Australian Government’s economic response to the Coronavirus pandemic

The Government’s economic response is designed to support businesses in managing short-term cash flow challenges, provide support to individuals, severely affected communities and regions, and to ensure the continued flow of credit in the Australian economy.

Joint media release, The Hon Scott Morrison MP, Prime Minister and the Hon Josh Frydenberg MP, Treasurer

“Supporting Australian workers and business” https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/supporting-australian-workers-and-business

Economic Response to Coronavirus: https://treasury.gov.au/coronavirus

This response targets three areas:

  1. Supporting Individuals and Households: https://treasury.gov.au/coronavirus/households
  2. Support for Business: https://treasury.gov.au/coronavirus/businesses
  3. Supporting the Flow of Credit: https://treasury.gov.au/coronavirus/business-investment
Timing of Assistance

DATE

  

SUPPORT
Immediately, with deductions to be included in 2019-20 tax returns Increased instant asset write off

 
Immediately Temporarily reduced minimum drawdown rates for superannuation

 
Immediately, with deductions to be included in 2019-20 tax returns Backing business investment — accelerated depreciation

 
As soon as practicable Support for Coronavirus-affected regions and communities

 
From 31 March 2020 First round of $750 payments to support households

 
Applications from early-April Assistance for existing apprentices and trainees

 
Applications from mid-April 2020 Temporary early release of superannuation

 
From 27 April 2020 Income support and a Coronavirus supplement

 
From 28 April 2020 First phase of Boosting Cash Flow for Employers

 
From 1 May 2020 Increased transfer payments from reduced deeming rates

 
From 13 July 2020 Second round of $750 payments to support households

 
From 21 July 2020 Second phase of Boosting Cash Flow for Employers

 

 

 

For further information go to: https://treasury.gov.au/sites/default/files/2020-03/Overview-Economic_Response_to_the_Coronavirus_0.pdf