The Australian Government has announced a second set of economic responses which, combined with previous actions, total $189 billion across the forward estimates, representing 9.7 per cent of annual GDP.
To find out more, please go to www.australia.gov.au
The Government also recognises a significant number of sole traders and Australians who are self-employed have had their income reduced as a result of the COVID-19 pandemic. The Government has announced an expansion to the eligibility to the Job Seeker Payment to support sole traders and the self-employed.
The Government is also allowing sole traders who have seen their hours of work or income fall 20% or more as a result of COVID-19 to access their superannuation capped at $10,000 this financial year and a further $10,000 next financial year. The withdrawals will be tax free.
Members should go to https://www.australia.gov.au to view all the latest COVID-19 news, updates and advice from Australian Government Agencies.