| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| Supporting apprentices and trainees Wage assistance to help small businesses to keep their apprentices and trainees. |
When Applications open from early April 2020 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| Reserve Bank of Australia Support A package of RBA measures to support the Australian economy. |