Business
‘Band-Aid’s coming off’: $300 a fortnight cut from welfare payments – Sydney Morning Herald
The $550 a fortnight coronavirus supplement will be sliced to $250 from Thursday, delivering a $350 million a week hit to the economy.
It estimates about 85 per cent of the supplement is being spent, cutting possible expenditure by $1.3 billion a month.
Total fiscal support peaked at $16.6 billion a month in June, with that forecast to fall to just $600 million by June next year.
“The emergency Band-Aids are starting to come off,” Deloitte Access director Chris Richardson said.
Social Services Minister Anne Ruston said the supplement was always a temporary measure but the government had extended it, albeit at a lower rate, u…
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