• Personal
  • Employers
  • Advisers
  • Calculators & forms
  • News Hub
  • Contact us
QSuper QSuper
  • Products
    • Why QSuper
    • Investment options
    • Fees
    • Financial advice
    • Compare us
    • Insurance
    • Account types
      • Accumulation account
      • Retirement Income account
      • Transition to Retirement Income account
      Why QSuper?

      #1 fund for weathering market ups and downs3

      More reasons to join
  • Super
    • Grow your super
      • Salary sacrifice
      • Super co-contribution
      • Voluntary contributions
      • Spouse contributions
      • Contribution caps
      • Tax deductions
    • Consolidate your super
    • Find your lost super
    • Changing jobs
    • Nominate beneficiaries
    • Early access
    • Seminars and education
  • Retirement
    • Why retire with QSuper
    • How much super do you need to retire
    • Retirement planning
      • Make your super last in retirement
      • The Age Pension and Super
    • Retirement Income account
    • Access your super
      • When can you access your super
      • Withdraw your super
    • Transition to retirement strategy
    • Seminars and education
      Award winning

      SuperRatings' Pension of the Year three years in a row4

      Find out more
  • Investments
    • Investment options
      • Lifetime
      • Moderate
      • Balanced
      • Socially Responsible
      • Aggressive
      • Cash
      • Diversified Bonds
      • Australian Shares
      • International Shares
      • Self Invest
    • Performance
      • Overview
      • Graphs
      • Unit prices
    • Compare options
    • Change your investment options
  • Insurance
    • Insurance options
      • Income protection
      • Total & permanent disability cover
      • Death cover
    • How much insurance cover do you need
    • Change or cancel your insurance
    • Make an insurance claim
  • Advice
  • Calculators & forms
  • News Hub
  • Contact us
Join
  • Call
Join Log In - Open navigation
Member Online

Forgot username?
Forgot password?
Register
 
Upcoming outage

Due to required maintenance, QSuper Member Online will be unavailable from 9pm Friday, 26th February to 7am Saturday, 27th February 2021. We apologise for any inconvenience caused.

Navigation

QSuper
  • Personal
  • Employers
  • Advisers
  • Search
  • Join Log In
  • Products Expand
    • Why QSuper
    • Investment options
    • Insurance
    • Fees
    • Financial advice
    • Account types Expand
      • Accumulation account
      • Retirement Income account
      • Transition to Retirement Income account
    • Compare us
  • Super Expand
    • Consolidate your super
    • Grow your super Expand
      • Salary sacrifice
      • Super co-contribution
      • Voluntary contributions
      • Spouse contributions
      • Contribution caps
      • Tax deductions
    • Find your lost super
    • Changing jobs
    • Nominate beneficiaries
    • Early access
    • Seminars and education
  • Retirement Expand
    • Why retire with QSuper
    • How much super do you need to retire
    • Retirement planning Expand
      • Make your super last in retirement
      • The Age Pension and Super
    • Access your super Expand
      • When can you access your super
      • Withdraw your super
    • Transition to retirement strategy
    • Retirement Income account
    • Seminars and education
  • Investments Expand
    • Performance Expand
      • Overview
      • Graphs
      • Unit prices
    • Investment options Expand
      • Lifetime
      • Moderate
      • Balanced
      • Socially Responsible
      • Aggressive
      • Cash
      • Diversified Bonds
      • Australian Shares
      • International Shares
      • Self Invest
    • Compare options
    • Change your investment options
  • Insurance Expand
    • Insurance options Expand
      • Income protection
      • Total & permanent disability cover
      • Death cover
    • How much insurance cover do you need
    • Change or cancel your insurance
    • Make an insurance claim
  • Advice
  • Your account Expand
    • Online Advice
    • Super Expand
      • Consolidate
      • Investments
      • Add to super
      • Insurance
      • Account history & statements
    • Profile Expand
      • Security and Authorities
      • Employer
      • Employer
      • Personal details
      • Beneficiaries
    • Self Invest
  • Calculators & forms Expand
    • Superannuation & Retirement Calculators Expand
      • Retirement planning
      • Insurance
      • Maximise your super
      • Savings
      • Investing
    • Forms Expand
      • All
      • Claims and withdrawals
      • Deposits and contributions
      • Insurance
      • Investments
      • Transfers
      • Other forms
    • Publications Expand
      • PDS
      • Guides
      • Annual reports
      • Factsheets
      • Other publications
  • News Hub Expand
    • Category Expand
      • News
      • Superannuation
      • Retirement
      • Finances
      • Investments
      • Career
      • Wellbeing
      • Employer
  • Contact us Expand
    • Email QSuper
    • Language assistance
    • Browser support
    • Formal enquiries and complaints
    • FAQs – Frequently Asked Questions
    • QSuper Member Centres

News Hub

All Articles News Superannuation Retirement Finances Investments Career Wellbeing
News Hub Finances

Government support for Australians: a summary

Finance
14 May 2020 5 min read

The Federal Treasurer has provided a summary of the economic support for households, businesses and the financial system and has praised Australians for their remarkable resilience.

Parliament House 

Marking what was originally scheduled to be the unveiling of the Federal Budget on the 12 May 2020, Treasurer Josh Frydenberg instead provided a concise summary of the current unprecedented economic environment, and the support for households, businesses and the financial system that has been provided in response.

Noting the results of the coronavirus as a one in a 100-year event, the Treasurer described Australia as being at war against a faceless and flagless enemy1. With the Australian way of life put on hold, the Treasurer praised Australians for showing remarkable resilience and character.

In addition to paying respect to the health challenges and human cost still playing out around the world, the Treasurer outlined the economic measures the federal government had rolled out to date. These economic measures fall into three categories: support for households; support for business and employment; and support for the financial system.

Support for households

“For households, our actions are designed to ’cushion the blow’ from the income shock and support consumption across the economy,” the Treasurer said.

Given the level of uncertainty, our economic measures provide more than financial relief. They provide a psychological boost as well.”

These measures include:

Jobseeker Show content

The government effectively doubled unemployment benefits with the introduction of a temporary $550 per fortnight coronavirus supplement for jobseekers. This payment will run until 24 September 2020 after which it will reduce to $250 per fortnight until 31 December 2020.2

Find out more

Early access to super Show content

The government announced that individuals affected by coronavirus can apply to access up to $10,000 of their superannuation in 2019-20 and up to a further $10,000 in 2020-21.

Find out more

Cash payments Show content

The Government is providing two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders. The first payment was made from 31 March 2020 and the second payment will be made from 13 July 2020.

Find out more

Reduced pension deeming rates Show content

In response to the current low interest rate environment, the Government has reduced the deeming rate effective 1 May 2020. The Government expects the change to benefit around 900,000 income support recipients, including age pensioners3.

Find out more

Reduced pension minimum drawdown rates Show content

The Government announced a temporary reduction to superannuation minimum drawdown requirements for account-based pensions (such as QSuper’s Income account) and similar products by 50% for 2019-20 and 2020-21.

Find out more

Early childhood and education relief package Show content

The Treasurer stated this package would see more than 1 million families receiving free childcare for a period of time.

Find out more

The Treasurer also stated that the Government had worked with banks and the prudential regulator to help households with access to temporary relief from loan repayments. Find out more on the APRA website.

Support for business and employment

“The motivation (for the measures directed at business) has been to encourage investment, boost cash flow, maintain the connection between employer and employee and provide a regulatory shield and more workplace flexibility while preserving as much capacity across the economy as we build a bridge to the recovery phase,” the Treasurer said.

These measures include:

JobKeeper Show content

Many employers may be able to retain employees amid the coronavirus health emergency by taking advantage of the Australian Government’s JobKeeper payment scheme.

Find out more

Temporary cashflow support Show content

The Government is providing up to $100,000 to eligible small and medium-sized businesses, and not for-profits (NFPs) that employ people, with a minimum payment of $20,000.

Find out more

Supporting apprentices and trainees Show content

Eligible employers can apply for a wage subsidy of 50% of the apprentice’s or trainee’s wage for nine months from 1 January 2020 to 30 September 2020.

Find out more

Bankruptcy & solvency law amendment Show content

The Government is temporarily increasing the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive.

Find out more

Increasing the instant asset write-off Show content

The Government is increasing the instant asset write-off threshold from $30,000 to $150,000 and expanding access.

Find out more

Support for the financial system

“A great strength of the Australian economy during this crisis has been the resilience of our financial system,” the Treasurer said.

Global and domestic markets have experienced significant stress during this period and the Government moved quickly to inject liquidity into the system.”

The Government announced a temporary reduction to superannuation minimum drawdown requirements for account-based pensions (such as QSuper’s Income account) and similar products by 50% for 2019-20 and 2020-21.

Find out more

Heart

We’re here to help

For over 100 years QSuper has been there for members – in the good times and the tough ones – and today is no different.

Read more about coronavirus and your super

Book a financial advice appointment

View recent investment performance

Register for an online seminar

Not a member? Open an account today
Join now

1. Ministerial Statement on the Economy, Parliament House, Canberra, 12 May 2020.
2. Media release, Prime Minister, Treasurer, Minister for Families and Social Services, 21 July 2020, https://www.pm.gov.au/media/jobkeeper-payment-and-income-support-extended
3. Joint media release, The Hon. Scott Morrison MP (Prime Minister), The Hon. Josh Frydenberg MP (Treasurer), 22 March 2020.

Related Content
Investment returns QSuper: An industry leader in times of volatility
24 Apr 5 MIN READ

Despite recent market volatility, QSuper’s Balanced investment option has led the industry in investment performance over the past three months.

Read more
News Investments Superannuation
IF YOU ENJOYED THIS ARTICLE, YOU MIGHT ALSO LIKE...
Investment returns QSuper: An industry leader in times of volatility
24 Apr 5 MIN READ

Despite recent market volatility, QSuper’s Balanced investment option has led the industry in investment performance over the past three months.

Read more
News Investments Superannuation
Coins chessboard The advantage of liquidity
24 Mar 5 MIN READ

Learn how the QSuper investment team manage long-term investments

Read more
Investments News
banner Supporting our members today and tomorrow
18 Mar 5 MIN READ

Your super is a big deal, not a one-year deal.

Read more
News
QsuperInsurance & Pandemic_Banner Pandemic illness and QSuper insurance
20 Mar 5 MIN READ

COVID-19 (also referred to as the novel coronavirus) declared a pandemic illness by the World Health Organisation (WHO). Here’s what it means for QSuper insurance.

Read more
Employer
All Articles News Superannuation Retirement Finances Investments Career Wellbeing
  • Our products
    • Why QSuper?
    • Investment options
    • Fees
    • Insurance
    • Financial advice
  • Super & retirement
    • How much do you need?
    • Grow your super
    • Consolidate
    • Changing jobs
    • Seminars
    • Access your super
  • Investments
    • Performance
    • Unit prices
    • Graphs
    • Compare options
  • Calculators & Forms
    • Calculators
    • Forms
    • Publications
  • Contact us
    • 1300 360 750
      Mon-Fri   8.00am to 6.00pm AEST
  • About us
  • Careers
  • Sitemap
  • Privacy
  • Security
  • Disclaimer
  • Terms and conditions
  • Disclosure
© QSuper Board
2020 awards
Facebook Twitter LinkedIn YouTube