As the clock ticks over into 2021 tonight, Australians will suddenly have a raft of economic measures available to them from cheaper medicines, to more university degrees and renovation grants.
The next stage of the Federal Government's Economic Recovery Plan takes place from January 1, 2021 and is aimed at stimulating the economy to rebound from the effects of the COVID-19 recession.
From tomorrow, the following measures apply:
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NEW INSOLVENCY MEASURES
Major changes have been made to Australia's insolvency framework, which deals with businesses that are in financial distress and unable to cover ongoing debts.
Under the new measures, there will be less red tape and costs associated with insolvency for businesses with liabilities of less than $1 million.
This currently covers around 76 per cent of businesses subject to insolvencies today, 98 percent of whom have less than 20 employees.
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MORE SUPERANNUATION CHOICE
From tomorrow, Australians will have more power over their choice of superannuation fund.
Currently, some employees are given super funds based on enterprise bargaining agreements.
As of 2021, around 800,000 Australians will have the choice of where to invest their retirement savings.
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HOMEBUILDER EXTENSION
The government's HomeBuilder program, which offers grants of up to $25,000 on certain property renovations, will be extended until March 31 2021.
It's anticipated an additional 15,000 owner-occupiers will take advantage of the scheme in this time.
CHEAPER MEDICINES
More medicines are being added to the Pharmaceutical Benefits Scheme (PBS) from tomorrow.
These include: Darzalex® (Daratumumab) for patients with multiple myeloma, a common form of blood cancer, Otezla® (Apremilast), a treatment for those living with severe chronic psoriasis, as well as Tagrisso® (Osimertinib), a targeted therapy for non-small cell lung cancer.
All will become considerably cheaper.
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CHEAPER AND MORE UNIVERSITY DEGREES
From tomorrow up to 30,000 new places will be offered at universities.
Tuition fees will be discounted in areas "of expected future job demand", including teaching, nursing, clinical psychology, agriculture and engineering.
You can get up-to-date information from the Federal Government's Coronavirus Australia app, available on the App Store, Google Play and the Government's WhatsApp channel.
Beyond Blue's Coronavirus Mental Wellbeing Support Service is a 24/7 service free of charge to all Australians. Visit the site here or call 1800512348
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The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.
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