The Government is providing financial assistance to Australians to support them through the economic impact of the Coronavirus. The Government is temporarily allowing individuals affected by the Coronavirus to access some of their superannuation.
Eligible pensioners, seniors, carers and student payment recipients will receive two separate $750 Economic Support payments.
Retirees whose savings are being affected by financial market volatility can take advantage of a temporary reduction in minimum superannuation drawdown requirements.
Social security deeming rates are also being reduced in recognition of the impact of low interest rates on retiree savings.