Millions of Australians will receive the second $750 economic stimulus payment this week, after receiving the first payment in late March and early April.
Eligible Australians include those receiving the pension, carers payments and allowances, disability support pensions and family tax benefits (FTB).
But this time, Australians receiving JobSeeker payments, Austudy, the parenting payment and ABSTUDY are ineligible.
“The second $750 Economic Support Payment will inject $3.8 billion into the economy and provide an economic lifeline to millions of Australians at a time when they need it most,” Treasurer Josh Frydenberg said.
“It will be used for daily expenses, whether that’s food and groceries, rent or indeed paying down some debts.”
How will I receive the second $750 payment?
For most eligible Australians, the payment will simply show up in their bank account without them having to do anything.
But for Australians receiving the FTB as a lump sum, they will receive the second $750 as part of that lump sum.
That means that those receiving the FTB will receive the first $750 after claiming for 2019-20 and confirming their income after 1 July 2020. The second $750 will be delivered into their bank account after claiming for 2020-21 and confirming their income after July 2021.
When will I receive the second $750 payment?
The government will begin issuing the funds from today, 13 July. That means the first batch will land in accounts from 15 July, with payments to land some time between then and the end of the month.
“The exact date will be different for everyone. It’s not linked to your regular payment date,” Services Australia explained.
The payments are not taxable income.
Frydenberg will release a major economic statement on 23 July, outlining the country’s financial status and plan for the future.
However, he has said there are no plans for a further round of $750 payments.