Government support for business

Released

2/09/2020

Source

Australian National Accounts: National Income, Expenditure and Product, June 2020

The government’s economic response to the COVID-19 pandemic included the introduction of JobKeeper and the Boosting Cash Flow for Employers policy. These payments are classified as ‘other subsidies on production’ (for further information on the classification of these policies, see Economic measurement during COVID-19: Selected issues in the Economic Accounts (cat. no. 5261.0).

Other subsidies on production rose to record levels, reaching $52.0 billion in the June quarter. JobKeeper payments accounted for $31.0 billion and Boosting Cash Flow for Employers contributed $16.0 billion. Other COVID-19 related subsidies, including those made by state governments, added an additional $3.6 billion. JobKeeper and boosting cash flow for employers are the largest and second largest subsidies ever recorded in the national accounts.

Figure 1 - Government support for business in response to COVID-19
	Non COVID-19 ($m)	Other COVID-19 related ($m)	Boosting Cashflow for Employers ($m)	JobKeeper ($m)
Jun-18	1,655.5
Sep-18	1,759.7
Dec-18	1,779.0
Mar-19	1,714.4
Jun-19	1,564.4
Sep-19	1,757.9
Dec-19	1,765.1
Mar-20	1,668.6
Jun-20	1,409.3	3,610.0	16,008.0	30,996.0

Figure 1 - Government support for business in response to COVID-19

["","Non COVID-19","Other COVID-19 related","Boosting Cashflow for Employers","JobKeeper"]

[["Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20"],[[1655.52],[1759.6700000000001],[1778.98],[1714.4400000000001],[1564.4200000000001],[1757.8499999999999],[1765.0799999999999],[1668.5599999999999],[1409.25]],[[null],[null],[null],[null],[null],[null],[null],[null],[3610]],[[null],[null],[null],[null],[null],[null],[null],[null],[16008]],[[null],[null],[null],[null],[null],[null],[null],[null],[30996]]]

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JobKeeper payments by industry

JobKeeper supports businesses adversely affected by the COVID-19 pandemic by subsidising the cost of wages.

Figure 2 - JobKeeper payments by industry relative to compensation of employees (COE)
	JobKeeper relative to COE (RHS) ( %)	JobKeeper level (LHS) ($m)
Agriculture, Forestry and Fishing	23.5	571
Mining	1.2	95
Manufacturing	13.4	2,256
Electricity, Gas, Water and Waste Services	2.1	76
Construction	18.6	3,450
Wholesale Trade	13.8	1,535
Retail Trade	21.7	2,806
Accommodation and Food Services	45.0	2,887
Transport, Postal and Warehousing	13.9	1,506
Information Media and Telecommunications	8.7	382
Financial and Insurance Services	6.0	759
Rental, Hiring and Real Estate Services	23.3	1,107
Professional, Scientific and Technical Services	13.4	3,431
Administrative and Support Services	15.1	2,096
Public Administration and Safety	0.7	167
Education and Training	5.7	1,220
Health Care and Social Assistance	10.6	3,447
Arts and Recreation Services	48.6	1,013
Other Services	38.0	2,193

Figure 2 - JobKeeper payments by industry relative to compensation of employees (COE)

["","JobKeeper relative to COE (RHS)","JobKeeper level (LHS)"]

[["Agriculture, Forestry and Fishing","Mining","Manufacturing","Electricity, Gas, Water and Waste Services","Construction","Wholesale Trade","Retail Trade","Accommodation and Food Services","Transport, Postal and Warehousing","Information Media and Telecommunications","Financial and Insurance Services","Rental, Hiring and Real Estate Services","Professional, Scientific and Technical Services","Administrative and Support Services","Public Administration and Safety","Education and Training","Health Care and Social Assistance","Arts and Recreation Services","Other Services"],[[23.5],[1.2],[13.4],[2.1000000000000001],[18.600000000000001],[13.800000000000001],[21.699999999999999],[45],[13.9],[8.6999999999999993],[6],[23.300000000000001],[13.4],[15.1],[0.69999999999999996],[5.7000000000000002],[10.6],[48.600000000000001],[38]],[[571],[95],[2256],[76],[3450],[1535],[2806],[2887],[1506],[382],[759],[1107],[3431],[2096],[167],[1220],[3447],[1013],[2193]]]

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The largest amount of JobKeeper payments was distributed to large employing industries such as Construction, Health Care and Social Assistance, Professional, Scientific and Technical Services and Accommodation and Food Services.

JobKeeper payments relative to compensation of employees (COE) were highest in the Arts and Recreation Services industry accounting for 48.6% of COE and the Accommodation and Food Services industry (45.0%).

Boosting cash flow for employers by industry

In addition to JobKeeper, the government introduced the Boosting Cash Flow for Employers policy to provide temporary cash flow support for small and medium sized businesses and not-for-profit employers.

Figure 3 - Boosting Cash Flow for Employers payments by industry relative to operating surplus
	Boosting Cash Flow for Employers relative to operating surplus (RHS) ( %)	Boosting Cash Flow for Employers (LHS) ($m)
Agriculture, Forestry and Fishing	11.5	609
Mining	0.2	75
Manufacturing	7.5	999
Electricity, Gas, Water and Waste Services	0.9	64
Construction	11.7	2,600
Wholesale Trade	9.4	815
Retail Trade	13.5	1,227
Accommodation and Food Services	31.0	1,046
Transport, Postal and Warehousing	5.6	624
Information Media and Telecommunications	2.6	159
Financial and Insurance Services	2.2	661
Rental, Hiring and Real Estate Services	7.5	671
Professional, Scientific and Technical Services	23.2	2,586
Administrative and Support Services	24.7	775
Public Administration and Safety	1.9	95
Education and Training	12.3	352
Health Care and Social Assistance	29.4	1,366
Arts and Recreation Services	9.3	222
Other Services	32.8	1,062

Figure 3 - Boosting Cash Flow for Employers payments by industry relative to operating surplus

["","Boosting Cash Flow for Employers relative to operating surplus (RHS)","Boosting Cash Flow for Employers (LHS)"]

[["Agriculture, Forestry and Fishing","Mining","Manufacturing","Electricity, Gas, Water and Waste Services","Construction","Wholesale Trade","Retail Trade","Accommodation and Food Services","Transport, Postal and Warehousing","Information Media and Telecommunications","Financial and Insurance Services","Rental, Hiring and Real Estate Services","Professional, Scientific and Technical Services","Administrative and Support Services","Public Administration and Safety","Education and Training","Health Care and Social Assistance","Arts and Recreation Services","Other Services"],[[11.5],[0.20000000000000001],[7.5],[0.90000000000000002],[11.699999999999999],[9.4000000000000004],[13.5],[31],[5.5999999999999996],[2.6000000000000001],[2.2000000000000002],[7.5],[23.199999999999999],[24.699999999999999],[1.8999999999999999],[12.300000000000001],[29.399999999999999],[9.3000000000000007],[32.799999999999997]],[[609],[75],[999],[64],[2600],[815],[1227],[1046],[624],[159],[661],[671],[2586],[775],[95],[352],[1366],[222],[1062]]]

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Industries with a large share of small and medium sized businesses received the largest portion of the total Boosting cash flow for employers payment. These industries included Construction and Professional, Scientific and Technical services.

Boosting Cash Flow for employers payments relative to operating surplus were highest in the Other services (32.8%), Accommodation and Food Services (31.0%) and Administrative and Support Services (24.7%) industries.

Taxes less subsidies on production and imports

Taxes less subsidies on production and imports fell a record 111.9%, reflecting a large rise in subsidies on production and imports, up $49.7 billion or 859.7%. The rise in subsidies was driven by JobKeeper and Boosting Cash Flow for Employers as noted above.

Figure 4 - Taxes less subsidies on production and imports, seasonally adjusted current prices
	Taxes less subsidies on production and imports ($m)	Taxes on production and imports ($m)	Subsidies on production and imports ($m)
Jun-10	33,027.9	37,067.3	-4,148.4
Sep-10	33,513.1	37,647.2	-4,056.7
Dec-10	33,588.9	38,025.8	-4,373.2
Mar-11	34,346.0	38,550.6	-4,251.8
Jun-11	33,845.0	38,495.4	-4,719.6
Sep-11	33,934.6	38,700.0	-4,665.2
Dec-11	34,307.7	38,940.1	-4,619.4
Mar-12	34,981.0	39,738.3	-4,811.0
Jun-12	35,056.3	39,829.9	-4,795.3
Sep-12	36,382.9	41,964.8	-5,460.9
Dec-12	36,859.8	42,513.7	-5,685.2
Mar-13	36,907.3	42,599.7	-5,736.9
Jun-13	38,141.5	43,856.2	-5,662.1
Sep-13	38,914.0	45,101.7	-6,082.4
Dec-13	39,232.9	45,337.9	-6,148.2
Mar-14	39,913.5	45,831.1	-5,958.8
Jun-14	40,076.0	46,402.1	-6,211.7
Sep-14	39,281.1	44,849.7	-5,507.5
Dec-14	39,911.6	45,192.7	-5,311.3
Mar-15	40,782.1	46,306.7	-5,570.6
Jun-15	40,707.1	46,386.1	-5,576.0
Sep-15	42,502.1	48,180.5	-5,447.0
Dec-15	42,610.5	48,268.6	-5,457.6
Mar-16	42,748.1	48,377.4	-5,706.8
Jun-16	43,285.7	49,065.0	-5,671.7
Sep-16	43,001.6	48,701.9	-5,667.3
Dec-16	44,068.1	49,703.9	-5,716.4
Mar-17	45,392.6	50,996.4	-5,636.9
Jun-17	45,632.5	51,483.1	-5,762.8
Sep-17	45,991.7	51,855.2	-5,806.2
Dec-17	47,025.0	52,671.4	-5,783.8
Mar-18	47,366.4	53,046.5	-5,668.6
Jun-18	47,976.1	53,790.7	-5,764.5
Sep-18	48,305.0	54,218.8	-5,779.2
Dec-18	48,466.6	54,069.2	-5,823.0
Mar-19	48,216.7	54,189.2	-5,901.2
Jun-19	49,641.2	55,223.1	-5,581.0
Sep-19	50,175.3	56,154.1	-5,796.7
Dec-19	49,463.4	55,093.0	-5,810.5
Mar-20	50,217.7	56,072.9	-5,783.1
Jun-20	-6,000.5	49,470.1	-55,501.6

Figure 4 - Taxes less subsidies on production and imports, seasonally adjusted current prices

["","Taxes less subsidies on production and imports","Taxes on production and imports","Subsidies on production and imports"]

[["Jun-10","Sep-10","Dec-10","Mar-11","Jun-11","Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20"],[[33027.919999999998],[33513.089999999997],[33588.940000000002],[34345.989999999998],[33844.959999999999],[33934.550000000003],[34307.660000000003],[34981.029999999999],[35056.279999999999],[36382.910000000003],[36859.830000000002],[36907.330000000002],[38141.529999999999],[38913.989999999998],[39232.93],[39913.5],[40075.989999999998],[39281.120000000003],[39911.580000000002],[40782.07],[40707.089999999997],[42502.110000000001],[42610.459999999999],[42748.059999999998],[43285.730000000003],[43001.599999999999],[44068.059999999998],[45392.629999999997],[45632.470000000001],[45991.669999999998],[47025],[47366.419999999998],[47976.099999999999],[48304.989999999998],[48466.629999999997],[48216.690000000002],[49641.220000000001],[50175.290000000001],[49463.440000000002],[50217.730000000003],[-6000.54]],[[37067.339999999997],[37647.169999999998],[38025.82],[38550.620000000003],[38495.379999999997],[38700.010000000002],[38940.07],[39738.309999999998],[39829.849999999999],[41964.809999999998],[42513.660000000003],[42599.730000000003],[43856.169999999998],[45101.709999999999],[45337.860000000001],[45831.059999999998],[46402.139999999999],[44849.650000000001],[45192.690000000002],[46306.690000000002],[46386.120000000003],[48180.540000000001],[48268.580000000002],[48377.370000000003],[49064.959999999999],[48701.93],[49703.879999999997],[50996.410000000003],[51483.059999999998],[51855.18],[52671.379999999997],[53046.459999999999],[53790.68],[54218.800000000003],[54069.18],[54189.190000000002],[55223.080000000002],[56154.050000000003],[55093],[56072.93],[49470.089999999997]],[[-4148.4399999999996],[-4056.7199999999998],[-4373.2299999999996],[-4251.8299999999999],[-4719.5500000000002],[-4665.2299999999996],[-4619.4200000000001],[-4810.9700000000003],[-4795.3100000000004],[-5460.8800000000001],[-5685.2200000000003],[-5736.9300000000003],[-5662.0799999999999],[-6082.4099999999999],[-6148.1499999999996],[-5958.8199999999997],[-6211.6800000000003],[-5507.4899999999998],[-5311.3299999999999],[-5570.6099999999997],[-5576.0299999999997],[-5447],[-5457.5900000000001],[-5706.75],[-5671.6800000000003],[-5667.29],[-5716.4099999999999],[-5636.8500000000004],[-5762.7700000000004],[-5806.2200000000003],[-5783.8100000000004],[-5668.6400000000003],[-5764.4799999999996],[-5779.1599999999999],[-5822.9700000000003],[-5901.2299999999996],[-5580.9799999999996],[-5796.6499999999996],[-5810.5100000000002],[-5783.0900000000001],[-55501.639999999999]]]

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Subsidies on production and imports are unrequited payments that government make to businesses to carry out production activity. These payments can be used by businesses to fund labour costs, operating expenses or retained in operating surplus.

Government support to business through payment of subsidies resulted in a strong rise in profits. Hours worked fell a record 9.8%, outpacing the 2.5% decline in wages which was supported by JobKeeper payments.

Shares in total factor income

The growth in profits coupled with the fall in COE resulted in the COE share of total factor income falling below 50% for the first time since the September quarter 1959.

Figure 5 - Profit and labour share of factor income, seasonally adjusted
	Compensation of employees share of total factor income (%)	Profits share of total factor income (%)
Sep-59	49.8	18.5
Dec-59	50.0	19.0
Mar-60	50.9	19.3
Jun-60	50.9	18.5
Sep-60	51.2	20.0
Dec-60	51.7	19.0
Mar-61	51.5	17.5
Jun-61	52.5	16.8
Sep-61	52.9	17.6
Dec-61	52.6	18.6
Mar-62	52.2	19.8
Jun-62	51.8	19.7
Sep-62	51.6	19.4
Dec-62	51.3	19.5
Mar-63	51.5	20.2
Jun-63	51.7	19.3
Sep-63	50.2	20.3
Dec-63	51.1	20.0
Mar-64	50.6	20.4
Jun-64	51.0	20.6
Sep-64	51.4	20.4
Dec-64	52.6	20.2
Mar-65	52.2	20.1
Jun-65	52.6	20.9
Sep-65	53.9	20.1
Dec-65	54.0	19.8
Mar-66	55.0	19.1
Jun-66	54.2	19.6
Sep-66	53.9	19.3
Dec-66	53.2	19.8
Mar-67	52.6	20.1
Jun-67	53.5	19.9
Sep-67	54.4	20.0
Dec-67	53.6	20.2
Mar-68	54.1	21.3
Jun-68	54.2	20.8
Sep-68	53.2	21.1
Dec-68	53.2	20.5
Mar-69	53.8	21.2
Jun-69	53.9	21.3
Sep-69	53.1	21.7
Dec-69	53.0	21.8
Mar-70	53.7	21.8
Jun-70	53.1	22.0
Sep-70	54.4	22.1
Dec-70	55.5	21.1
Mar-71	56.6	20.7
Jun-71	56.3	20.4
Sep-71	55.9	20.9
Dec-71	55.9	20.8
Mar-72	56.7	20.1
Jun-72	56.5	20.3
Sep-72	56.4	20.5
Dec-72	56.0	20.9
Mar-73	55.2	21.1
Jun-73	56.3	20.8
Sep-73	54.5	20.4
Dec-73	56.3	19.4
Mar-74	57.9	19.1
Jun-74	59.1	16.4
Sep-74	62.7	16.4
Dec-74	62.4	17.2
Mar-75	62.8	16.3
Jun-75	61.2	18.4
Sep-75	62.3	16.9
Dec-75	62.0	17.2
Mar-76	61.6	17.0
Jun-76	61.3	18.3
Sep-76	60.9	18.6
Dec-76	60.5	18.3
Mar-77	60.7	18.0
Jun-77	61.3	17.8
Sep-77	61.0	17.9
Dec-77	61.5	17.3
Mar-78	61.1	17.7
Jun-78	60.6	18.3
Sep-78	58.9	18.2
Dec-78	58.1	18.7
Mar-79	58.5	18.7
Jun-79	57.6	18.3
Sep-79	57.3	19.0
Dec-79	57.3	19.4
Mar-80	57.2	19.1
Jun-80	56.9	19.3
Sep-80	58.3	18.7
Dec-80	57.6	19.6
Mar-81	57.8	20.0
Jun-81	58.9	19.3
Sep-81	58.0	20.0
Dec-81	58.7	19.4
Mar-82	60.1	18.4
Jun-82	60.4	18.6
Sep-82	61.9	18.3
Dec-82	61.4	19.3
Mar-83	60.8	19.6
Jun-83	59.2	20.9
Sep-83	57.1	21.3
Dec-83	57.4	21.5
Mar-84	56.4	22.6
Jun-84	57.2	22.2
Sep-84	57.5	22.0
Dec-84	57.4	22.0
Mar-85	56.7	22.4
Jun-85	56.7	22.5
Sep-85	55.9	23.4
Dec-85	57.3	21.2
Mar-86	57.1	21.8
Jun-86	56.8	21.8
Sep-86	57.6	21.3
Dec-86	56.1	22.6
Mar-87	55.8	23.1
Jun-87	55.2	23.7
Sep-87	55.1	24.2
Dec-87	54.8	24.6
Mar-88	54.1	24.4
Jun-88	54.3	24.7
Sep-88	53.3	25.0
Dec-88	54.2	24.4
Mar-89	53.9	24.2
Jun-89	53.7	24.5
Sep-89	54.5	24.2
Dec-89	54.5	23.8
Mar-90	55.1	23.4
Jun-90	55.7	22.7
Sep-90	56.2	22.4
Dec-90	54.7	23.3
Mar-91	56.6	22.2
Jun-91	56.0	21.5
Sep-91	55.9	22.8
Dec-91	55.9	22.9
Mar-92	55.0	23.7
Jun-92	55.4	23.4
Sep-92	55.4	23.0
Dec-92	54.4	24.4
Mar-93	54.4	24.4
Jun-93	54.0	25.5
Sep-93	54.0	25.2
Dec-93	53.9	25.3
Mar-94	54.2	25.6
Jun-94	54.9	24.7
Sep-94	54.3	25.5
Dec-94	54.5	25.4
Mar-95	54.9	25.3
Jun-95	55.3	24.9
Sep-95	55.0	25.3
Dec-95	55.2	25.3
Mar-96	55.0	25.3
Jun-96	55.3	24.9
Sep-96	55.9	24.6
Dec-96	56.1	23.8
Mar-97	56.1	23.6
Jun-97	55.8	24.0
Sep-97	55.1	24.3
Dec-97	55.0	24.1
Mar-98	54.9	24.6
Jun-98	55.1	24.2
Sep-98	55.8	24.1
Dec-98	55.3	24.6
Mar-99	55.2	24.9
Jun-99	56.1	24.0
Sep-99	55.5	24.1
Dec-99	55.3	25.0
Mar-00	54.6	25.9
Jun-00	54.6	26.3
Sep-00	54.6	26.4
Dec-00	55.7	25.7
Mar-01	55.6	25.5
Jun-01	56.2	24.4
Sep-01	55.0	24.9
Dec-01	54.3	24.7
Mar-02	54.5	24.7
Jun-02	54.1	24.7
Sep-02	54.5	25.7
Dec-02	54.3	26.3
Mar-03	54.7	26.1
Jun-03	55.1	26.2
Sep-03	54.4	26.2
Dec-03	54.0	26.2
Mar-04	54.3	25.8
Jun-04	54.2	25.4
Sep-04	54.3	25.4
Dec-04	54.2	25.6
Mar-05	54.0	25.9
Jun-05	54.3	25.5
Sep-05	53.7	26.5
Dec-05	53.5	27.1
Mar-06	53.7	27.0
Jun-06	54.0	26.8
Sep-06	53.2	27.7
Dec-06	53.7	27.9
Mar-07	53.6	27.9
Jun-07	54.2	27.1
Sep-07	54.3	26.7
Dec-07	54.1	26.6
Mar-08	53.7	26.6
Jun-08	53.3	27.3
Sep-08	51.8	29.4
Dec-08	51.9	28.8
Mar-09	51.5	29.4
Jun-09	52.2	28.1
Sep-09	52.8	27.3
Dec-09	52.4	27.6
Mar-10	52.4	27.5
Jun-10	51.7	29.0
Sep-10	52.1	28.6
Dec-10	52.0	28.7
Mar-11	52.9	27.6
Jun-11	52.1	28.7
Sep-11	51.7	29.3
Dec-11	52.1	28.8
Mar-12	53.3	27.9
Jun-12	53.3	27.8
Sep-12	53.1	27.8
Dec-12	53.5	27.4
Mar-13	53.4	27.4
Jun-13	53.1	27.7
Sep-13	53.2	27.6
Dec-13	53.0	27.8
Mar-14	53.1	27.5
Jun-14	53.4	26.9
Sep-14	53.8	26.0
Dec-14	53.7	25.8
Mar-15	53.8	25.5
Jun-15	54.1	25.1
Sep-15	54.2	24.9
Dec-15	54.6	24.9
Mar-16	55.2	24.6
Jun-16	54.6	24.6
Sep-16	54.2	25.2
Dec-16	52.2	27.2
Mar-17	51.7	27.8
Jun-17	52.4	27.3
Sep-17	52.6	27.4
Dec-17	52.8	27.3
Mar-18	52.4	27.8
Jun-18	52.3	27.7
Sep-18	52.3	28.1
Dec-18	52.0	28.6
Mar-19	52.0	28.9
Jun-19	52.0	29.2
Sep-19	52.0	29.4
Dec-19	52.5	28.9
Mar-20	52.5	29.0
Jun-20	49.4	31.1

Figure 5 - Profit and labour share of factor income, seasonally adjusted

["","Compensation of employees share of total factor income","Profits share of total factor income"]

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Articles

This quarter's National Accounts includes the following articles:

APA

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