Latest Insights from FinSec
We recognise that exploring the financial options and support available as a result of COVID-19 can be overwhelming. The below aims to provide a quick guide and links to the Federal and South Australian State Government announcements.
Package 1: COVID-19 STIMULUS 1
Announced: 12 March 2020
Amount: $17.6 billion
- Increased instant asset write off.
- Accelerated depreciation deductions.
- Support for apprentices and trainees.
- Targeted support for COVID-19 affected regions and communities.
Package 2: COVID-19 STIMULUS 2
Announced: 22 March 2020
Total: $66.1 billion
- Support for individuals and households.
- Assistance to business for keeping workers employed in their jobs.
- Assistance to business to help them stay in business.
Package 3: JobKeeper SUBSIDY
Announced: 30 March 2020
Total: $130 billion
The package will operate as a wage subsidy of $1,500 per fortnight to be paid by the ATO directly to employers for each eligible employee who was employed on 1 March 2020. Note: Eligibility criteria does apply.
Package 1: The Economic Business Growth Fund
Announced: 11 March 2020
Total: $350 million
- current infrastructure projects to be brought forward
- new projects for road maintenance, housing, tourism and health
Package 2: Jobs Rescue
Announced 26 March 2020
Total: $650 million
- Relief from taxes and charges
- A Business and Jobs Support Fund
- A Community and Jobs Support Fund
- Additional support to recipients of JobSeeker payments from Centre Link who also receive a State Government Cost of Living Concession