafe and hairdresser shop were shut for virtually seven to eight months, continuously.
