SYDNEY: The Australian Investment Council has called on the government to
permanently increase JobSeeker and other income support payments to allow
recipients to cover their day-to-day needs.
The Council has made this request alongside the Business Council of
Australia, the Council of Small Business Organisations of Australia,
Australian Industry Group and the Australian Small Business and Family
Enterprise Ombudsman.
“We are living in extraordinary times where 824,000 people have lost their
jobs due to the COVID-19 pandemic and 1.6 million people now receiving
unemployment payments,” said Yasser El-Ansary, Chief Executive of the
Australian Investment Council.
“In the months ahead, more Australians will need financial assistance to
cover their basic needs as the flow-on effects of the pandemic filter
through the economy.
“We know that low-income households have been supporting the economy in
recent months so cutting income support back to $40 a day would have
devastating consequences for those people and the economy. To boost
employment, we must ensure everyone has enough to cover the basics like
food, housing and transport.
“The best advice in front of us suggests that the impact of COVID-19 will
continue for some time, and that means that the Government should be
prepared to put in place a series of further economic responses that cover
short, medium and long-term strategies to support the domestic economy as
events unfold.
“A permanent, adequate increase to Jobseeker, Youth Allowance and other
income support payments is essential to support Australians and the
economy, especially during these times,” Mr El-Ansary said.
He added that more should be done over the period ahead to ensure that
businesses continue to invest in areas such as innovation and growth, which
we know from past economic downturns is a vital ingredient in enabling the
domestic economy to swing back into full momentum quickly once the
immediate health crisis subsides.
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For an interview with Yasser El-Ansary please contact:
Robyn Tolhurst
Public Affairs Manager
[email protected]
M: 0436 388 919
About the Australian Investment Council
The Australian Investment Council is the voice of private capital in
Australia. Private capital investment has played a central role in the
growth and expansion of thousands of businesses, which when combined
represents a multi-billion-dollar contribution to the Australian economy.
Our members are the standard-bearers of professional investment and
include: private equity, venture capital and private credit funds,
alongside institutional investors such as superannuation and sovereign
wealth funds, as well as leading financial, legal and operational advisers.
www.aic.co
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