- A wave of new government support measures are being paid out in July.
- From Monday, five million eligible Australians will receive a one-off $750 economic support payment.
- Meanwhile, ten million Australian workers are in line to receive a tax cut, with 4.3 million of them to receive the full $1,080 rebate on offer.
There’s a whole lot of new money on its way to Australian bank accounts in time for a new financial year.
From Monday, some five million Australians will begin receiving another one-off payment of $750 courtesy of the Department of Social Services.
“[The payments will] provide additional income to millions of Australians that will be spent across the economy,” Treasurer Josh Frydenberg said at the time they were announced.
The second instalment of the so-called ‘economic support payments’ will be doled out to those already on certain payments or concessions. That includes those people receiving the aged pension, carer payment, disability support pension, and family tax benefit among others.
While some 6.6 million received the first, the number has been whittled down for the second round. That hasn’t stopped the cost of the program from blowing out by $600 million. As unemployment has soared, around 800,000 more Australians qualified for payments than initially forecast.
As Victoria heads into a second lockdown, it’s not the only money being injected into the economy.
An estimated 4.8 million Australians workers will receive the full $1,080 tax cut for the last financial year, according to new Treasury figures.
The first stage of last year’s tax cuts will gift the full rebate to workers making between $48,000 and $90,000 per annum.
That amount begins to taper down on either side of those brackets, with Treasury expecting 10 million Australians to claim at least a partial cut.
Many may have already claimed theirs. Figures from the ATO shows nearly one million Australians had filed their tax return by the end of last week, up significantly on last year’s numbers.
Between work from home arrangements, large-scale redundancies, and a plethora of government programs launched on the fly, it has been a financial year unlike any other.
The cut may not be the last. The Treasurer has signalled stages two and three may be fast-tracked as the government remains wary of the economic pressure facing households.
With the Victorian shutdown expected to cost the economy $1 billion every week, many will appreciate what help they can get.