A $130 billion plan to keep money flowing into Australian workers' pockets during the coronavirus pandemic has been hailed as a simple way to help the country's economy rebuild after the crisis.
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The Australian share market rallied in its final minutes for its best day ever, finishing up seven per cent, after Prime Minister Scott Morrison announced the biggest stimulus measures in the country's history.
Business Council chief executive Jennifer Westacott said the subsidies were a fair way of making sure employees stayed connected to employers during the crisis.
"This huge package will keep people in jobs and vitally, make sure Australia is ready to rebuild quickly once this challenge passes," she said.
"We must safeguard as many jobs as we can to prevent long periods of joblessness and poverty."
ACTU secretary Sally McManus has been campaigning for a wage subsidy for weeks, and faced criticism by government members for suggesting it.
"We are glad to see that it will apply to all businesses and most workers," she said, adding she believed it may not be enough.
"We believe that allowing this amount to increase up to the median wage of $1375 a week is what is needed."
Treasurer Josh Frydenberg said the $1500 a fortnight is more than the minimum wage.
The Australian Tourism Export Council's Peter Shelley said it would not protect every job in the industry, but would support some of the businesses crucial to getting tourism back on its feet.
"Tourism employs one in 13 Australians and export tourism accounted for around 10 per cent of our exports last year, so tourism's ability to get back on its feet quickly will help to drive our economic recovery," he said.
Mr Shelley said the next step would be to look at how those tourism employees can be productive and turn their energy toward helping to build their businesses and take full advantage of the downtime.
Small business ombudsman Kate Carnell welcomed the payment's simplicity, saying it would complement other measures already in place.
"For small businesses, they have now got a situation where the banks have put off payments on loans for six months, the ATO have pushed payments out six months, there's very large wage subsidies and there is a range of state government incentives," she said.
Greens leader Adam Bandt believes Australia should guarantee 80 per cent of all workers' pay.
"This wage subsidy is too little, too late," he said.
Australian Associated Press
