What Australia’s $189bn coronavirus economic rescue package means for you

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Accounts NextGen

• Accounts Melbourne Tax Accountant Melbourne

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What Australia's 189bn coronavirus economic
rescue package meansfor you
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• Government unveils an extra 550 a fortnight for
  the unemployed, wage subsidies for small
  businesses, early superannuation access, and
  support to retain workers.
• The government has announced a second major
  economic rescue package worth 66bn, on top of an
  initial 17.6bn package and more than 100bn in
  emergency banking measures to prevent against a
  credit freeze.
• Framed as a safety package, the second wave of
  stimulus ramps up support for small business and
  also includes a major boost to welfare recipients
  and for people who lose work as a result of the
  Covid-19 pandemic.
• The new suite of measures was described by prime
  minister Scott Morrison on Sunday as
  unprecedented and targeted at those on the
  front line who will be first to feel the hit of
  the downturn.
• In total, the government has now committed
  economic support worth 189bn almost 10 of GDP
  and has also flagged more packages as the
  crisis unfolds.

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I am on income support or might soon be what
will I get?

• The government announced in its second package
  that it is establishing a new,time-limited
  coronavirus supplement to be paid at a rate of
  550 per fortnight for the next six months at a
  cost of 14.1bn.
• This will effectively double the current rate of
  New start, which is being renamed the job seeker
  payment.
• The coronavirus supplement will be paid for the
  next six months. Eligible income support
  recipients will receive the full amount of the
  550 coronavirus supplement on top of their
  payment each fortnight.

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Who is eligible?

• The extra payment will be paid to both existing
  and new recipients of the job seeker payment,
  youth allowance job seeker, parenting payment,
  farm household allowance and special benefit.
• Eligible income support recipients will receive
  the full amount of the 550 coronavirus
  supplement on top of their payment each
  fortnight.
• The government will also waive the asset test and
  waiting periods to access the payment.

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Im a sole trader or self-employed, will I be
able to access thispayment?

• Yes. The government has announced that in the
  case of sole traders and the self-employed,
  anyone impacted by the economic downturn
  triggered by the coronavirus will be able to
  access the job seeker payment and the coronavirus
  supplement.

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