explainer

Scott Morrison has just announced JobKeeper-style payments. Here's what you need to know.

As New South Wales enters the third week of lockdown, the state and federal governments have announced a financial relief package for workers and businesses that have lost income. 

The JobKeeper-style payments provide a lot more support than the arrangements made during Victoria's most recent lockdown.

"Clearly, here in New South Wales, the situation has taken a very different turn," Prime Minister Scott Morrison said in Sydney. "This support will be offered to any other state or territory that experiences an extended lockdown."

Here's what you need to know about the new financial relief package. 

For individual workers.

Sydney is now in their third week of lockdown. Image: Getty.

The Federal Government has increased the emergency disaster payment from $325 to $375 a week for people who have lost between eight to 20 hours of work. 

For those who have lost more than 20 hours of work, the payment will be increased to $600 a week. 

"You don't have to have lost your job, you don't have to have left your employer. It doesn't matter who your employer is. If you have lost those hours, you can access these payments," the Prime Minister said. 

The difference between this scheme and JobKeeper is the payment will go straight to the employee, instead of via the employer.

The payment will begin at week four of lockdown and will continue until the end of the lockdown. The announcement seemingly confirms that Sydney's lockdown will be extended beyond this Friday - which is yet to be formally announced by Premier Gladys Berejiklian. The Premier is expected to make this announcement tomorrow. 

To access this payment, workers can call 1800 226 or visit the services Australia website

For businesses.

Businesses who have lost revenue can access payments of up to $10,000. Image: Getty.

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A direct payment to businesses will go to those with an annual turnover between $75,000 and $50 million who can demonstrate a 30 per cent decline in turnover.

The businesses can access payments between $1,500 and $10,000 a week. It will be paid to a maximum of 40 per cent of a business's payroll.

The payment will be contingent on businesses maintaining their current staffing levels.

For sole traders, the payment will be set at $1000 per week.

For businesses with a turnover between $30,000 and $75,000, who have recorded a reduced turnover, they can claim a $1,500 fortnightly payment for the duration of the lockdown. 

This relief package will cost the state and Commonwealth government about $500,000 a week, met equally by the governments. 

Other important details.

There is also a $17.35 million mental health support package for NSW including for services through Lifeline, headspace and Kid's Helpline, announced by NSW Treasurer Dominic Perrottet.

The NSW government will separately offer rent relief for commercial and residential tenants and payroll tax deferrals for businesses.

Economists have estimated the cost of the lockdown at $1 billion a week, even with many businesses still open.

- With AAP. 

Feature image: Getty. 

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