Categories: World

Aussies will receive the second tranche of Economic Support Payments

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It is very common practice today that countries are trying to soften the economic misery on the domestic levels, as the pandemic has affected the global economy in many different ways.

Australia is not an exception in this case too. March 2021, almost 5 million Aussies will receive government support of 250$ on their bank accounts as a part of the stimulus payment during COVID-19.

This is already the second tranche of the support, which was financed from the federal budget, to help people who are economically affected by the global pandemic. The government created Economic Support Payment which was allocated for 2020-2021 In the form of four-time assistance.

Economic Support Payment

Veterans and family members are eligible for receiving this support from the government to assist with the essential living expenses, and the payments are made directly to their bank account. The eligible DVA benefits are:

  • Service Pension, Partner Service Pension, Income Support Supplement or Veteran Payment
  • Disability Pension (separate to the $6.20 fortnightly payment)
  • Special Rate Disability Pension
  • Permanent Impairment compensation
  • War Widow(er)’s Pension or Wholly Dependent Partner payment
  • Gold Cards, Commonwealth Seniors Health Cards, and Pensioner Concession Cards
  • Age Pension paid by DVA

However, it is obvious that $250 is not enough for living, as the average minimum living expenses in Australia is almost $1600.

According to TradinBeasts.com, many Aussies have used this stimulus check to start trading Forex in order to generate their profits while being unemployed or without the source of income during this economic lockdown. Moreover, the crypto-industry is thriving right now, and because of that, those people are hoping for the improvement of their economic conditions.

Those who are receiving coronavirus supplements are not eligible for the economic support payment.

The first payment was March 2020 – The Australian Government declared a $17.6 billion stimulus package, including a one-off $750 payment to those who accepted the previously mentioned DVA benefits between 12 March and 13 April 2020

The second payment – The Government published the second step of its economic policy to cushion the economic shock of the coronavirus and assist in constructing a bridge to recovery.

In addition to the first stimulus payment, the Government contributed a further $750 payment to Australian resident social security recipients.

The third payment – As part of the Federal Budget on 6 October 2020, the Australian Government declared 2 additional Economic Support Payments of $250 to continue its support of the Australian society through the pandemic.

The Fourth Payment – The additional Economic Support Payment 2021 will be made in March 2021 to Australian resident social security beneficiaries and those holding the previously mentioned DVA payments on 26 February 2020.

Government response to the covid outbreak

There were many different steps and policies taken in different countries worldwide. All of them were specific and adapted to their own reality and resources. There are several important steps taken by the Australian Government in response to the Coronavirus pandemic.

  • Vaccinating priority groups by the Pfizer/BioNTech vaccine.
  • Securing early access to the University of Oxford COVID-19 vaccine.
  • Economic support of 17.6 billion dollars.
  • $ 2.4 billion health package
  • Delivering support to Australians undergoing domestic, family, and sexual violence due to the result of coronavirus
  • Funding home delivery of most medicines for those incapable of getting to their regional pharmacy
  • Effectively tracing Coronavirus cases.
  • Provide health workers with special equipment and supplements.
  • Applying travel restrictions.
  • Make quarantine obligations

Conclusion

Finally, to summarize, it is obvious that every country has its own approach to the current situation, and Australia is one of them.

To talk in numbers, it is vivid that Australia is managing the crisis very efficiently since the country has only single-digit cases since October, but it should be noted that disposable economic support, which was allocated by the government, is not enough for living expenses.

This is the reason why people tried to use stimulus checks in order to gain more profits, and the study says that they have found several other ways for it.

Image courtesy of Ben Mack/Pexels

Konstantin Rabin

Konstantin Rabin has been in marketing and advertising since 2011. After leading marketing efforts of one of the largest financial brokerages and an innovative b2b fintech company, he decided to go solo and is now focusing on consulting financial companies on how to drive the best results from their digital marketing efforts. Next to this, Konstantin has been showing interest in the recent regulation of the most competitive industries – finance and iGaming. Stalk him on Quora or connect via LinkedIn to learn more.

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