Prime Minister Scott Morrison has announced that the COVID-19 Disaster Payment will be further expanded and increased to assist individuals in the Greater Sydney area. 

As of next week, the COVID-19 Disaster Payment will be boosted from $600 to $700 each week if a person has lost 20 hours or more of work a week or $375 to $450 each week if a person has lost between eight and 20 hours of work. 

Additionally, individuals receiving JobSeeker will get a $200 boost per week, if they have lost more than eight hours per week.  

“In the case of somebody who is on a full JobSeeker rate, they are getting just over about $315 a week. So, that $200 comes on top of that,” Mr Morrison said, adding that the additional payment will be paid from week 1 of the lockdown. 

Both governments have also agreed to expand the COVID-19 Business Support Payment.

Under the expanded payment, eligible entities, which includes not-for-profits, will now receive payments of between $1,500 and $100,000 per week based on the level of their payroll, with the maximum turnover threshold increased from $50 million to $250 million.

The payment will continue to be calculated based on 40 per cent of payroll for businesses that have suffered a 30 per cent or more decline in turnover.

For non-employing businesses, such as sole traders, the payment will remain set at $1,000 per week.

The expanded payment will now cover more than 400,000 businesses employing 3.3 million workers in NSW, subject to eligibility. 

According to Mr Morrison, the expanded payment will take effect from 18 July 2021, the start of the program. Businesses that have already submitted an application will not need to do anything; their payment will be automatically adjusted consistent with the expanded program. 

More to come. 

About the author

Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

About the author

Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

more on this topic

Economy

Financial pressures and the 'she'll be right' attitude delay Australian divorces

In a revealing study, the Real Cost of Separation Report 2026 by Real Insurance has uncovered a trend of 'quiet uncoupling' among Australians, with financial pressures and concerns for children ...Read more

Economy

Labour market resilience provides RBA room for manoeuvre, says State Street economist

In the wake of the latest Labour Force data release, State Street, a global leader in financial services with a staggering US$54.5 trillion in assets under custody and administration and US$5.5 ...Read more

Economy

Geopolitical tensions shape investor strategies in private markets

In the face of mounting geopolitical tensions, investors are honing their strategies in private markets, as revealed by the 44th edition of the Coller Capital Global Private Capital BarometerRead more

Economy

Ellerston sees investment shift as Middle East tensions ease and inflation persists

Amid signs of easing tensions in the Middle East with US-Iran peace negotiations progressing, albeit at a slower pace than desired by markets, investors are being advised to reevaluate their ...Read more

Economy

Global markets face stagflationary pressures amid rising inflation and diverging growth

In a recent macroeconomic report, the Franklin Templeton Fixed Income team has highlighted that global markets are increasingly encountering a stagflationary environment, characterised by intensifying ...Read more

Economy

Corporate capex provides solid footing for US equities, says ClearBridge

In a promising development for the US economy, corporate capital expenditures (capex) are playing a crucial role in supporting economic growth, according to Jeff Schulze, head of economic and market ...Read more

Economy

Brands turn to household care and laundry strategies to weather cost-of-living crisis

As the UK braces for a 13% hike in its energy price cap by July 2026 and US gas prices soar to a four-year high due to geopolitical tensions, the global spotlight is once again on the cost-of-living ...Read more

Economy

GDP data prompts State Street expert analysis on cash rate and trade surprises

In light of the latest GDP figures, State Street, a global leader in financial services with a staggering US$54.5 trillion in assets under custody and/or administration and US$5.5 trillion in assets ...Read more