May 22, 2020 / 6:39 AM / 14 days ago

Australia treasurer says wage subsidy scheme won't be expanded

SYDNEY, May 22 (Reuters) - Australia will not expand its wage subsidy scheme despite saving around A$60 billion ($39.2 billion) on the original plan, Treasurer Josh Frydenberg said on Friday.

Australia’s Treasury Department said successful efforts to control the outbreak combined with errors on wage subsidy applications by about a 1,000 businesses meant only 3.5 million people will need to be covered, at a cost of A$70 billion.

Previously, the government said 6 million people would be covered, at a cost of A$130 billion.

$1 = 1.5302 Australian dollars Reporting by Colin Packham Editing by Shri Navaratnam

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