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$750 COVID-19 support payments to start hitting bank accounts this week
About five million Australians will begin to receive a second coronavirus economic support payment of $750 this Wednesday.
Those living in Australia who are on social security, veteran and other income support, as well as eligible concession card holders, may receive the payment.
The government has begun rolling out payments today, which should start appearing in recipients’ bank accounts July 15 through to the end of July 2020.
The benefit is the second of two payments the government has handed out to coronavirus-affected Australians. About 6.6 million Australians received the first $750 payment between mid-March and mid-April.
The one-off economic support payments are non-taxable, as opposed to the $550 fortnightly coronavirus supplement, which is considered taxable income.
The roll-out of the second economic support payment comes about two weeks after the second round of superannuation withdrawals opened to Australians.
Who can receive the second COVID-19 economic support payment?
Those living in Australia who receive any of the following welfare benefits as at July 10 may be eligible to get the second economic support payment, if you don’t already get the coronavirus supplement.
- Age Pension
- Bereavement Allowance
- Carer Allowance
- Carer Payment
- Commonwealth Seniors Health Card
- Disability Support Pension
- Double Orphan Pension
- Family Tax Benefit A
- Family Tax Benefit B
- Pensioner Concession Card
- Wife Pension
- Widow B Pension
- Veteran Service Pension; Veteran Income Support Supplement; Veteran Compensation payments, including lump sum payments; War Widow(er) Pension; and Veteran Payment
- DVA PCC holders; DVA Education Scheme recipients; Disability Pensioners at the temporary special rate; DVA Income support pensioners at $0 rate
- Veteran Gold Card holders
People on Jobseeker, Austudy and Youth Allowance won’t receive the second round of economic support payments, as they already get the coronavirus supplement.
Like the first economic support payment, for most who are eligible for the second round won’t have to do anything to receive the payment.
Disclaimer
This article is over two years old, last updated on July 13, 2020. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent savings accounts articles.
To find out more about the financial relief potentially being provided by your bank or lender, check out RateCity's COVID-19 Relief Hub.
How much is the government spending on COVID-19 economic stimulus?
The new round of coronavirus economic support payments is expected to cost $3.8 billion.
Treasurer Josh Frydenberg said the money will be spent across the Australian economy, while helping households deal with the economic impacts of the pandemic.
“The second $750 economic support payment will inject $3.8 billion into the economy and provide an economic lifeline to millions of Australians at a time when they need it most,” Mr Frydenberg said.
Together, the first and second economic support payments are anticipated to cost $9.4 billion.
Since March, the federal government has spent $259 billion, about 13 per cent of Australia’s GDP, on economic support measures for workers, households and businesses in response to COVID-19.
Mr Frydenberg is due to hand down an economic and fiscal update on July 23, which will include results of the JobKeeper scheme review.
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