Casual workers, sole traders, retirees and those on income support will receive a boost from a new $66 billion federal government stimulus package in the face of the coronavirus.
But those planning to travel within Australia during the school holidays will be staying home after federal and state leaders agreed to ban non-essential travel within Australia.
Treasurer Josh Frydenberg said since announcing the first $17.6 billion package 10 days ago the global and domestic economic environment has deteriorated.
"We now expect the economic shock to be deeper, wider and longer," Mr Frydenberg said on Sunday.
The new measures include a new, time-limited coronavirus supplement to paid at a rate of $550 per fortnight to both existing and new recipients of the JobSeeker Payment, Youth Allowance jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit which will be paid for the next six months.
In addition to the $750 stimulus payment announced on March 12, the government will provide a further $750 payment to social security and veteran income support recipients and eligible concession card holders.
Access to up to $10,000 of superannuation this financial year and next will be tax-free for individuals in financial stress and eligible for the coronavirus supplement, as well as sole traders whose hours or income have fallen 20 per cent or more.
Prime Minister Scott Morrison and state and territory leaders had agreed to a recommendation barring non-essential travel overnight, and warned of "more draconian measures" to enforce social distancing amid fears too many Australians aren't taking COVID-19 seriously enough.
Essential travel will include travel that facilitates essential work-related activities and some travel on compassionate grounds.
"Also when it comes to essential supplies and activities, movements of health workers and other important arrangements that are needed to keep Australia running," Mr Morrison said on Sunday.
Mr Morrison said the step means people who had interstate trips planned for the upcoming school holidays should cancel them.But even within states, people should scrap travel which isn't part of their standard routine, Mr Morrison said.
"Australians can exercise their common sense about the things they know are non- essential," he said.
Federal and state leaders will meet again on Sunday evening to discuss stronger measures to deal with local outbreaks. The discussion comes after vision emerged in recent of crowds of people at Bondi Beach, ignoring social distancing advice
"What happened at Bondi Beach was not okay, and served as a message to federal and state leaders that too many Australians are not taking these issues seriously enough," Mr Morrison said.
"The measures we will be considering tonight, means that state premiers and chief ministers, may have to take far more draconian measures, to enforce social distancing, particularly in areas of outbreaks, than might otherwise be the case."
He stressed Australians can all help protect people's lives and livelihoods.
"It's a simple plea: we need you," he said.
"We need you to do your bit, when it comes to social distancing, to keeping that healthy distance, to respecting and following the rules that we're setting down.
"But more stronger measures will be coming, and they will be coming in more localised areas to deal with outbreaks."
THE $66B SECOND CORONAVIRUS STIMULUS PLAN
SUPPORT FOR WORKERS, RETIREES AND HOUSEHOLDS
* Time-limited $550 per fortnight supplement for both existing and new recipients of the JobSeeker Payment, Youth Allowance jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit.
* A further $750 payment to social security and veteran income support recipients and eligible concession card holders.
* Individuals in financial stress can access up to $10,000 tax-free of their superannuation in 2019/20 and a further $10,000 in 2020/21.
* Temporary reduction in the superannuation minimum drawdown requirements by 50 per cent for 2019/20 and 2020/21, providing retirees with more flexibility as to how they manage their superannuation assets.
* Deeming rates reduced by a further 0.25 percentage points to reflect the latest rate reductions by the Reserve Bank, making the lower deeming rate 0.25 per cent and the upper deeming rate 2.25 per cent
EXPANDED CASH FLOW INJECTION TO SMALL BUSINESS
* Another $25.2 billion over four years for individual $100,000 tax-free payments for businesses turning over up to $50 million a year
* The minimum payment for business will be $20,000
* The amount will be 100 per cent of tax withheld to the ATO on employees' wages
* The government hopes it will benefit 690,000 businesses and 7.8 million workers
* About 30,000 not-for-profits will also be eligible
* Adds to the $6.7 billion in payments already announced
* Government will guarantee 50 per cent of unsecured loans taken out by small businesses in the six months starting from April 1, 2020 with banks who join the scheme
* Loans can be up to $250,000 over a three-year term
* Loans won't have repayments on them for the first six months
* Won't apply to existing customers refinancing
* Scheme is worth $20 billion, for total lending of $40 billion
WHAT IS ALREADY ON THE TABLE FROM FIRST PACKAGE
* A $750 one-off, tax-free payment from March 31 for about 6.5 million pensioners and people on welfare
* A $1 billion tourism and trade fund for communities hurt by coronavirus flow- on effects
* Expanded instant asset write-off from July 1, rising from $30,000 to $150,000 and available to businesses with an annual turnover of up to $500 million instead of $50 million
* Businesses with a turnover of less than $500 million can deduct an extra 50 per cent of asset costs in depreciation
* Small businesses with fewer than 20 employees will get up to $7000 each quarter for apprentices as a wage subsidy, equal to half the apprentice or trainee's wage from January 1 to September 30
* $90 billion from the Reserve Bank and $15 billion from the government for banks to provide low-interest loans to business
* Banks to give business affected by the coronavirus crisis a six-month holiday from loan repayments
FOR AGED CARE
* $234.9 million for a "retention bonus" to ensure the continuity of the workforce in both residential and home care
* Direct care workers will receive payments of up to $800 after tax per quarter, for two quarters
* In-home carers will receive payments of up to $600 after tax per quarter, for two quarters
* $78.3 million in additional funding for residential care to support continuity of workforce supply
* $26.9 million for a temporary 30 per cent increase to the Residential and Home Care Viability Supplements and the Homeless Supplement
* $92.2 million to home care providers and organisations, including meals on wheels, to offer services for people in self-isolation such as shopping and meal delivery
* $12.3 million to cut call waiting times on the My Aged Care service.
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