The coronavirus supplement for JobSeeker is down $ 300 from September 25th when the new asset test begins
Unemployment benefits will be cut by $ 300 from TOMORROW when a new bank balance test is introduced
- The coronavirus unemployment supplement will be reduced from $ 550 to $ 250 every two weeks
- This puts an end to the temporary six-month doubling of unemployment benefits for jobseekers
Of the 1.45 million jobseeker recipients in Australia, their unemployment benefits will be reduced by $ 300 starting tomorrow.
The coronavirus supplement will be diluted from $ 550 every two weeks to $ 250 starting September 25.
As a result, jobseeker benefits will fall from $ 1,115.70 to $ 815.70, after a temporary doubling of unemployment benefits for six months.
Those on benefits will also face a new cash test waiting period if they have more than $ 5,500 in the bank.
Of the 1.45 million jobseeker recipients in Australia, their unemployment benefits will be reduced by $ 300 starting tomorrow
Friday’s new rules will affect the 1.45 million people in Australia on JobSeeker, who are either unemployed or receiving sickness or bereavement benefits.
Another 234,690 youth allowance recipients, students and apprentices were also faced with longer waiting times for assistance.
Treasurer Josh Frydenberg hinted that JobSeeker could be permanently increased from the base rate of $ 565.70 per fortnight in the Oct. 6 budget.
The coronavirus supplement will expire on December 31.
“We will reassess the situation by the end of the year,” said Mr Frydenberg.
“The Prime Minister has made it very clear that we are inclined to offer additional support until next year.”
How will support payments change from September?
* The biweekly wage subsidy of $ 1,500 continues through September 27 – for 3.5 million employees
* From the end of September to December 31, JobKeeper will be reduced to $ 1,200 for full-time workers and $ 750 for people working 20 hours or less – with 1.4 million eligible employees
* From January to March, the full-time rate is $ 1,000 and part-time is reduced to $ 650 – with the 1 million employee plan
* Companies with revenues less than $ 1 billion must re-qualify for the program in both phases by showing a 30 percent drop in sales.
* Companies with revenues in excess of $ 1 billion must show a 50 percent decline
* The increased unemployment benefit remains $ 1,100 every two weeks until September 24
* From that date to the end of the year, the $ 550 coronavirus supplement will be reduced by $ 300 to pay the total biweekly payment of $ 800
* People can earn up to $ 300 without their payment being reduced
* The mutual obligation rules that require people to look for four jobs a month will resume on August 4
* Penalties for people who refuse a job offer will be reintroduced
* Job-search requirements will increase in September, when the asset test returns
* The JobSeeker fixed rate that will take effect from January next year will be announced in the October 6 budget.