The coronavirus outbreak is not only affects people’s health.
The virus, along with the increasing health measures to slow its spread, will have significant economic implications and the Federal Government has announced a number of financial measures.
Over the next six months, Australians who are existing and new recipients of JobSeeker Payment, Youth Allowance, Parenting Payment, Farm Household Allowance and Special Benefit will receive an extra $550 per fortnight as part of a time-limited Coronavirus supplement.
Two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders. The first payment will be made from 31 March 2020 and the second payment will be made from 13 July 2020.
Temporary early release of superannuation
Aussies affected by the coronavirus can access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. Individuals will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.
Click here for more information of the Federal Government’s Coronavirus financial assistance.