Is Job Keeper going to be extended?
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.
.
by: Katherine Isbrandt CFP®
Money Strategist & Retirement Planner
Principal of About Retirement
Say Hi on Social
Receive More Money Tips and Market Updates directly to your Inbox
Interesting Read
13 Financial Mistakes We All Make
A tiny request: if you liked this article, please share it
Most people don’t share articles, thinking that one share will not make a difference, but believe when I say, each article takes hours of putting it together, and I create them as I really want to make a difference in people’s lives.
So thank you so much for your support. Not only you will seriously help this blog to grow, but more importantly you will help people who might need this information and advice.
Some great suggestions how you can share it:
- Pin it!
- Share it on Facebook
- Tweet it
- Email to your friends and colleagues
It won’t take any more than 10 sec, as I’ve created all share buttons here for your convenience
Just pick your favourite button from the left side of this post, write your note and it’s done. THANK YOU
Property, Shares or Super? What is better?
Property, Shares or Super? What is better?Property, Shares or Super? What is better? This is a question I get all the time. People are trying to figure out which type of investment is better? And really what does better even mean? It can be different things to...
How to get Aged Care at Home
How to get Aged Care at HomeHow to get Aged Care at HomeOlder people who are struggling to live at home and take care of themselves often face a dilemma. Many don’t want to move into aged care accommodation, but they recognise the gardening, cleaning, cooking or...
Age Pension Increase
Age Pension IncreaseAge Pension IncreaseAnother good news for all pensioners. From mid-March 2021 all recipients of Age Pension will receive an increase of their payments based on indexation to social security payments. Considering that Age Pension was not raised in...
