Australia's economy is taking steps out of its first recession in almost 30 years, but the Federal Government has warned of a long and difficult road to recovery beside signs of economic growth.
The Australian economy is technically emerging from recession but still has some way to go before returning to pre-pandemic levels.
The government has declared 'better than expected' National Accounts - which are the implementation of accounting techniques measuring the economic activity of a nation.
A coronavirus supplement to the welfare payment will be further wound back to $150 per fortnight, as the support is continued for another three months next year. This means the total JobSeeker payment will reduce from $815 a fortnight to $715 a fortnight from 1 January.
The Federal government is still considering a permanent increase to JobSeeker, whereas JobKeeper will gradually reduce from January to March, which is when the scheme is scheduled to end.
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