Latest wave of economic support passes through parliament

Low-income households, some students, pensioners and small business owners are set to benefit from the Federal Government’s stimulus package.

Politicians put divisions aside to pass the biggest suite of economic measures since war-time through the parliament late last night.

Treasurer Josh Frydenberg said political divisions had been put aside for the rollout of the $100 billion financial assistance plan.

“We face an enemy that is under no flag and has no face,” he said.

“It is an enemy we cannot see, but we know we must deploy every weapon in our arsenal to defeat it.”

The Australian Government has so far announced two economic stimulus packages, including:

• Coronavirus Supplement: $550 per fortnight payment for recipients of the JobSeeker Payment, Youth Allowance, Parenting Payment, Farm Household Allowance and Special Benefit for the next six months
• Extra $750 for some households, including those on social security and veteran income support and eligible concession card holders
• Early access to superannuation for struggling Australians
• Temporary reduction of minimum super drawdown rates
• Reduction of deeming rates by a further 0.25 percentage points
• Small and medium businesses with turnover under $50 million, along with not-for-profit charities, will be eligible for a tax-free cash payment of up to $100,000
• Support for airlines
• Temporary relief for financially distressed businesses
• Coronavirus SME Guarantee Scheme: Government to guarantee half a bank’s loan to a small or medium enterprise impacted by the virus

(Image: Mark Graham/Bloomberg via Getty Images)