What Australia's 189bn coronavirus economic rescue package means
                     ACCOUNTS NEXTGEN
Accounts Melbourne | Tax Accountant Melbourne
What Australia's $189bn coronavirus 
economic rescue package means
for you
Government unveils an extra $550 a fortnight for the 
unemployed, wage subsidies for small businesses, early 
superannuation access, and support to retain workers.
The government has announced a second major economic 
rescue package worth $66bn, on top of an initial $17.6bn 
package and more than $100bn in emergency banking 
measures to prevent against a credit freeze.
Framed as a “safety” package, the second wave of stimulus 
ramps up support for small business and also includes a 
major boost to welfare recipients and for people who lose 
work as a result of the Covid-19 pandemic.
The new suite of measures was described by prime minister 
Scott Morrison on Sunday as “unprecedented” and targeted 
at those on the front line who will be first to feel the hit of 
the downturn.
In total, the government has now committed economic 
support worth $189bn – almost 10% of GDP – and has also 
flagged more packages as the crisis unfolds.
I AM ON INCOME SUPPORT – OR MIGHT 
SOON BE – WHAT WILL I GET?
The government announced in its second package 
that it is establishing a new,time-limited coronavirus 
supplement to be paid at a rate of $550 per 
fortnight for the next six months at a cost of 
$14.1bn.
This will effectively double the current rate of New 
start, which is being renamed the job seeker 
payment.
The coronavirus supplement will be paid for the 
next six months. Eligible income support recipients 
will receive the full amount of the $550 coronavirus 
supplement on top of their payment each fortnight.
WHO IS ELIGIBLE?
The extra payment will be paid to both existing 
and new recipients of the job seeker payment, 
youth allowance job seeker, parenting payment, 
farm household allowance and special benefit.
Eligible income support recipients will receive the 
full amount of the $550 coronavirus supplement 
on top of their payment each fortnight.
The government will also waive the asset test and 
waiting periods to access the payment.
I’M A SOLE TRADER OR SELF-EMPLOYED, 
WILL I BE ABLE TO ACCESS THIS
PAYMENT?
Yes. The government has announced that in 
the case of sole traders and the self-employed, 
anyone impacted by the economic downturn 
triggered by the coronavirus will be able to 
access the job seeker payment and the 
coronavirus supplement.
ACCOUNTS NEXTGEN PRIVATE LIMITED
Melbourne Office Level 19,180 
Lonsdale Street Melbourne, VIC 3000
Contact Us: (03) 9015 8540 
Visit Us: 
http://www.accountsnextgen.com.au/
NICK BHALLA
DIRECTOR
Accountants Melbourne