Jobseeker, Jobkeeper to help steady the rental market

Leading property analytics firm Corelogic has released new data which shows that the new Jobkeeper and Jobseeker payments will help more tenants continue to meet their rental payments over the next 6 months.

Since March, the government has been rolling out a suite of packages to support Australians whose employment has been impacted by Covid-19 and support the broader Australian economy.

Jobseeker payment

The Jobseeker payment is available for eligible Australians who are looking for work and meet the income test as a result of the economic downturn due to the Coronavirus. The asset test and the one week waiting period has been waived.

This payment is tapered, so if you are now earning $0 you will receive the full payment, whereas if you are now earning half your usual income, it will taper down accordingly.

In addition, if you’re eligible for the above Jobseeker payment (or if you already receive other Human services payments such as Youth Allowance Jobseeker, parenting payment or others) then you will also be eligible for the Coronavirus Supplement Payment. This is a new additional support payment of $550 per fortnight starting from 27 April 2020.

Jobkeeper payment

On March 30, the Morrison Government announced it would be offering businesses a wage subsidy to help businesses keep staff employed until Covid-19 related restrictions are lifted. This Government subsidy is called the Jobkeeper payment   and will pay $1,500 to businesses per fortnight per employee for up to 6 months so long as they’re eligible.

That payment would need to be passed on to the employee and the roll out would start in the first week of May but businesses could receive back-dated payments from 30 March 2020.

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