JobSeeker cut from today: What you need to know

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on September 25, 2020
JobSeeker cut from today: What you need to know

Photo by Halacious on Unsplash

The JobSeeker Coronavirus supplement has been slashed by more than half from today.

JobSeeker recipients will see the supplement cut from $550 to $250 a fortnight, taking the total fortnightly JobKeeper rate to:

  • $815.70 for singles,
  • $862 for singles with children, and over 60s,
  • $760.80 each for couples.

Recipients are also able to earn $300 of their own income without their government support payments being reduced. 

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            Rates based on a savings balance of $10,000. Sorted by total interest rates. Refer to providers' websites for bonus rate conditions and for any applicable fees and charges. Rates correct as of June 28, 2022. View disclaimer.

            Unless the government extends the supplement or permanently increases the JobSeeker payment, the supplement will run until December 31, at which point the scheme would return to the controversial $40 a day rate.

            News on whether the scheme will be extended is likely to be announced in the Federal Budget on October 6, where news on the fate of JobKeeper is also likely to be announced. 

            From September 28, JobSeeker recipients, bar those in Victoria, will also be required to actively search for eight jobs per month and accept suitable offers of work. 

            Prior to COVID-19, JobSeekers/Newstart recipients were required to search for 20 jobs per month, but this was eased back to four in light of the crisis. 

            Treasurer Josh Frydenberg last week told the Today show unemployed people should be accepting jobs if they were available to them. 

            "It's only appropriate when you provide government support, that you expect in return mutual obligation and where there is an appropriate and suitable job on offer somebody takes it," Mr Frydenberg said. 

            Those who don't accept job offers will be subject to penalties, while other measures like jobs plans and meetings with employment service providers will also be reintroduced. 

            People who have received government support for more than a year will be required to take part in work-for-the-dole activities where it is safe to do so. 

            Asset limits have also been reintroduced from today, with payments cancelled if your assets total more than the following: 

            • Single homeowners $268,000
            • Single non-homeowners $482,500
            • Couple combined homeowners $401,500,
            • Couple combined non-homeowners $616,000

            Treasury estimates there are 1.35 million people receiving JobSeeker payments, with 500,000 of these in Victoria alone. 

            Victorians can still expect their supplement to be cut, but won't be subject to the new rules around job searches for the time being. 

            JobKeeper recipients will also see payments cut from September 28.

            Recipients working over 20 hours a week will have payments cut by $300 to $1,200 a fortnight, and recipients working less than 20 hours a week will have payments halved to $750 a fortnight. 

            Modelling released by Deloitte last week found the rollback of payments would cost the economy over $30 billion and see 145,000 jobs lost over the next two years. 

            A report from the Australian National University meanwhile found the reduction of payments in September would push more than 700,000 people into poverty. 

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            Alex joined as a finance journalist in 2019. He enjoys covering in-depth economical releases and breaking down how they might affect the everyday punter. He is passionate about providing Australians with the information and tools needed to make them financially stable for their futures.


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