May 22, 2020 / 5:54 AM / 12 days ago

Australian treasurer welcomes revised estimate of wage subsidy cost

SYDNEY, May 22 (Reuters) - Australian Treasurer Josh Frydenberg welcomed on Friday a downward revision in estimates of the government’s wage subsidy scheme, saying its hit to public finances would now be lower than expected.

The treasury department halved its estimate of the cost of the JobKeeper programme to A$70 billion ($45.77 billion) after a review found errors in applications from about 1,000 businesses.

“It is welcome news that the impact on the public purse from the program will not be as great as initially estimated,” Frydenberg said in a statement to Reuters. (Reporting by Swati Pandey; Editing by Clarence Fernandez)

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