A local MP has welcomed a near $200 billion dollar federal Government injection into the Australian economy, which is hoped to keep Australian business operating in these uncertain times.
Member for Barker, Tony Pasin said “While these are challenging times, Australians can rest assured that the Commonwealth Government will do all that is necessary to support them and build a bridge to ensure that all Australians can get to the other side of this crisis,”
Among the incentives includes temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight.
The Government will also allow individuals in financial stress as a result of the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.
Eligible individuals will be able to apply online through myGov for access of up to $10,000 of their superannuation before 1 July 2020.
Treasurer Josh Frydenberg said the $189 billion economic support package was the equivalent of 9.7 per cent of GDP.
image - Tony Pasin