Josh Frydenberg flags more coronavirus income support packages

Treasurer Josh Frydenberg has indicated there will be further income support for Australians as the Victorian lockdown hits the national economy.

Federal Treasurer Josh Frydenberg has promised a second phase of income support to help combat the renewed Victorian lockdown as it’s revealed a NSW lockdown could cost a further $1.4 billion per week.

Victoria’s six week restrictions have been estimated to cost around $1 billion a week, now new modelling shows the same thing in NSW could cost around $1.4 billion a week.

NSW Premier Gladys Berejiklian has said she does not want further lockdowns in NSW, however new virus cases have continued to rise and restrictions on pubs, weddings and funerals have been put in place.

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“The cost to our health and economy if people fail to follow the rules could be devastating,” she told The Daily Telegraph. “Social distancing, good hygiene and being COVID-safe are not recommendations, they are literally life and death.

Meanwhile Treasurer Frydenberg told The Age there will be “another phase of income support” following the $70 billion JobKeeper scheme as Victorian cases continue to climb.

“There’s a lot of uncertainty in the economic environment and the Victorian situation is a significant setback,” he said.

“It’s diminished confidence beyond the Victorian border and the recovery is a confidence game.”

“So, maintaining business and household confidence is going to be critical.”