Second coronavirus package: Dole increase and easier super access not ruled out

The federal government is set to make an announcement about financial assistance for Australians struggling during the coronavirus crisis later today.

While the details of the announcement and second safety net stimulus package remain a secret, Treasurer Josh Frydenberg hasn’t ruled out the possibility of a dole increase.

NEIL MITCHELL: Are you looking at increasing the dole?

TREASURER: We are looking at measures to make it easier for people who have lost their job.

NEIL MITCHELL: That sounds like a ‘yes’.

Mr Frydenberg revealed changes to superannuation, to make it easier for struggling Australians to access their funds, could be part of the financial assistance package.

“No options are off the table,” he said.

The Treasurer also hinted that relief may be on the way for self-funded retirees and sole traders.

“That’s front of mind for the second package,” he said of sole traders.

“You won’t have to wait long,” he said to self-funded retirees.

The Australian Banking Association today announced banks will defer loan repayments for six months for small businesses who are struggling to cope with the economic impact of COVID-19.

The federal government announced Australia’s first coronavirus stimulus package on March 12.

As part of that $17.6 billion package, 6.5 million Australians will receive a cash payment of $650, businesses who employ apprentices receive wage subsidy payments, and small businesses will get assistance payments of up to $25,000.

Press PLAY below for more.

Coronavirus stimulus package: More than 6 million Australians to receive $750 cash payment

 

Image: Rohan Thomson / Stringer