Pay relief gives ASX strongest bounce since Fraser's re-election
The addition of $130 billion in wage subsidies to the federal government's stimulus package intended to support workers has produced a sharemarket rally unseen since Malcolm Fraser defeated Bill Hayden to win re-election 40 years ago.
Prime Minister Scott Morrison announced the JobKeeper Payment spending program just before the closing bell, making employees eligible for a $1500 a fortnight payment over the next six months.
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William McInnes covers markets from Sydney including editing the Markets Live blog. Connect with William on Twitter. Email William at w.mcinnes@afr.com.au
Vesna Poljak is the Companies editor. She was previously the Markets editor with a special interest in the investment industry, hedge funds and accounting. She is based in the Sydney newsroom. Connect with Vesna on Twitter. Email Vesna at vpoljak@afr.com
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