Prime Minister Scott Morrison has announced one of the largest economic measures in the nation’s history.

The new ‘JobKeeper’ wage subsidy gives businesses $1500 per fortnight, per employee, to keep paying their workers.

The $130 billion package, aimed at keeping Australians employed, will be paid out over the next six months.

It will apply to everyone who loses or has lost their job since March 1 and is a fixed amount, no matter the wage.

Former Business Council of Australia President Tony Shepherd tells Ben Fordham this package is essential.

“I’m much in favour of the subsidy. I think it’s essential. We’ve got to keep people employed and we’ve got to be ready to come out the other side quickly.

“This is not a time to worry about the budget or the balance sheet. This is a time to make sure we insulate our economy, keep it as strong as we possibly can, so on the other side of this crisis we have a steep v upwards so people can get back to work and the economy can keep humming.

“It takes 200 years to build our economy, it doesn’t take too long to lose it.”

The partner pay income test for JobSeekers has also been increased from $48,000 to just under $80,000.

The government hopes these measures will ensure Australia’s economic survival after the coronavirus crisis has passed.

Click PLAY below to hear the full interview

Image: Getty/Brook Mitchell