A $60 Billion "Saving"
The federal Government has made a huge financial cock up by over estimating the cost of the JobKeeper program.
After touting the impact of the $130 billion JobKeeper package — supposedly keeping about 6.5 million Australians connected to their employers while providing them with liveable pay — the Federal Government has acknowledged its figures were massively overstated.
The package is instead projected to cost only $70 billion, and the Government has confirmed only 3.5 million Australians are actually receiving the payment.
It's a huge difference from what was projected, but it comes down to about 1,000 businesses messing up their paperwork while applying for the scheme.
The money saved won't be redirected to other benefits because the treasurer says it was "borrowed' money.