Prime Minister Scott Morrison and Treasurer Josh Frydenberg have confirmed the federal government will extend JobKeeper until March 2021, in response to the economic fallout of the coronavirus pandemic.
The payment of $1500 is currently paid to 3.5 million workers in Australia.
The news comes as Victoria experiences a second wave of COVID-19 cases, and New South Wales is starting to see clusters of infections emerge.
Here's everything we learned from the prime minister's press conference on Tuesday morning.
The JobKeeper payment will be extended until March next year, in acknowledgement that businesses are still significantly impacted by coronavirus. It was initially due to end at the end of September.
The new JobKeeper scheme will feature a two-tier system, in a measure to correct the "pay rise" some Australians were receiving under the JobKeeper system, the treasurer said.
The payment will be reduced from a flat rate of $1500 to $1200 for full-time workers.
There will be a lower payment for those working less than 20 hours a week of $750.
These changes will be implemented come the change-over period in September.
Watch: Scott Morrison announced the changes to the JobKeeper scheme. Post continues below.
Further to these changes, the new scheme will feature tighter eligibility requirements.
Past September 28, businesses will need to show a 30 per cent turnover reduction across the past two quarters, and into the next quarter. Prior to this, the eligibility requirement was for businesses to show they expected a 30 per cent reduction in turnover.