Billions of dollars are being put into the Australian economy to offset the damage to businesses and employment rates from the coronavirus pandemic. However, millions have found themselves unemployed and forced to shut their doors. The question many Australians may ask is, what exactly do you get from all this government spending? In the past few weeks, the Federal and State government have announced a range of stimulus measures available. Jacaranda’s here to make it easy for you to get all the information you need to know!
On March the 12th 2020, the Federal Government released a $17.6 billion stimulus package which targeted businesses and welfare recipients. 10 days later a second package was announced which was worth $66 billion. The Government returned with a $130 billion wage subsidy plan 8 days later. To gain a full understanding, let’s have a look at what each one means and how it might benefit you.
With the financial uncertainty of the coronavirus, many Australian’s are struggling to make rental payments. With that in mind the National Cabinet agreed to put a temporary hold on evictions over the next six months for commercial and residential tenancies who have been affected by the Coronavirus.
While this may be true many tenants may find they will have to pay accumulated rent once the temporary hold is over. With this in mind, tenants do have the choice to try and figure out another option with their landlord. As the COVID-19 crisis continues to unfold, we will likely see government rules and regulations change.
The government has now announced a $130 billion Job Keeper payment. This will help more Australians keep their jobs and support businesses. This allows them to receive funds for up to 6 months. Therefore around 6 million workers will receive a fortnightly payment of $1500 (before tax) through their employer. The JobKeeper payment is about 70 per cent of median wage and a little more than the minimum wage. Employers can top-up payments with actual pay or through annual leave and also have the option to pay superannuation.
As of April 2, employers can register to receive a 50 percent subsidy for wages paid to apprentices between January to March of this year. All apprentices or trainees must have been in training with the small business since 1 March 2020. The subsidy will cover wages paid from 1 January 2020 to 30 September 2020. Businesses can be reimbursed up to $7,000 per quarter (to a maximum of $21,000) per eligible team member. Any final claims for payment will need to be lodged by 31 December 2020.
The State and Federal Governments are still in negotiations about further measures to help tenants manage their rental payments. On the other hand, the Government is still finalising the details of its $130 billion Job Keeper program. If you’d like the latest information and updates, head to the Australian Government’s website. You can also download the official government “Coronavirus Australia” app from most online stores.
For the latest news on the Coronavirus outbreak worldwide, check out News.com.au’s coverage.
If you’ve found yourself in need of a small financial boost, Jacaranda might be able to help you. At Jacaranda, we may be able to consider your loan application even if you’re on Centrelink benefits. While traditional lenders may not give you a loan while receiving Government benefits, we like to give everyone a fair go. We’ll fully assess your situation to determine whether you’re in a position to receive and repay a personal loan. If you can meet our eligibility criteria, we will treat your Centrelink repayments just like any other regular income.
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