Two-off pension boost, Newstart to double

Article published 24 March 2020

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THE Australian Government has stepped in with multi-billion-dollar economic stimulus packages in an attempt to stave off an economic recession or depression.

The Government will provide two one-off $750 payments to Age Pensioners, Disability Support Pensioners, Carer Payment recipients and Newstart recipients as well as to eligible concession card-holders including holders of the Commonwealth Seniors Health Card. The first payment will arrive in April 2020, the second in July 2020.

A Coronavirus supplement of $550 a fortnight will be paid to recipients of Jobseeker Payment (formerly Newstart) and similar payments for the next six months. This doubles the current payment, but only for six months.

Mandatory draw-down rates for superannuation will be halved for the current and the next financial years.

Deeming rates have been cut further to 0.25 per cent and 2.25 per cent from 1 May 2020. These rate cuts replace previously announced cuts.

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