How Could The COVID-19 Coronavirus Australian Government Stimulus Package 1 & 2 Impact You

(02:45): Social security deeming rates will also be reduced in order to reflect the low interest rate environment we’re currently in. On the 12th March, the government announced 0.5% reduction in both upper and lower social security deeming rates. The government will now reduce these rates by another 0.25 percentage points. As of 1st of May, 2020, the upper deeming rate will be 2.25%, and the lower deeming rate will be 0.25%. The reductions reflect the low interest rate environment and its impact on the income from savings.

(03:17): The change will benefit income support recipients, including age pensioners who will on average receive $105 more for the Age Pension in the first full year, the reduced rates apply.

(03:29): If you’d like more information on the coronavirus Australian Government Stimulus packages, for individuals or businesses, please contact your [inaudible 00:03:36] financial services advisor.

(03:29): If you’d like more information on the coronavirus Australian Government Stimulus packages, for individuals or businesses, please contact your [inaudible 00:03:36] financial services advisor.

(03:39): Fact sheets for these payments are available on Treasury’s website at treasury.gov.au/coronavirus.