September 16, 2020 
19 Comments 
COVID-19 has wiped out many a household income.
The government, to its credit, implemented a raft of stimulus schemes to keep heads above water, but the tide is coming in, and soon, without those packages keeping people from falling below the poverty line, many will be drowning in debt.
One of those schemes is coming to an end, and thousands, including many working older Australians, will feel it in their hip pocket.
We’re talking about the assets test waiver for Centrelink payments, which is set to end on 24 September, and will create a whole set of new challenges for anyone depending on those payments.
The government temporarily removed assets testing on a number of payments earlier this year, including JobSeeker, parenting, Austudy, Youth Allowance and ABSTUDY payments.
However, all these payments – except JobKeeper – will have their assets tests reinstated later this month.
So, if you’re out of work, or depending on these payments right now, but have assets above the allowed limit, you’ll likely have your payments cut.
The asset limit for singles is $482,500 for non-homeowners, or $268,000 if you own a home.
The change will affect a lot of Australians, including those who own a home or have considerable assets and have found themselves out of work due to the pandemic.
The partner income test will also resume, so payments will reduce by 27 cents for every dollar your partner earns over $1165 per fortnight.
If you’re on one of these payments, you’ll have to update your details through myGov or by calling your regular payment line.
You’ll have until 24 September to tell Centrelink about any changes in your assets, so you receive the right payment, or you could be required to pay back any funds you weren’t entitled to. So, make sure you’ve got your assets in order.
The government has also announced the new rules for JobKeeper payments, starting from 28 September.
The new rules, announced on Tuesday, gave businesses a two-tiered payment rate, ending in March 2021.
The first extension period runs from 28 September to 3 January 2021 and applies to employees who worked for 80 hours or more in the 28-day period before either 1 March 2020 or 1 July 2020.
They’ll receive $1200 per fortnight, while all other employees will receive $750.
For the second period running from 4 January 2021 to 28 March 2021, the rate will drop to $1000 per fortnight and $650 per fortnight, respectively.
Have you been informed of the assets test waiver being reinstated?
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How often are these ‘asset tests’ revised and adjusted? And are they adjusted to CPI annually?
Id be very surprised if they were adjusted, that would be too reasonable. I think when politicians get the same as us plebs then we might see some change. Not in my lifetime.
The asset free area thresholds adjust each 1 July linked to CPI, they were abolished for Jobseeker claims in March, but being reinstated 25/9/20.
No welfare payments are adjusted to the annual CPI. That is why recipients without investments live below the poverty line.
Thinker the asset limits are linked to CPI as per the question, the rates of payment change according to CPI for Jobseeker and some other payments, bit more complicated for Pensions.
The asset threshold is adjusted on the 1st of July and therefore the asset limit is also adjusted on July 1. The asset limit is also increased each time there is an increase in the rate of payment eg 20 March and 20 September each year for pension payments.(except September this year)
Yes Skiing, but not the Jobseeker and other allowances, just 1/7 for them.
I had thought Joe Hockey did this some time ago.
Yes good old Hockey, a billionaire collecting a huge Australian pension whilst receiving a huge salary while working overseas.
He would know all about fairness.
why is it disabled people ,carers ,and pensioners get paid between $200 and $400 less than people on the dole..Why is it a single person on the dole gets$500 more than a single person on disability or carer for the cost of living concession.Is that to support drug habits or what,what bills do do;e people have more than pensioners and the people who look after them/MY BILLS HAVE GONE UP AT LEAST $90 A FORTNIGHT SINCE THE LAST PENSION RISE SO AS FAR AS THE CPI GOING DOWN %3 is another govt lie
Maybe it’s because the majority of recipients lost their jobs due to the pandemic. The dole is not a permanent payment, unlike pensions. It costs a lot of money to look for work and keep yourself. Pensioners don’t have to spend money looking for work.
Well no Mitch the reduction in CPI is NOT a lie.
However, it may be calculated on items you do not use such as child care and petrol which was very low at one stage and it still lower than it was before COVID-19. These things affect CPI but may not affect you personally.
What is it about TEMPORARY support do people not understand?
Agree KSS. If assets are over the limit, which don’t include the family home and super in accumulation for jobseeker, then take some action to access some of the value of these “extra” assets
Yes, of course, run your savings out and sell any assets, then retire poor, to save the Government money, because the Government needs it badly to fund it’s promised tax cuts for the rich. Can’t have the working and middle class prospering and the rich having to sacrifice a tiny smidgen of their Champagne and Caviar.
the idea of stimulus seems to have gone missing, much more important to give tax cuts to those in good paying job for topping up the savings
tax cuts only benefit the rich and it is a way of increasing the wealthy income earners with out changing the cpi however hoe can the CPIwork now the govt has disregaurded it for newstart and single parents who got a %100 increase and there pay rises are based on the CPI the same as pensioners.pensioners have received over $6,000 less than anyone else and even if they get$750 in the budget it ill only be $250 more than what newstart and single parents recieved for the cost of living concession .Pensioners $215 and every one else over$700 Stil lshafting pensioners ,carers and the disabled
The asset limit for singles is $482,500 for non-homeowners, or $268,000 if you own a home. So a home is worth $214,500 – just another way those who do not already own a home but are either saving for one or prefer to have their assets in other areas, are discriminated against.
Compare an unemployed renter with $500,000 in the bank with an unemployed homeowner with a fully paid off $1M house – why should the homeowner get assistance while the other does not?
Not sure what this means, is this the amount an O.A.P’s partner can earn before his payments are reduced.
The partner income test will also resume, so payments will reduce by 27 cents for every dollar your partner earns over $1165 per fortnight.