Federal Government is looking to pay large wage subsidies on condition businesses keep staff on payroll and keep them employed post crisis. This will hopefully improve the bounce back on the other side of crisis.
Essentially people will sit at home on unpaid leave and the Government will pay around 80% of wages, up to a middle income amount.
Lot's of measures announced yet no money yet, but once this, other measures and the doubled centrelink payments start hitting people's accounts household budgets will improve. (Mid to late April?)
Wage subsidies will be a very helpful measure for a company like Credit Corp. Despite heading into a short term period of very high unemployment, the taxpayer is picking up a big chunk of the wages bill in large parts of the economy affected.
CCP Price at posting:
$10.10 Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)