JobKeeper saved 700,000 jobs, reveals RBA

A Reserve Bank study has found the Federal Government’s JobKeeper subsidy has prevented 700,000 Australians from losing their jobs during COVID-19.

“Our baseline estimate is that 1-in-5 JobKeeper recipients would not have stayed employed during this period had it not been for JobKeeper,” read the RBA report.

With 3.5 million receiving JobKeeper, that equates to 700,000 jobs directly saved. It’s likely saved many more indirectly.

“Overall employment losses would have been twice as large over the first half of 2020 without JobKeeper.” 

The program saw the government hand out $1,500 per fortnight to companies, to be eventually passed onto employees. The amount has since reduced to $1,200 and will be phased out in the…