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Australia Here's what the Federal Government's second coronavirus stimulus package actually means for your wallet and Centrelink payments

17:50  22 march  2020
17:50  22 march  2020 Source:   abc.net.au

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As Australia' s economy is left reeling from the flow-on effects of the coronavirus pandemic, the Federal Government has unveiled new measures to soften the blow. But what do they actually mean for your wallet ?

The Federal Government has revealed its second stimulus will include a doubling of the JobSeeker Payment “This means , anyone eligible for the maximum JobSeeker payment will now receive more than REVEALED: billion rescue package : Here ’ s what it means for you. Yahoo Finance AU.

a close up of a hand: The $66 billion package includes relief for retirees, and a © Provided by ABC NEWS The $66 billion package includes relief for retirees, and a "safety net" for workers already bearing the brunt of the crisis. (ABC News: Claire Moodie)

As Australia's economy is left reeling from the flow-on effects of the coronavirus pandemic, the Federal Government has unveiled a suite of new measures designed to soften the blow.

The $66 billion package includes relief for retirees, and a "safety net" for workers already bearing the brunt of the crisis.

With no end in sight, it's sure to be a welcome relief for those who've been calling for a lifeline.

But what do the new measures actually mean for your pay packet? And who is set to benefit?

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  COAG to discuss COVID-19 stimulus today Responding to the coronavirus crisis is the top priority as the prime minister prepares for today's COAG meeting with state and territory leaders. The states are being pushed to follow Scott Morrison’s lead after the Federal Government unveiled a $23 billion stimulus package.The plan involves cash handouts to over six million Australians as well as billions to help small businesses get through the coronavirus crisis.The meeting in Sydney will also discuss whether mass gatherings should be cancelled and if more tests should be rolled out.

Alongside the cash payments , the government is launching a massive loan scheme worth billion under which In addition to the stimulus packages , the government is reducing the deeming rate It comes after some experts feared the coronavirus crisis could cause Australia' s unemployment rate

What the government can and can't do during a pandemic. Trump: The federal government is not a shipping clerk. CLARIFICATION: This story has been updated to reflect the current proposed income threshold for payments under a GOP stimulus plan and to add context on the US bailout for auto

1. Casuals and sole traders

If you've found yourself affected by the economic downturn, you'll be able to access a "coronavirus supplement" of $550 a fortnight for the next six months.

That's on top of other benefits — so if you're already receiving payments through Jobseeker (formerly known as Newstart), you can claim both.

Sole traders and casual workers who are currently making less than $1,075 a fortnight will be eligible to receive the full supplement.

In practice, that means if you're a single parent (receiving a maximum fortnightly payment of $612 through Jobseeker), for example, and you meet the criteria, you'll take home about $1,162 a fortnight.

"This means anyone eligible for the maximum Jobseeker payment will now receive more than $1,100 a fortnight, effectively doubling the Jobseeker allowance," Treasurer Josh Frydenberg said.

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Prime Minister Scott Morrison announced a second stimulus package on Sunday, surprising the superannuation industry by allowing people to Mr Frydenberg announced the government would hand out ,000 in cash to small businesses with some larger enterprises receiving up to 0,000.

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Sole traders or casual workers who have had their income or hours reduced by 20 per cent or more as a result of coronavirus will also be able to access to up to $10,000 of their superannuation tax-free.

2. Households

If you're not eligible to receive the coronavirus supplement, you could still be able to claim a $750 stimulus payment.

The payment will be made automatically from July 13 to about 5 million Australians, including those receiving the age pension, a carers allowance or family tax benefit and Commonwealth senior card holders.

That's in addition to a separate $750 stimulus payment announced earlier this month.

"This is clearly saying that we expect this to go on for some time and we know that those vulnerable groups may need additional income support during those periods," Prime Minister Scott Morrison said.

"Yes, it will provide some sort of support for the economy, but it will also provide some very real financial support for the most vulnerable in our community."

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Government -backed loan guarantees worth £330billion - equivalent to 15 per cent of GDP. The Treasury will increase this with 'as much capacity as Chancellor Rishi Sunak effectively signed a blank cheque last night as he unveiled a huge new coronavirus bailout to cover the wages of millions

“ The federal government ’ s not supposed to be out there buying vast amounts of items and then shipping,” Mr. Trump said. The payments would phase in for earners up to ,000 — meaning lower earners would get smaller checks — and then phase out again at ,000.

3. Pensioners

  Here's what the Federal Government's second coronavirus stimulus package actually means for your wallet and Centrelink payments © ABX News Deeming rates will be reduced by a further 0.25 percentage points to reflect the latest rate reductions by the RBA, which follows similar cuts made earlier this month.

This is important because deeming rates are used for the pension income assessment — and therefore affect how much someone will receive through their pension.

From the beginning of May, the lower deeming rate will be 0.25 per cent and the upper deeming rate will be 2.25 per cent.

To put things in perspective, when deeming rates were reduced by half a percentage point in the first stimulus package, National Seniors estimated age pensioners would receive on average an additional $219 per year.

According to the Government, the change will benefit around 900,000 income support recipients, including age pensioners, and is estimated to cost $876 million over the forward estimates period.

4. Employers who want to keep staff

Not-for-profits and small businesses with a turnover under $50 million will receive a tax-free cash payment of up to $100,000 to help them retain staff and continue operating.

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EXPLAINER: The federal government has unveiled a second stimulus package designed to stave off economic catastrophe caused by the coronvirus pandemic. Sky News host Kieran Gilbert runs through the billion package which includes a doubling of Newstart payments

Should the Federal Government be providing a 0 payment to our 6.5 million welfare recipients in order to help them through the coronavirus crisis? It’ s called a stimulus and it’ s designed to keep the economy moving. Stimulus package 2020. To be paid from 31st March . 1 payment per person.

The Government expects 690,000 businesses employing 7.8 million people and 30,000 not-for-profits will be eligible for measures in the stimulus package.

It doesn't mean extra pocket money if you're an employee, but by linking the payments to staff wage tax withholdings, businesses will be given an incentive to hold on to more of their workers.

"We know that small businesses are enormously resilient but this is really hurting them," Mr Morrison said.

"Whether it is a coffee shop or mechanic or hairdresser... by providing at a minimum $20,000 and up to $100,000 for small businesses who employ people, [it] gives them a chance to get to the other side."

Expect more to come...

An important thing to keep in mind is that this is the second suite of measures announced by the Government in just a matter of weeks.

The first, announced on March 12, also included one-off cash payments for welfare recipients, and changes to welfare payments for casual workers who contracted COVID-19 or had to isolate themselves.

In announcing Sunday's package, Mr Morrison himself warned that it would not be his "last visit to these podiums".

"There will be more packages and more support," he said.

"There will be more issues that even now have not presented themselves or could not even be conceived at this point."

Banks to announce 'package of significant initiatives' today

  Banks to announce 'package of significant initiatives' today Treasurer Josh Frydenberg says the banks are working on a “package of significant initiatives which will be looking to relieve some of the pressures on their customers”.  Mr Frydenberg told Sky News the banks were likely to announce the package on Friday. The Treasurer said the government was focused on delivering its second stimulus package and “cushioning the blow” for small businesses hit hardest by COVID-19. When asked how long the government’s travel restrictions were likely to last, Mr Frydenberg said “we’ll maintain those border restrictions until it is safe to lift them”.

So, if you're doing it tough, expect more measures in the near future.

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Queensland businesses to get $4 billion boost as thousands lose jobs .
The Queensland government has releases a $4 billion stimulus package to cover the state's health needs and relieve financial pressure on households and businesses amid the coronavirus pandemic. Deputy Premier Jackie Trad said the package includes a $1.2 billion to double Queensland's intensive care capacity and triple its emergency department capacity. That money will also be used to expand fever clinics on demand and rapidly deploy hundreds of hospital beds if and when they are needed. https://twitter.com/ShannonMM9/status/1242270746279202816Community testing and contact tracing will be extended.

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