Financial support is available to help you manage the affects of the coronavirus (COVID-19).
The Government announced new measures in March to provide support to affected workers, businesses and the broader community. For more information visit treasury.gov.au/coronavirus
Updated 2 April 2020.
The JobKeeper Payment will help businesses to keep people in their jobs so they can earn an income, even if their hours have been cut.
Eligible businesses can access $1,500 a fortnight for 6 months to keep paying eligible employees. The JobKeeper Payment is also available to people who are self-employed.
Your employer will notify you if you're receiving the JobKeeper Payment. Most employees won't need to do anything, except:
- if you have multiple employers, you must notify your employer who is your primary employer
- if you're not an Australian citizen, you must notify your employer of your visa status so they can check you're eligible
- if you're currently receiving an income support payment, you must notify Services Australia of your new income
For information on eligibility and how businesses can apply, visit The Treasury website.
Financial payments and support
Income support payments
Extra income support payments will be available for people affected by COVID-19:
- a temporary fortnightly $550 coronavirus supplement from 27 April 2020 if you’re getting an eligible payment
- expanded eligibility for some payments to make them easier to claim
- a crisis payment if you need to self-isolate, are in severe financial hardship and you can get an income support payment
Household support payments
There are two automatic $750 Economic Support Payments. If you’re living in Australia and get an eligible payment, you will get two $750 payments:
- between 12 March and 13 April 2020, and
- from 13 July 2020
Visit Services Australia for more information on payments and services if you're affected by COVID-19.
Early access to super
From 20 April, some people can apply to access up to $10,000 of super in 2019-20 and another $10,000 in 2020-21.
You can apply to access your super if you are:
- eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance
- made redundant or your working hours were reduced by 20 per cent or more since 1 January 2020
- a sole trader and your business was suspended or your turnover has reduced by 20 per cent or more since 1 January 2020
If you meet these requirements, you won't pay tax on super you withdraw and it won't affect Centrelink or Veterans’ Affairs payments.
Your super is your retirement savings. Before you apply to access your super:
- check your current super balance with your fund
- access financial assistance that’s available from the Government
- contact your lender to request a hardship variation to pause or reduce any loan repayments
- consider how it will affect insurance through your super
See early access to your super on the Australian Taxation Office (ATO) website for more information.
Reduced drawdown and deeming rates for retirees
Drawdown rate for account-based pensions
If you have an account-based pension or a similar product, reduced drawdown rates will apply for 2019-20 and 2020-21. This will reduce your need to sell investment assets to fund minimum drawdown requirements.
Find the reduced drawdown rates on The Treasury website.
Deeming rates for the Age Pension and income support
From 1 May 2020, the upper deeming rate will be 2.25 per cent and the lower deeming rate will be 0.25 per cent.
For more information visit The Treasury website.
COVID-19 support in your state or territory
Your state or territory government can also help you find support during the coronavirus (COVID-19) pandemic.
Australian Capital Territory
New South Wales
Financial support for businesses
To help financially distressed businesses, the Government will:
- provide up to $100,000 to eligible small and medium-sized businesses, and not for-profits that employ people
- provide temporary relief for financially distressed businesses
- increase the instant asset write-off to $150,000
- provide a 15-month business investment incentive
- subsidise up to 50 per cent of apprentice and trainee wages for 9 months
For more information and other financial support in your state or territory, visit business.gov.au
Emergency, crisis and legal support
There are free services to help you with food, housing and bills. See urgent help with money.
You can access to free legal advice and support if you need it: