REVEALED: The Australian postcodes most likely to see local businesses collapse when JobKeeper payments are slashed in less than two weeks
- Researchers warned that axing JobKeeper would cost the economy $1.52billion
- NSW and the ACT will suffer the most with $581million ripped from the economy
- Victoria stands to lose $443 million while Melbourne will lose about $12million
The postcodes most likely to see businesses collapse when JobKeeper payments are slashed have been revealed.
Jobkeeper wage subsidies were introduced by the Federal Government to tide over workers until businesses reopened after coronavirus lockdowns ended.
The Morrison government announced in August payments would drop from $1,500 per fortnight to $1,200 for full-time employees beyond September 28.
Part-time JobKeeper payments will be cut from $1,500 to $750.
Policy researchers from the McKell Institute warned the reduction would cost the national economy $1.52billion every fortnight and would likely lead to mass business closures.
New South Wales and the ACT will suffer the most, with $581million ripped from the economy. Sydney CBD (pictured) will be the hardest hit losing almost $20million
People out shopping in Sydney CBD wearing face masks on September 5, as the state remains on high alert
'Every dollar of JobKeeper removed from local economies is another dollar workers can't spend in their local restaurants and cafes and other small businesses,' the institute's director of policy Edward Cavanough told 7 News.
According to the study, New South Wales and the ACT will suffer the most, with $581million ripped from the economies each fortnight.
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Sydney CBD will be the hardest hit losing almost $20million.
Local businesses in the 2170 postcode, which covers Liverpool and Casula stand to lose $7million every two weeks.
Melbourne (pictured) will take the biggest hit of $12million, before postcode 3029, which covers Tarneit and Hoppers Crossing in the city's west, will lose $7million
A woman wearing a mask as she waits for a tram during COVID-19 lockdowns in Melbourne in September
Victoria stands to lose $443 million per fortnight.
Melbourne will take the biggest hit of $12million, with the postcode 3029, which covers Tarneit and Hoppers Crossing in the city's west, set to lose $7million.
Queensland - which thrives on tourism - will see a drop of $307 million.
The economy in the Sunshine State will likely continue to suffer under strict border closures, which are set to continue until there is no community transmission recorded for 28 days.
Queensland - which thrives on tourism - will see a drop of $307 million. Cairns (pictured) stands to lose $6million
Adelaide CBD will lose about $5million per fortnight, while suburbs of Perth with the postcode 6065 will lose $4million.
Mr Cavanough said: 'It could be avoided if the Morrison Government maintained JobKeeper at its original rate to ensure small businesses survive the downturn, and more workers keep their jobs.
'The decision to cross the fiscal cliff is a choice the federal government has made, despite clear evidence that Australia's economy is still struggling'.
Adelaide CBD (pictured) in South Australia will lose about $5million
