Ask the Expert: How to prepare for the end of coronavirus support
May 29th, 2020
The worst of the coronavirus pandemic looks to have passed, but workers relying on government payments and loan deferrals must prepare for a challenging road ahead.
Australia’s unemployment rate spiked following the coronavirus shutdown and is tipped to remain above pre-crisis levels until 2024.
That will put a huge strain on workers’ wallets, with roughly 1.7 million Australians expected to be receiving Centrelink payments by September.
Approximately 1.65 million Australians have also withdrawn more than $13 billion from their superannuation ahead of retirement, while banks have deferred payments on $211 billion worth of loans.
The combined efforts of government, banks, and support networks have helped Australia scrape through the crisis in better health than many other countries.
But the support measures are temporary.
Their scheduled withdrawal in September means people relying on them must take action today to protect themselves tomorrow.
Although preparing for life without this support will be difficult, Industry Fund Services’ head of technical, research, and advice Craig Sankey told The New Daily it is manageable.