Second Round of Government Stimulus
While the full economic effects from the virus remain uncertain, the outlook has deteriorated since the Governments' initial Economic Response announced on the 12th March 2020.
The spread of the virus worldwide has broadened, and is expected to be more prolonged. Governments, both international and domestic, have announced stricter mitigation measures to slow the spread of the virus, which are having significant economic impacts.
On Sunday 22nd march, the government announced a second set of economic responses which, combined with the previous actions, total $189 billion across the forward estimates, representing 9.7% of annual GDP. The key elements of the latest stimulus are as follows:
Supporting Individuals & Households
- Temporary early release of superannuation
- Temporarily reducing superannuation minimum drawdown rates
- Reducing social security deeming rates
- Income support for individuals
- Payments to support households
Support for Businesses
- Boosting cashflow for employers
- Cash flow loan assistance for business
- Temporary relief for financially distressed businesses
- Increasing the instant asset write-off
- Backing business investment
- Supporting apprentices and trainees
- Support for Coronavirus-affected regions and communities
If you would like help on how the Government stimulus package applies to you please contact us..