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As the world passed three quarters of a million confirmed coronavirus cases, the Australian Government released its third economic stimulus and financial support package on the 30th of March.
Additional support for businesses and their employees
The ‘job keeper’ payment to Australian employers is worth $130 billion and is focused on supporting businesses in retaining wages for their employees. With increased social distancing measures closing further businesses over the last week and more Australians limiting their spending as a result of staying home, many small businesses have either had their cashflow cut off or significantly reduced. The ‘job keeper’ program will allow these businesses to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for up to six months.
This financial support will allow businesses to continue to pay staff a wage so that when the crisis is over, they are better positioned to restart. Full details are available in the Treasury’s JobKeeper payment – Information for employers fact sheet.
Stability for renters
On Sunday the 29th of March, the Government also announced that evictions will be put on hold for 6 months by the states and territories. They encouraged landlords and renters to discuss short term agreements and positioned that the pain being felt in these conditions should be shared between renters, landlords, lenders and the Government. More details were promised for later in the week.
Expanded telehealth and support for vulnerable Australians
$1.1 billion was announced as safety net package to expand telehealth and mental services, increase domestic violence services and provide more emergency relief for vulnerable Australians.
Full information can be found on the Treasury website.
The information about COVID-19 is changing quickly and the best way to stay up to date during this time is by downloading our app in the app store (just search for ‘Invest Blue’) and checking our newsfeed. You can also head straight to the website and monitor our Market Updates and Insights and News pages. For our clients, we recommend you regularly check your emailsand ensure your email address and details are up to date with us. You can update your details by emailing itspossible@investblue.com.au.
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What you need to know
This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
