The federal government has announced an additional $66 billion rescue package to tackle the impacts of COVID-19.
The new measures increase support for small business and provide a big financial boost to welfare recipients and those who lose work as a result of the pandemic.
The economic lifelines take Australia’s total spending to $189 billion, amid a looming coronavirus lockdown to hit the country.
Here’s what they mean for you and when you’ll get the cash:
If you’re on welfare
The Government will temporarily double welfare payments, providing you with an additional $550 a fortnight.
The extra payment will be available to both new and existing recipients of the jobseeker payment, youth allowance jobseeker, parenting payment, farm household allowance and special benefit.
Application waiting times, asset tests and red tape will be reduced to help people who lose work access the payments quickly.
You’ll also receive two $750 cash payments. The first, announced in the first stimulus package, will be paid on March 31 and the second on July 31.
In the video below: Treasurer Josh Frydenberg discusses the second stimulus package
Sole trader, casual or self-employed
If you’re making less than $1,075 a fortnight as a result of the economic downturn, you’ll be able to access a “coronavirus supplement” of $550 a fortnight for the next six months.
If you’re already receiving payments through Jobseeker (mentioned above), you can claim both.
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.
Not-for-profits and small businesses with a turnover under $50 million will receive a tax-free cash payment of up to $100,000, with a minimum payment of $20,000 for eligible companies.
The government is also offering to guarantee unsecured loans of up to $250,000 for up to three years.
Deeming rates will be reduced by a further 0.25 percentage points.
As deeming rates are used for the pension income assessment, this will affect how much someone will receive through their pension.
Can I access my super?
The Government will allow affected individuals to access up to $10,000 from their superannuation this financial year and again in 2020-21.
People will not pay tax on the money they access, and withdrawals will not affect Centrelink or veterans’ payments.
More details are available here