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Economic Response to the Coronavirus

Support for individuals and households    
       
Income support for individuals
The Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight. This would be paid to both existing and new recipients of the eligible payment categories.*
*Note, this does not include changes to the partner income test
  When
From 27 April 2020
         
Payments to support households
Provide two rounds of $750 payments to those eligible.
  When
First round from 31 March 2020, second round from 13 July 2020
       
Temporary early release of superannuation
Enable individuals and sole traders directly impacted by the economic consequences of the Coronavirus to access up to $10,000 of their superannuation, tax-free, in 2019-20, and up to a further $10,000 in 2020-21.  No tax will be imposed on withdrawals.
  When
Applications from April 2020
       
Temporarily reduce superannuation minimum drawdown rates
Reduce the superannuation minimum drawdown rates by 50 per cent for the 2019-20 and 2020-21 income year.
  When
Immediately
       
Lower the social security deeming rates
Lower the social security deeming rates in response to the low interest rate environment.
  When
From 1 May 2020
   
   
Support for businesses    
       
JobKeeper Payment
A significant wage subsidy program to support employees and businesses through the Coronavirus outbreak. Eligible businesses will receive $1,500 per fortnight per eligible employee for a maximum of 26 weeks.
  When
Register interest from 30 March, initial payments received first week of May 2020. Register here
       
Boosting Cash Flow for Employers
Enhance the previously announced Boosting Cash Flow for Employers by extending access to not-for-profits, including charities; increasing the maximum total payments to $100,000; increasing the rate of the payment, increasing minimum total payments to $20,000.
  When
Payments from 28 April 2020, additional payments from 21 July 2020
       
Temporary relief for financially distressed businesses
Help businesses get through a temporary period of insolvency, by temporarily providing higher thresholds and more time to respond to demands from creditors and providing temporary relief from directors’ personal insolvent trading liability
   
       
Increasing the instant asset write-off
Lifting the threshold to $150,000 (from $30,000) — and making more businesses eligible to use it up to a turnover of $500 million.
  When
Immediately, with deductions to be included in 2019-20 tax returns
       
Backing business investment
Offering businesses a time-limited incentive to invest, by accelerating depreciation deductions.
  When
Immediately, with deductions to be included in 2019-20 tax returns
       
Supporting apprentices and trainees
Wage assistance to help small businesses to keep their apprentices and trainees.
  When
Applications open from early April 2020
       
Support for Coronavirus affected regions and communities
Financial support to help regions and communities most affected by the Coronavirus to recover.
  When
As soon as practicable
       
Support for Australian airlines and airports
Provide initial support to our airline industry through up to $715 million of relief from a range of taxes and Government charges.
  When
1 February 2020 to 30 September 2020
       
VICTORIA ONLY – Business Support Fund
The Victorian State Government has announced a $500 million Business Support Fund to help small businesses survive the impacts of the coronavirus (COVID-19) pandemic and keep people in work. Eligible businesses can apply for a one-off $10,000 grant which can be used towards costs such as utilities, rent and salaries, and activities to support business continuity planning.
  When
Applications now open and close on Monday 1 June 2020. Apply here
   
   
Supporting the flow of credit    
       
Government support for immediate cash flow needs of SMEs
Establish a loan guarantee arrangement between the Government and participating banks to cover the immediate cash flow needs of SMEs
  When
Commence by early April 2020 and be available for new loans until 30 September 2020
       
Australian Office of Financial Management Support
Provided the Australian Office of Financial Management with an investment capacity of $15 billion to invest in structured finance markets used by smaller lenders
   
       
Reserve Bank of Australia Support
A package of RBA measures to support the Australian economy.
   
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