4 Exciting possibilities when JobKeeper ends

With JobKeeper payments due to finish in the near future, there is a fair amount of speculation as to what will replace the wage subsidy.
The government has been clear that JobKeeper will cease, but with nearly a million Australians still relying on it as of the end of January, Treasurer Josh Frydenberg has been dropping hints there will be a move to targeted assistance.
This article details 4 likely possibilities that will happen with the proposed end of March termination.

1. HECS-style government loans to business

This would be a government loan to coronavirus-hit small businesses, to be paid back once the business has recovered. This initiative has been suggested by the Council of Small Business Associations (COSBOA).
Unlike JobKeeper, it's not linked to businesses keeping employees, but rather the money would go to businesses that already have bank loans they are struggling to pay back for COVID-related reasons.
Loans from the government would be available of up to $200,000 and would initially only be open to small businesses with a turnover of less than $10 million.
The businesses wouldn't need to pay it back in a specific time, but rather when revenue had recovered.
An advantage is it can be done through existing Tax Office systems, so there is no need to build a new administration and assessment structure.

2. Keep wage subsides for tourism

Essentially this plan proposes extending JobKeeper specifically for the tourism industry and has been suggested by the Tourism and Transport Forum (TTF).
The TTF has stated that 500,000 full-time tourism jobs have already been lost since the pandemic began, and with borders still closed, another 300,000 could go in the next six months. They believe this $1,000 - $1,500 per fortnight subsidy per worker will help keep the tourism industry alive.
But with the current rates of JobKeeper at $1,000 for full-time and $650 for part-time, bumping this subsidy back up again is unlikely.
This project has a projected cost of $7.7 billion and looks unlikely in the face of the massive budget deficit we are currently under.

3. Extend JobMaker

JobMaker is the government's hiring credit for young people and was a centerpiece of the October budget. It gives employers up to $200 a week for hiring new eligible employees aged between 16 and 29, and up to $100 a week for 30- to 35-year-olds, as long as they are increasing total headcount.
It has been stated that the incentive to hire and expand will really help the economy improve as opposed to making up for a revenue loss in the way that JobKeeper does.
The major criticism of this is the already incurred $74 billion spend, and the similar spend required to extend this initiative.
No conversations have been directly held with the Treasury about the idea, although it has been floated in the media.

4. Keep JobKeeper as it is

The Australian Council of Trade Unions (ACTU) wants JobKeeper in its current form continued and extended to include people that were originally excluded like university workers, temporary visa holders, gig workers and casuals with less than a year at one employer.
They want to extend the program to the previously excluded people as places like North Queensland have been devastated by Coronavirus, with a lot of temporary visa holders, gig workers and casuals making up for a large majority of their workforce.

There are plenty of incentives out there now and everyone should be actively trying to take advantage of these. If you think you are eligible, contact Link Advisors and we can provide our thoughts on your eligibility.