This is excellent news for GEM (from the AFR 5 Aug)
Feds to bail out Victorian childcare centres Victorian childcare workers will be bailed out by the federal government after wide-scale shutdowns ordered by Premier Daniel Andrews raised the prospect of most centres going under.Rather than re-introduce JobKeeper, which was removed from the sector nationally a month ago in return for a $708 million transition package, the Commonwealth will instead unveil state-specific support measures for centres, staff and possible parents on Wednesday.Victorian Premier Dan Andrews rushed closure of all childcare except for so-called permitted workers has created mass confusion and Scott Morrison ordered a support package be worked out in 24 hours."We want a simple solution. One which will provide immediate relief to the sector, and one which will keep the sector viable through these next six weeks of Stage 4 restrictions,'' Education Minister Dan Tehan said.Last month, the childcare sector lost its eligibility for the $1500-per-fortnight JobKeeper wage subsidy.Before that, about one-third of childcare workers were not receiving JobKeeper and the $708 million package was designed to help all providers as the economy supposedly rebounded.
GEM Price at posting:
79.5¢ Sentiment: Buy 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)