More than 30,000 businesses have already applied for the federal government’s “JobKeeper” subsidy.
The government announced that $130 billion will be made available to encourage companies to keep their workers on the books.
A number of businesses have been forced to temporarily shut, or have seen their turnover decrease as a result of of the COVID-19 downturn.
They’ll now be given $1,500 a fortnight, which they must pass on to each their employees.
Federal Treasurer Josh Frydenberg says the move is designed to prop-up the economy.
“It’s more generous than the New Zealand scheme, it applies to a much broader range of businesses and workers than the United Kingdom scheme, and I think it will make a real difference at this time,” says Mr Frydenberg.
The money will kick-in from May, and apply to full- and part-time workers, sole traders, and casuals who’ve been with the same company for more than a year.