What the Australian Government’s recent stimulus package means for individuals, households and the economy.

The coronavirus pandemic is having a dramatic impact on all Australians, particularly their income and employment.

Last updated: 22/07/2020

With so many non-essential businesses closing their doors and health officials urging people to practice self-isolation, many are seeing their work hours reduced and some face the very real possibility of losing their job.

The Australian Government has announced several measures to support Australians through the Coronavirus crisis.

What help is available for employees, individuals and households?1

The Government’s JobKeeper Payment will help keep more Australians in jobs and support businesses affected by the significant economic impact of the coronavirus.

On 21 July 2020, the Government announced it is extending the JobKeeper Payment until 28 March 2021 and is targeting support to those businesses who continue to be significantly impacted by the Coronavirus.

  • The existing JobKeeper Payment will remain in place until 27 September 2020. Information about the operation of the JobKeeper Payment until 27 September 2020 is available on the ATO website.
  • From 28 September 2020, the JobKeeper Payment will be targeted to businesses that have been most significantly impacted, the payment rates will be stepped-down and two tiers of payment will be introduced. 

If you currently receive JobKeeper Payment it remains unchanged and available until 27 September 2020. From 28 September 2020, businesses seeking to claim JobKeeper Payments will be required to reassess their eligibility for the JobKeeper extension with reference to their actual turnover. The JobKeeper extension will be available to qualifying businesses from 28 September 2020 until 28 March 2021.

The ATO is administering the JobKeeper Payment and detailed information and guidance on JobKeeper is available on the ATO website.

For further details and the most up to date information visit: https://treasury.gov.au/coronavirus/jobkeeper

The Government is providing financial assistance to Australians to support them through the economic impact of the Coronavirus. 

On 21 July, the Government announced it is extending the JobKeeper Payment until 28 March 2021 and is targeting support to those employers who continue to be significantly impacted by the Coronavirus.

In addition, the Government is extending the payment period and adjusting the amount of its temporary Coronavirus Supplement for eligible income support recipients from 25 September 2020 to 31 December 2020.

The Government is temporarily allowing individuals affected by the Coronavirus to access some of their superannuation, extending access to 24 September 2020. 

Eligible pensioners, seniors, carers and student payment recipients will receive two separate $750 Economic Support payments.

Retirees whose savings are being affected by financial market volatility can take advantage of a temporary reduction in minimum superannuation drawdown requirements.

Social security deeming rates are also being reduced in recognition of the impact of low interest rates on retiree savings.

For further details and the most up to date information visit: https://treasury.gov.au/coronavirus/households

Government assistance is available to help businesses withstand the impact of the coronavirus and encourage an economic recovery into the future.

The temporary assistance measures include:

  • a wage subsidy to help you retain employees
  • help to manage cash flow
  • a wage subsidy for apprentices and trainees
  • a safety net for companies facing financial distress
  • a time-limited asset investment incentive
  • and credit and loans

For further details and the most up to date information visit: https://treasury.gov.au/coronavirus/businesses

If you need support the Federal Government’s stimulus package is worth looking into. It’s there to help vulnerable Australians get through this difficult time.

We’re here to help

Before dipping into your emergency funds or making any rushed decisions, it’s worth considering all of the options that are available to help you stay afloat. 

Your financial wellbeing is important to us. In times of difficulty, when making the right decisions matter, it’s sensible to seek out expert advice. 

Your local Mortgage Choice expert can help guide you through some of the options that may be available to you and your unique situation. Give us a call sooner rather than later, so we can start putting the plans in place to help you during this challenging time.

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