Breaking: The Federal government has admitted to a massive miscalculation in the Jobkeeper payment program.
Treasury officials late Friday said they had underestimated the number of people eligible for the government wage subsidy by million in people and tens of billions in dollars.
In a Friday bad news dump from Canberra, officials said they underestimated total people approved for Jobkeeper at 3.5 million workers and cost $70 billion.
This was way under previous estimates that had the number of workers qualified at 6.5 million and total payments of $130 billion dollars.
The news was slammed by Journalists and economics commentators.
Ryan is Contributing Editor