A range of assistance measures for individuals and households can be found below:
- JobKeeper Payment
The JobKeeper Payment is a subsidy to businesses, which will keep more Australians in jobs through the course of the COVID-19 outbreak. Employers will receive a payment of $1,500 per fortnight per eligible employee. More information available here.
- Early Access to Superannuation:
- The Government is now allowing temporary early access to superannuation, with tax free payments of up to $10,000 per financial year in 2019-20 and 2020-21. Eligible individuals must apply before 1 July 2020. More information available here.
- Rental Eviction Moratorium
Commercial and residential evictions will be put on hold for the next 6 months for those tenants in financial distress due to impacts of COVID-19. Commercial tenants, landlords and financial institutions are encouraged to talk about short term agreements. Further information available here.
- Financial Support Payments:
- Two economic support payments for an amount of $750 each will be made to recipients of eligible Government support payments (e.g. Social Security, Veteran’s support, Farm Household Allowance etc.). The first payment will be made available from 31 March 2020 and the second from 13 July 2020. More information available here.
- JobSeeker Payment Eligibility
The Federal Government also announced a relaxation to the income threshold for the Job Seeker payment for the partner of someone who has lost their job. For the next six months the partner income threshold has been increased to $79,762 per year from $48,000 per year. To register a claim, visit here.
- 'Coronavirus Supplement':
- A temporary ‘Coronavirus Supplement’ has been established to assist new and existing income support recipients (e.g. Jobseeker, Farm Household Allowance, Youth Allowance). This will be available from 27 April 2020 and is available for 6 months. Those affected will receive an additional $550 per fortnight. More information available here.
- Social Security Payments:
- In addition, the Government has expanded eligibility and qualification criteria for JobSeeker and Youth Allowance payments. The payments may now also assist sole traders/ self-employed people and those caring for someone infected or in isolation as a result of Coronavirus. The changes also temporarily waive asset tests and waiting periods that apply to these payments. More information available here.
- Early Childhood Education and Care Relief Package
- Early Childhood Education and Care Relief Package – From 6th of April, the Federal Government will provide direct assistance to early childhood education facilities by way of subsidy payments. The relief package will mean that families requiring access to these facilities for their children will receive this service free of charge. The assistance will be provided for a period of one month, with a possible extension of 3 months thereafter. More information available here.
- Further Social Security Information:
- Other measures around simplification of reporting and crisis payments are also available for those impacted by the Coronavirus. More information available here.
- Minimum Superannuation Drawdown:
- A temporary reduction in superannuation minimum drawdown requirements, for account-based pensions and similar products, by 50% has been introduced for 2019-20 and 2020-21. More information available here.
- Age Pension Deeming Rate Reduction:
- Changes to the age pension social security deeming rates have been announced effective form 1 May 2020. More information available here.