Federal government promises financial support for small and medium sized businesses and households

Five ways to help stop the spread of coronavirus:

1. Wash your hands;

2. Cough/sneeze into your elbow;

3. Don't touch your face;

4. Stay more than 1 metre away from others;

5. Stay home if you feel sick.

The federal government has released the second stage of its economic plan to cushion the economic impact of the coronavirus and help build a bridge to recovery.

Today's package has three parts involving 10 separate measures:

1. Supporting households - be they workers, retirees or others on income support with an unprecedented enhancement of Australia's safety net.

2. Support for small and medium sized businesses.

3. A regulatory shield for otherwise profitable and viable businesses that find themselves under severe financial pressure as a result of the coronavirus.

We will also increase staff numbers for Services Australia by up to 5,000 to support delivery of these new measures.

Coronavirus supplement

The government is temporarily expanding eligibility to income support payments and establishing a new, time-limited coronavirus supplement.

This will be paid at a rate of $550 per fortnight for the next six months.

This will be paid to both existing and new recipients of the JobSeeker Payment, Youth Allowance jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit.

Payments to support households

In addition to the $750 stimulus payment announced on March 12, 2020, the government will provide a second payment.

This will be made automatically from July 13, 2020 to around 5 million social security, veteran and other income support recipients and eligible concession card holders.

About half of those that benefit are pensioners.

Early release of superannuation

The government will allow individuals in financial stress as a result of the coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.

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