Temporary government stimulus and anti-bankruptcy changes have kept the tidal wave of redundancies at bay for now but the figures suggest a cliff when the emergency pandemic measures are withdrawn.
The figures revealed in Senate estimates under Labor questioning predict 33,444 people will be forced to call on the FEG next financial year at a cost of about $500 million,which is more than two and a half times normal demand.
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In total the figures predict the scheme will cost $1.3 billion in the next three years and 119,317 people will make a claim for outstanding wages,holiday pay and long service leave by 2023-24.
Departmental officials cautioned that the figures,which were calculated in April before the government unveiled its full set of stimulus and anti-bankruptcy measures,had so far proven to be too pessimistic,with 9728 claims forecast for this point in the year but only 1406 made.
Along with JobKeeper,the government introduced temporary anti-bankruptcy laws that last until December 31 and make it harder for creditors to put companies into administration and shield directors from insolvent trading claims.
Labor Senator Murray Watt said the measures,which have produced a historically low rate of companies falling into redundancy,had delayed an inevitable rise in claims.