Cash Direct – Update: Government Economic Support Payments

There is a lot of information to take in about COVID-19 and the related economic stimulus package impacting you, so we want to summarise the key points for you.

There is good news for you. The Government Economic Stimulus Plan is very generous and largely focused on those most in need, people like you receiving Centrelink Benefits. The Government also knows you can help drive the economy forward with your day to day spending. The key is to keep a good budget and use the extra payments to spend on things you need and to stay on top of your regular commitments. In short, keep you and your family financially safe.

In turn, we should help the Government contain the spread of COVID-19, and let them drive our economy forward. Do your part by simply following the Government’s Social Distancing Guidelines, and helping those in need when you can.

Government COVID-19 Support Payments

1. $550 Coronavirus Supplement Fortnightly Payment

• $550 extra per fortnight for JobSeeker, Youth Allowance and Parenting payments – see below for qualification
• That means a total base JobSeeker payment of $1,100 per fortnight or $1,162 for single parent on $612 current payment
• This will apply from April 27, for a 6 month period
• Qualification for Coronavirus Supplement
• Payments will be made automatically to those qualified, nothing you need to do

2. 2 x $750 Economic Support Payments

• First $750 payment from 31 March 2020
• Second $750 payment from 13 July 2020, if not eligible for the Coronavirus supplement
• Qualification for Economic Support Payments
• Payments will be made automatically to those qualified, nothing you need to do

3. Crisis Payment

• If you need to self isolate and become in financial hardship, you can qualify for a Crisis Payment

4. Reducing Deeming rate for Pensioner

• Will be cut by a total of 0.75%
• Now 0.25% to 2.25% at the upper end

5. Access to Superannuation

• Impacted individuals from COVID-19 can access up to $10,000 from their superannuation each year for the next 2 years
• Eligibility to Access your Superannuation

6. Expanding Qualification for Job Seeker Payments

• From 27 April 2020, there will be Expanding Eligibility
• Temporary removal of the need for Employment Separation Certificate, proof of rental arrangements and proof of relationship status

Best Regards,

CashDirect Team