Australian Government benefits are some of the best in the world right now. They are designed to ensure citizens can survive the local calamities of this year.
Australia is one of the most developed countries in the world with a per capita income of $77,347 AUD. Thanks to that high per capita income, Australians contribute to a great benefits system that helps all citizens.
With the massive bushfires and now a pandemic, 2020 has been a doubly-difficult year for Australia. But the government is trying to ease the pain with Australian government benefit programs.
All Aussies might not be aware of the tools at their disposal so we’ve looked into it. Up next you’re going to find some of the best government benefit programs you may be able to apply for at this time. Read on.
Economic Support Payment of $750 AUD
There are about 6.5 million people in Australia who are going to get a one-off tax-free payment of $750 AUD. This Economic Support Payment will help ease the economic impact of COVID-19. Those on social assistance and veterans can take advantage of this program.
The government sent out the money on March 31, 2020. And, people were told to expect it by April 17, 2020. There is also a plan to distribute the second payment of the same amount by July 13, 2020. People who receive an old-age pension, disability support pension, jobseeker payment, and special benefits are eligible to receive the bonus.
Coronavirus Jobseeker Payment
The Jobseeker payment is available for full-time employees, sole traders, self-employed, casual workers and contract workers who have lost their job or income due to Coronavirus, providing they meet the income test.
Jobseekers can receive payments between $565.70 and $790.10 every 2 weeks depending on their income and what their partner earns.
Coronavirus Supplement Program
The Coronavirus Supplement Program provides temporary care for Australians during the global pandemic. This program offers extra support to anyone who is eligible for the Human Services payments.
This new, time-limited Coronavirus supplement is paid at a rate of $550 AUD every 2 weeks. It will continue to be paid for a period of 6 months.
As per the notice published on treasury.gov.au, there are income support payment categories that are eligible to receive this benefit. From those receiving the Jobseeker payment to the Youth Allowance Jobseeker payment to the Parenting Payment (Partnered or Single).
$130B AUD In Corona Virus Wage Subsidies For Business
This scheme plans to provide wage subsidies to businesses that are affected by the pandemic. This is widely-known as the JobKeeper Payment. Around 6 million workers will benefit from this scheme. Employers will receive financial help of $1,500 AUD every 15 days.
This payment will guarantee that the employers will remain connected to their employees in the time of worldwide emergency. As a result, they can begin business as usual as soon as the problem comes to an end.
Businesses greatly affected by the COVID-19 can access this program. In order to get the benefit, employers have to register themselves with the ATO. In addition, this program will allow employees to secure their jobs and begin earning their normal wages again as soon as possible.
Coronavirus SME Guarantee Scheme
This scheme works on a vision that timely access to credit is vital to help Small and Medium Enterprises’ (SMEs) through the impact of the Coronavirus. The Coronavirus SME Guarantee Scheme is the coordinated action of the Australian Government, Reserve Bank of Australia, and the Australian Prudential Regulation Authority.
Under this scheme, the government plans to provide a guarantee of 50% to SMEs’ lenders. Above all, this is to ensure that the new unsecured loans can be used in the working capital. Therefore, it will empower SMEs to support their business for the upcoming months.
Australian Government Benefit Schemes Conclusion
To sum up, these are some major benefits and schemes being provided by the Australian Government in this time of crisis. Not everyone is eligible for all payments, but most citizens should receive some stimulus to help soften the blow.
To learn about more government benefits being offered around the world and see how Australia measures up, click here.