COVID-19 - changes to social security

To combat financial pressures arising from COVID-19 containment measures, today we cover some new social security initiatives that have been announced.In short, the government will:

• Pay a temporary fortnightly $550 Coronavirus Supplement from 27 April 2020 if you’re getting an eligible payment.
• Extend eligibility for the first $750 Economic Support Payment to pay it from 31 March 2020. This is if you’re getting an eligible payment on any day from 12 March to 13 April 2020.
• Expand eligibility for some payments and make them easier to claim.
• Make a one-off Crisis Payment available if you’re in severe financial hardship and either:
• need to self-isolate
• are caring for someone self-isolating.

A crisis payment is one week of your base income support payment rate. The government will also pay a second $750 Economic Support Payment from 13 July 2020. This is if you’re getting an eligible payment or have an eligible concession card on 10 July 2020. You won’t get this payment if you’re getting the Coronavirus Supplement.Coronavirus SupplementThe temporary Coronavirus Supplement will be an extra $550 a fortnight payment on top of an income support payment. You’ll automatically get the supplement if you’re getting one of these payments:

• JobSeeker Payment, Partner Allowance, Widow Allowance, Sickness Allowance and Wife Pension
• Youth Allowance for job seekers
• Youth Allowance for students and apprentices
• Austudy for students and apprentices
• ABSTUDY for students getting Living Allowance
• Parenting Payment partnered and single
• Farm Household Allowance
• Special Benefit.

Further information can be found on the Services Australia website.If you have any questions regarding anything raised here, or on any other aspect of your financial situation, please don’t hesitate to contact us.In the meantime, stay well!Note, the above is general information only and does not constitute financial advice as it does not take into account your personal circumstances, timeframe or goals. Do not act (or otherwise) on any information contained here, on our website or social media without first obtaining an opinion or guidance from your professional financial adviser.