COVID-19 Government Assistance

October 2020 – 2 minute read

What’s in this article:

Here’s a quick summary of some of the initiatives that could help with financial support.

JobKeeper Payment 

The Government is offering emergency relief and financial assistance to help employers, including the JobKeeper Payment scheme. 
 

The Government’s website contains information, including whether you’re eligible to claim these payments.

JobSeeker Payment

If your income has fallen below a certain level and you aren’t receiving the JobKeeper payment, you may be eligible for the JobSeeker Payment or other type of Government income support.
 

Find out more about Government income support.

Temporary changes to super 

The Government has temporarily reduced superannuation minimum drawdown requirements by 50 per cent for account-based pensions and similar products for the 2019-20 and 2020-21 financial years. For retirees, this reduces the need to sell investment assets to fund minimum drawdown requirements. For more, see:  
 

Fact sheet 6 Providing support for retirees to manage market volatility.

Rental eviction update 

The Australian State and Territory Governments placed a six month ban on evicting renters early in the pandemic. Some States have extended the ban, but it’s best to check. It’s worth noting that the legally binding rental agreement between a landlord and tenant is still in place. It could be worthwhile talking to your landlord to find out if any rental relief could be possible.

Utility relief

Although not a Government initiative, many utility companies (such as electricity and gas) and other businesses, such as insurance providers, have also put in place ways they can help customers who’ve been financially impacted due to COVID-19. If you’re struggling to pay for essential services, it’s worthwhile getting in touch with your service provider directly.