Businesses across NSW will continue to have access to the JobSaver program at a reduced rate until the end of November even after the Commonwealth withdraws its support as early as next month.

On 4th September, the NSW Government announced that it will “go it alone” to fund an extension of the JobSaver program, at a rate of 15 per cent of weekly payroll until 30 November.

Businesses across NSW will continue to have access to the JobSaver program at a reduced rate until the end of November even after the Commonwealth withdraws support once vaccine thresholds are reached.

Under the phased approach, JobSaver payments in NSW will be slashed from the equivalent of 40 per cent of weekly payroll to 30 per cent of weekly payroll. Based on current inoculation trends, this first phase could occur as soon as 10 October.

Minimum and maximum payments are also set to be reduced once the 70 per cent threshold is breached. The minimum payment will drop from $1,500 to $1,125, while the maximum payment will also drop, from $100,000 to $75,000 – an across-the-board payment cut of 25 per cent.

Grants will also drop, this time by 30 per cent, while grants for sole traders will drop from $1,000 to $750.

Once the state’s over-16 vaccination rate breaches the 80 per cent threshold, Commonwealth contributions will stop entirely. Once the 80 per cent vaccination rate is met, the NSW government will continue to fund the program, which will see funding reduced again, from 30 per cent to 15 per cent of a business’s payroll.

For further information, please contact your Client Manager at FinCare.