Despite the faster-than-expected labour market recovery, Frydenberg announced the jobseeker coronavirus supplement will be extended to March.
He also signalled the government will not aim to pay back debt until unemployment is “comfortably below” 6%, which he suggested was back in the range of 5.25% to 5.5%.
1. Jobseeker supplement among $7.7bn of new spending
The Myefo contains $3.2bn to extend the $150 fortnightly jobseeker coronavirus supplement to 31 March.
Frydenberg said the government will “continue to monitor” the labour market, declining to say whether the supplement could be further extended to prevent jobseeker returning to the old rate of $40 a day.
Other new spending in Myefo included: