As the clock ticks to 2021 tonight, Australians will suddenly have a host of inexpensive measures available to them, from cheaper drugs to more college degrees and renewal scholarships.
The next stage of the Federal Government’s Economic Recovery Plan takes place as of January 1, 2021 and aims to stimulate the recovery of the economy from the effects of the COVID-19 recession.
Starting tomorrow, the following measures apply:
Major changes have been made to Australia’s insolvency framework, which deals with companies that are in financial distress and unable to cover ongoing debts.
Under the new measures, there will be less bureaucracy and costs associated with insolvency for companies with liabilities of less than $ 1 million.
Currently, this covers about 76 percent of companies currently insolvent, 98 percent of which have fewer than 20 employees.
MORE SUPERANUATION OPTIONS
Starting tomorrow, Australians will have more power over their retirement fund choice.
Currently, some employees receive superfunds based on corporate bargaining agreements.
Starting in 2021, around 800,000 Australians will be able to choose where to invest their retirement savings.
The government’s HomeBuilder program, which offers grants of up to $ 25,000 on certain property renovations, will run through March 31, 2021.
An additional 15,000 owner-occupants are expected to take advantage of the scheme at this time.
Starting tomorrow, more drugs will be added to the Pharmaceutical Benefits Program (PBS).
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.
Everything will be considerably cheaper.
CHEAPER COLLEGE DEGREES AND MORE
Starting tomorrow, up to 30,000 new places will be offered at universities.
Tuition fees will be discounted in “expected future job demand” areas, including teaching, nursing, clinical psychology, agriculture, and engineering.
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 suitability of the information taking into account your objectives, financial situation and needs.