9 Apr 2020
Social Security: JobSeeker
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
JobSeeker has replaced the Newstart Allowance and due to the economic impacts of the COVID-19 the eligibility criteria for the JobSeeker payment has been expanded from 25 March 2020 until 24 September 2020.
Effectively, the Federal Government has legislated that everybody who has become unemployed due to COVID-19 will qualify for the benefit.
The JobSeeker ($1,100 per fortnight) plus JobKeeper ($1,500 per fortnight) plus all the other measure will cost an estimated $320 billion which the Federal Government does not have and so will take from future tax payers.
Click for technical paper.
In the interim and while most are not watching, financial markets have bounced since the 23rd March 2020 low with the Dow Jones Industrial Average (DJI) closing at 23,433 points overnight which represents a 16.4% increase.
Our congratulations to all those clients who have taken advantage of this market crash and if you are an Active client who still has questions, please call me on 02 9267 2322.
Everyone else can wait.
At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me or to call me on +61 2 9267 2322.