The Government made some temporary changes to super to help individuals who were hit hardest by the financial impact of COVID-19. These changes include:
Reduced minimum drawdown rate for account based pensions
As part of its response to the economic impact of the coronavirus, the Government has temporarily reduced the required drawdown rates from superannuation income streams by 50% for the 2019/20 and 2020/21 financial years. Read more about the pension changes.
Reduced deeming rates
The upper deeming rate for the Age Pension and income support was reduced to 2.25 per cent and the lower deeming rate to 0.25 per cent. Read more about deeming rates.
Temporary early access to super
The government’s temporary early access to super measure for those financially affected by COVID-19 has now ended. You may still be able to access your super early, but only in special circumstances.
Other non super related government financial assistance
Other financial support available to help you manage the effects of the coronavirus (COVID-19) includes:
- JobKeeper Payment – ends 28 March 2021
- Coronavirus supplement – ended 31 December 2020
- Economic support payments – additional payment to be made in March 2021 to eligible income support recipients or concession card holders
- Homebuilder grant – ends 31 March 2021
- State or territory based financial support – see your state or territory’s COVID-19 webpage for information on financial assistance available.