Australian Government Coronavirus Economic Stimulus
The coronavirus economic stimulus package announced by the Australian Government provides income support measures for individuals and financial support for businesses.
Depending on your circumstances, residents and businesses on Norfolk Island may be eligible for this additional support.
More information is available from your on-Island Services Australia agent (contact details below) or by visiting www.servicesaustralia.gov.au/ for income support measures and www.business.gov.au/Risk-management/Emergency-management/Coronavirus-information-and-support-for-business for business support measures.
Some examples of income support provided by the Australia Government include:
- The creation of a new coronavirus supplement of $550 per fortnight. The $550 will be paid on top of normal payments received by recipients of Jobseeker Payment, Youth Allowance Jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit. For example, a single parent receiving a maximum fortnightly payment of $612 through Jobseeker could apply to receive the $550 coronavirus supplement and potentially take home $1,162 a fortnight.
- Two separate payments of $750 for individuals already receiving income support and eligible concession card holders. The first payment will be made from 31 March 2020 and the second payment will be made from 13 July 2020.
- Reducing deeming rates by a further 0.25 percent points to increase the amount of money age pensioners will receive. Deeming rates are used for the pension income assessment and determine how much money individuals receive.
For further information please contact your on-Island Services Australia agent -
Norfolk Island Business Solutions
Phone: 22368 (between 0900 and 1300 Monday to Friday)
Support for businesses announced by the Australian Government include:
- Increasing the asset write off threshold from $30,000 to $150,000 for businesses with an annual turnover of less than $500 million. This applies from 12 March 2020 until 30 June 2020, for new or second-hand assets first used or installed ready for use in this timeframe.
- Supporting apprentices and trainees by providing employers with a wage subsidy of 50 per cent of the apprentice's or trainee's wage for up to 9 months from 1 January 2020 to 30 September 2020.
- Helping businesses and not for profits with their cash flows so they can keep operating, pay their rent, electricity and other bills and retain staff. Employers will receive a payment equal to 100 percent of their salary and wages, with a maximum payment of $50,000 and minimum payment of $10,000, to help support the retention of staff and operation of businesses.
In addition to the support measures already announced, the Australian Government will work with Norfolk Island to investigate how to further support the community through economic challenges associated with the coronavirus.
The Australian Government understands the economy of Norfolk Island is heavily dependent on tourism and that unique measures may be required to actively manage the impact of coronavirus on these communities.
Administrator of Norfolk Island
24 March 2020