Invest
PM announces second stimulus, possibility of a third
Prime Minister Scott Morrison has announced a $66.1 billion economic lifeline, just 10 days after announcing an initial $17.6 billion package, with more help coming to those affected by the COVID-19 outbreak.
PM announces second stimulus, possibility of a third
Prime Minister Scott Morrison has announced a $66.1 billion economic lifeline, just 10 days after announcing an initial $17.6 billion package, with more help coming to those affected by the COVID-19 outbreak.
The new package, designed as a “safety net for workers”, is dedicated to combating the economic damage caused by the coronavirus pandemic.
A total of $189 billion has now been injected into the economy through two stimulus packages from the government, as well as $100 billion from Australia’s central bank.
Under the second package, the government will allow individuals in “financial stress” as a result of the coronavirus to have limited access to their superannuation savings.
Australian workers sacked or stood down will be able to take up to $20,000 from their superannuation account over the next two years.
As part of the government’s second stimulus package, it has established a new time-limited coronavirus supplement payment of $550 per fortnight for the next six months at a cost of $14 billion.
This will effectively double the rate of Newstart, which has been renamed to Jobseeker payments.
The maximum JobSeeker payment rate with a coronavirus supplement is now $1,162 per fortnight for a single with a dependent or child.
In the first package, the government announced that 6.5 million lower-income Australians would receive a one-off payment of $750 aimed at boosting domestic demand.
In the second package, the government announced an additional $750 payment to social security and veteran income support recipients and eligible concession cardholders.
However, this won’t be available if you get the $550 a fortnight coronavirus supplement.
The first payment will be made from 31 March 2020 to people eligible anytime between 12 March 2020 and 13 April 2020, with the second payment coming automatically from 13 July 2020.
Five million Australians, including those who receive the age pension and carer allowance will soon be able to claim up to $750 in stimulus payments.
The new measures in the second stimulus will also target small businesses and not for profits as they are eligible to receive tax-free cash payments of up to $100,000 to help them retain their staff and keep operating.
Not-for-profits that employ people will also be able to apply for a minimum payment of $20,000.
The measures are designed to help 690,000 businesses, which employ around 7.8 million Australians and about 30,000 not-for-profits, Mr Morrison said.
While the government has announced two changes in just two weeks, they have not ruled out the possibility of a third package.
RELATED ARTICLES
About the author
About the author
Economy
Rising CPI reinforces RBA’s stance as rate cut expectations remain: State Street
State Street Global Advisors says the Reserve Bank of Australia (RBA) is likely to hold its current policy outlook following the release of September quarter inflation data, which showed an unexpected ...Read more
Economy
NSW SES boosts tsunami preparedness ahead of World Tsunami Awareness Day
As World Tsunami Awareness Day approaches on 5 November, the New South Wales State Emergency Service (NSW SES) is ramping up efforts to enhance tsunami preparedness along the east coastRead more
Economy
Lifesaving Regional Response Strengthened with New NSW SES Vehicles
In a significant boost to regional emergency services, the NSW State Emergency Service (SES) has unveiled 11 new Community First Response (CFR) vehicles, designed to enhance the speed and safety of ...Read more
Economy
Australia's June quarter GDP growth driven by consumer and government spending
Australia's economy has shown unexpected resilience in the June 2025 quarter, with household and government consumption driving growth despite a significant decline in public investmentRead more
Economy
Australia's GDP surprise is real but operators should heed the growth mix warning light
Australia’s June-quarter growth beat expectations on the strength of household consumption and government spending, even as public investment sagged. The upside surprise signals resilience, but the ...Read more
Economy
Households carried the quarter: what Australia’s upside GDP surprise means for strategy now
Australia’s economy expanded faster than expected in the June 2025 quarter, with GDP up 0.6 per cent quarter-on-quarter and 1.8 per cent year-on-year — the strongest pace in two years. The kicker ...Read more
Economy
Inflation dynamics in Australia: Electricity subsidies and labour market in focus
In a recent economic analysis, experts from State Street have highlighted significant developments in Australia's inflation landscape, attributing the changes primarily to the withdrawal of ...Read more
Economy
Australia's economic growth driven by consumer and government spending: A closer look at the June quarter
Australia's economy has delivered a surprising performance for the June 2025 quarter, surpassing expectations with a growth rate of 0.6% quarter-on-quarter and 1.8% year-on-year. This unexpected ...Read more
Economy
Rising CPI reinforces RBA’s stance as rate cut expectations remain: State Street
State Street Global Advisors says the Reserve Bank of Australia (RBA) is likely to hold its current policy outlook following the release of September quarter inflation data, which showed an unexpected ...Read more
Economy
NSW SES boosts tsunami preparedness ahead of World Tsunami Awareness Day
As World Tsunami Awareness Day approaches on 5 November, the New South Wales State Emergency Service (NSW SES) is ramping up efforts to enhance tsunami preparedness along the east coastRead more
Economy
Lifesaving Regional Response Strengthened with New NSW SES Vehicles
In a significant boost to regional emergency services, the NSW State Emergency Service (SES) has unveiled 11 new Community First Response (CFR) vehicles, designed to enhance the speed and safety of ...Read more
Economy
Australia's June quarter GDP growth driven by consumer and government spending
Australia's economy has shown unexpected resilience in the June 2025 quarter, with household and government consumption driving growth despite a significant decline in public investmentRead more
Economy
Australia's GDP surprise is real but operators should heed the growth mix warning light
Australia’s June-quarter growth beat expectations on the strength of household consumption and government spending, even as public investment sagged. The upside surprise signals resilience, but the ...Read more
Economy
Households carried the quarter: what Australia’s upside GDP surprise means for strategy now
Australia’s economy expanded faster than expected in the June 2025 quarter, with GDP up 0.6 per cent quarter-on-quarter and 1.8 per cent year-on-year — the strongest pace in two years. The kicker ...Read more
Economy
Inflation dynamics in Australia: Electricity subsidies and labour market in focus
In a recent economic analysis, experts from State Street have highlighted significant developments in Australia's inflation landscape, attributing the changes primarily to the withdrawal of ...Read more
Economy
Australia's economic growth driven by consumer and government spending: A closer look at the June quarter
Australia's economy has delivered a surprising performance for the June 2025 quarter, surpassing expectations with a growth rate of 0.6% quarter-on-quarter and 1.8% year-on-year. This unexpected ...Read more
