Australian Federal Government Stimulus for Individuals
Here's a summary of the Federal Government stimulus packages for individuals, both financial and services like health, mental health, domestic violence and education. Please see the links for more details.
As highlighted above which allows citizen or permanent resident who are either full time/part-time or casual who have been with the same employer for greater than 12 months to be entitled for Job-Keeper Payment. The intention behind the payment is that you will be able to sign back up with the employer if you wish.
Income to Support Individuals
Payments to Support Holders
Temporary Early Release of Superannuation
The Government is 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.
Temporary Reducing Superannuation Minimum Drawdown
The Government is pensioners to reduce to halve the draw down rate for the FY2020 and FY2021 years. This is because the balances would have been impacted by the stockmarket sell-off.
For Pensioners & Social Security recipients. The upper deeming rate will be 2.25 per cent and the lower deeming rate will be 0.25 per cent. The deeming rate is the amount the government believes you are likely to earn in income from your liquid assets (Cash).
Mental Health & Health Services Support
The federal government has also announced several initiatives including support for mental health services, which may be relevant for you. This is an incredibly stress full time for many of us.
In particular the following sources of support may be useful:
An initial $150 million will be provided to support Australians experiencing domestic, family and sexual violence due to the fallout from coronavirus.
Subsidised Short University Courses Across Australia.
The federal government has just announced an $18 Billion funding program to support those impacted by Covid19 to upskill their education at a University.
Free TAFE COURSES to Support NSW during Covid19
A suite of 21 fee-free TAFE NSW short courses are available online to assist anyone across the state who wants to upskill during the COVID-19 pandemic
The 21 short courses include:
Australian Government & Prime Minister’s Office
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