Skip to main content Skip to main navigation
Skip to access and inclusion page Skip to search input

COVID-19 Government Assistance

Have you been financially impacted by the COVID-19 situation through working reduced hours, temporary stand down, or job loss? The Federal Government and others have introduced initiatives to help.

October 2020 – 2 minute read

What’s in this article:

  • JobKeeper Payment
  • JobSeeker Payment
  • Temporary reduction of superannuation minimum drawdown rates
  • Rental evictions
  • Utility relief
     

 

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.

 


You may find these useful

Financial assistance: Navigating the support you need to recover

A quick guide to our financial and other important support measures.

Looking after yourself: Mental health support

Tips that may help you meet the often unusual and unpredictable challenges of recovering from a crisis.

Boost your financial literacy and money confidence

During times of change or challenge, having the ability to manage your finances may help you move forward with confidence. 

Things you should know

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness for the information to your own circumstances and, if necessary, seek appropriate professional advice.
 

© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.