Updated 10 May 2020
The Government has released several significant stimulus packages designed to support the business and the economy during COVID-19. Here we set the main ones out with the most recent at the top. Full details of all of the Prime Ministers announcements, measures and stimulus can be found HERE.
Aged Care Providers Support Package – released on 1 May 2020
- Funding to aged care providers so they can offer reinforced levels of safety and care.
- The payment will be payable to all Commonwealth funded residential aged care providers and will be linked to the number of residents being cared for by each facility.
- Providers will receive about $900 per resident with facilities outside major metropolitan areas will receive 50% loading.
Hardship Provisions for Energy, Water & Rates – released 9 April 2020
- Principles for the essential services include:
- Offering flexible payment options to all households and small businesses in financial stress – including small businesses eligible for the JobKeeper Payment;
- Not disconnecting restricting supply/services to those in financial stress;
- Deferring debt recovery proceedings and credit default listing;
- Waiving late fees and interest charges on debt; and
- Minimising planned outages for critical works, and provide as much notice as possible to assist households and businesses during any outage.
Commercial Tenancies Mandatory Code of Conduct – released 7 April 2020
- States and Territories are to implement a mandatory Code of Conduct that imposes a set of good faith leasing principles.
- Landlords and tenants should negotiate and agree a tailored and bespoke temporary agreement that allows for proportionate rent reductions (waivers and deferrals) based on the tenant’s decline in turnover.
Childcare Relief Package – released on 2 April 2020
- Government payment to childcare centres of 50 per cent of fee revenue, up to the existing hourly rate cap, as long as services remain open and do not charge families for care
- Applicable from 6 April based on the number of children who were in care during the fortnight leading into 2 March, whether or not they are attending services.
Support for Mental Health, Medicare and Domestic Violence Services – released on 29 March 2020
- Whole of population Telehealth
- GP bulk billing incentive doubled
- Additional funding for programs to reduce domestic violence and a new public communication campaign
- Digital mental health portal www.headtohealth.gov.au as a single source of mental health guidance and a national communications campaign
- Dedicated Coronavirus well being support line
- Increased capacity of mental health and older Australian’s support providers
- Digital work and study services and eheadspace
- Culturally appropriate mental health and well being resources for Indigenous Australians
- Psychosocial support to Commonwealth community mental health clients
- Support for charities and other community organisations which provide emergency and food relief
Government Stimulus 3 – JobKeeper Payments – released on 30 March 2020
- Wages subsidy paid to eligible employers, for on-payment to employees
- $1500 before tax per eligible employee per fortnight for up to 6 months commencing 30 March 2020
- Payments reimbursed to employers from first week of May 2020
- JobSeeker (not JobKeeper) income support partner pay income test increased to $79,762 per fortnight
Government Stimulus 2 – released on 22 March 2020
- New Coronavirus Supplement of $550 per fortnight to JobSeeker Payment, Youth Allowance jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit
- One off $750 stimulus payment to social security, veteran income support recipients and eligible concession card holders
- Up to $20,000 early release of superannuation
- Temporary reduction of superannuation minimum draw down rates by 50%
- Reduced social security deeming rates by 0.25%
- Up to $100,000 to eligible SME’s & not for profits through refund of wages withheld, to boost cash flow
- Government loan guarantee scheme so businesses can get loans for working capital
- Temporary relief for directors from insolvent trading laws
- Increased thresholds for statutory demands and extension of time to respond
- Support for the airline industry
Government Stimulus 1 – released on 12 March 2020
- Increasing the instant asset write off threshold from $30,000 to $150,000
- Additional asset depreciation of 50% in the year of purchase
- Cash flow boost of $2,000 to $25,000 in BAS/IAS refunds
- Apprentice and trainee wage subsidies
- One off $750 stimulus payment to households
- Waiver of fees and charges for tourism businesses and deferring tax payments for severely-affected regions