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Monday, March 23, 2020 8:06:51 PM
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Stimulus round two: An extra $750 for social security
By Harrison Astbury on March 22,2020
Photo by Aditya Joshi on Unsplash
The Government on 22 March announced a second stimulus package, including $550 extra per fortnight for welfare recipients in a package worth $66 billion.
This $550 per fortnight is in addition to regular welfare payments, and applies to:
* JobSeeker (Newstart)
* Youth Allowance
* Parenting Payment
* Farm Household Allowance
The payments will last for six months, and asset tests and waiting times for the JobSeeker allowance will also be waived.
Payments will also be available to sole traders and casual workers affected by lay-offs spurred on by coronavirus (COVID-19).
The stimulus package also includes an extra $750 one-time payment for people on social security and veteran benefits, on top of the first $750 handed out in the first round of stimulus.
Payments will be automatically paid to an estimated five million people on 13 July.
Treasurer Josh Frydenberg said the extra $550 essentially doubles welfare payments.
“(The new payment) will be available to sole traders, casual workers who meet the income test,” he said.
“This means, anyone eligible for the maximum jobseeker payment will now receive more than $1100 a fortnight, effectively doubling the jobseeker allowance.”
* For pensioners, deeming rates will also be cut by a further 0.25%.
* People will also be able to access $10,000 from their superannuation in 2019-20, and 2020-21, which will not be taxed, and withdrawals will not affect Centrelink or veterans' payments.
* For small business, the government will guarantee loans up to $250,000, and they will also receive cash payments up to $100,000.
The news comes after the Government announced its first $17.6 billion stimulus package just last week.
https://www.savings.com.au/term-deposits/stimulus-round-two-newstart-funding-550-fortnight
"Qantas, Jetstar to stand down 20,000 workers due to coronavirus, Alan Joyce says national carrier's future is at stake"
Stimulus round two: An extra $750 for social security
By Harrison Astbury on March 22,2020
Photo by Aditya Joshi on Unsplash
The Government on 22 March announced a second stimulus package, including $550 extra per fortnight for welfare recipients in a package worth $66 billion.
This $550 per fortnight is in addition to regular welfare payments, and applies to:
* JobSeeker (Newstart)
* Youth Allowance
* Parenting Payment
* Farm Household Allowance
The payments will last for six months, and asset tests and waiting times for the JobSeeker allowance will also be waived.
Payments will also be available to sole traders and casual workers affected by lay-offs spurred on by coronavirus (COVID-19).
The stimulus package also includes an extra $750 one-time payment for people on social security and veteran benefits, on top of the first $750 handed out in the first round of stimulus.
Payments will be automatically paid to an estimated five million people on 13 July.
Treasurer Josh Frydenberg said the extra $550 essentially doubles welfare payments.
“(The new payment) will be available to sole traders, casual workers who meet the income test,” he said.
“This means, anyone eligible for the maximum jobseeker payment will now receive more than $1100 a fortnight, effectively doubling the jobseeker allowance.”
* For pensioners, deeming rates will also be cut by a further 0.25%.
* People will also be able to access $10,000 from their superannuation in 2019-20, and 2020-21, which will not be taxed, and withdrawals will not affect Centrelink or veterans' payments.
* For small business, the government will guarantee loans up to $250,000, and they will also receive cash payments up to $100,000.
The news comes after the Government announced its first $17.6 billion stimulus package just last week.
https://www.savings.com.au/term-deposits/stimulus-round-two-newstart-funding-550-fortnight
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