Is Job Keeper going to be extended?
As we are now dealing with the second wave of coronavirus in Victoria, everyone started worrying about the end of the stimulus package this September, which could be a bit of the suicide for our economy and our fiscal future as a country.
Well, the Prime Minister Scott Morrison and Treasury are now looking at the ways to extend Job Keeper benefit in one form or another pass the current finish date in September. Also, it is very likely that we will see tax cuts and extension of insolvency protection, providing additional security blanket for businesses most affected by Covid.
All those measures once fully detailed and decided on, will be provided to the whole Australia and not only to Victorians, just because our boarders are closed, which is a good decision. At the end of the day we are all affected by Covid in the same way, it’s just some states managed to deal with it in a better way than Victorians.
It is also very likely that Australian banks will extend their support for businesses and home-loan customers who are most affected by loss of income, by deferring loan repayments for the period of up to another 4 months. But those customers that are able to meet repayments will resume doing so as per original agreement with the bank.
So my recommendation is – if you can afford to meet your loan repayments, do it, don’t defer just because you can. At the end of the day, the interest rate is being calculated and you will need to meet those repayments sooner or later. The later you do it, the bigger the bigger your outstanding loan.
If you are unable to meet your loan obligations, recommendation is to talk to your bank, work with your bank to find the best solutions for your situation.
My name is Katherine Isbrandt, the Money Strategist and Retirement Planner and if you found this video informative, please share it with your family and friends, give me a like and hit that sign button.
If you have any comments or questions, leave them below my video. Let us know how you are dealing with the covid situation and if I can assist.
Please stay safe, stay at home, if you need to be out – keep social distancing and keep washing your hands.
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