Governments Economic Response - Supporting Individuals and Households
Updated: Oct 8, 2020
The Government’s economic response for individuals and households to date:
1. Income support for individuals by temporarily expanding eligibility to income support payments and establishing a new (time-limited) Coronavirus supplement to be paid at the rate of $550/fortnight.
Paid to both existing and new recipients of Jobseeker Payment, Youth Allowance Jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit.
2. Two separate payments of $750 to social security, veteran and other income support recipients and eligible concession card holders.
The first payment will be made from 31 March 2020 and the second from 13 July 2020.
3. Temporary early release of superannuation, allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019/20 and a further $10,000 in 2020-21 (tax free)
This will apply to individuals and sole traders who can demonstrate that the Coronavirus pandemic has significantly impacted their income.
4. Temporarily reducing superannuation minimum drawdown rates for account-based pensions and similar products by 50% for 2019/20 and 2020/21.
5. Reducing social security deeming rates, meaning more people will receive more income support.
This is an evolving situation and as such further updates and announcements are expected to be made over the coming days, weeks and (possibly) months. Please stay in touch with us via this webpage, or our Facebook page for future updates.