Wage subsidies will be reduced to $1200 a fortnight for full-time workers after September as part of the federal government’s overhaul of coronavirus support.

People working less than 20 hours a week will have their JobKeeper payment cut to $750 a fortnight.

Most businesses will have to requalify for JobKeeper by demonstrating a 30 per cent loss in revenue, with the threshold 50 per cent for major companies.

The new rates will run between September and March.

From March 2021, JobKeeper will be $1000 for full-time employees and $650 for people working less than 20 hours.

JobSeeker unemployment benefit recipients will be able to earn $300 a fortnight without it affecting their payment.

The coronavirus supplement for JobSeeker recipients will drop from a current $550 to $250 at the end of September, and remain at that rate until the end of the year. 

Mutual obligation requirements for people on JobSeeker will return from August 4, with the assets test to be reintroduced from the end of September.

Prime Minister Scott Morrison announced the changes to virus economic support measures in Canberra on Tuesday.