Covid-19 Financial support
23 March 2020
Earlier this year global markets were recording record highs. Since the coronavirus outbreak times have changed and many workers across Australia face challenging times ahead. Not only in their working life but also regarding their investments.
Unfortunately, the current market volatility has impacted your (and many other members’) super balance and I understand how concerning that can be.
Market volatility is part of market life cycles
Market volatility is a normal part of the economic life cycle. Many of you would have experienced similar market volatilities during the global financial crisis from 2007 - 2009 and the bounce back from 2009 onwards.
The BUSSQ investment team had in place processes to help reduce the impact and we are pleased that to date BUSSQ members have faired better than members of many other super funds. Our team are also working to ensure that we take advantage of the market rebound when it comes back.
BUSSQ Balanced Growth Unit Price 2008-2020
Super is a long term investment, and as the graph above shows, markets typically bounce back over time. It’s important to remember that when making a decision to change investment options or withdraw your super.
Government support for those in financial distress
Nevertheless, many of you are worried or doing it tough and some extra cash may seem helpful in times of uncertainty. We understand it is not an easy time.
The Government has released a range of financial support to workers in financial distress. I honestly urge you take advantage of this support if you need to.
There are also many other organisations that provide further financial support and assistance during this time. We have put together a list of services that will be of help:
Income support payments – a temporary fortnightly $550 coronavirus supplement from 27 April 2020. Find out more
Household support payments – two support payments of $750 (in April and July) for eligible Centrelink payment recipients. Find out more
JobKeeper scheme – workers may receive a replacement wage of $1500 through their employer. Find out more
Pausing mortgage repayments – it may be possible to pause your mortgage repayments. Each bank will be different and will depend on the product you have. Contact your bank.
Covid-19 hardship tips - steps to look after yourself and your money. Find out more
Urgent help with money - where to get help if you're in crisis or struggling to make ends meet. Find out more
National debt helpline - a not-for-profit service that helps people in Australia tackle their debt problems. Find out more
Lifeline financial counselling - help for when financial problems or pressure are causing you stress. Find out more
Department of Social Services - support for individuals and families affected by Coronavirus. Find out more
Financial counselling - free help to sort out your money problems. Find out more
Skylight budget calculator - a helpful tool to assist you manage your budget. Find out more
Industry schemes - you may also have entitlements through your membership of various industry schemes. If you are a member of a Union, they can also assist with further relevant information. Find out more
BUSSQ is here for you
BUSSQ is here to help and if you need early access to your super because you have no other choice, we will play our part in this crisis for our members. We will be here for you now and when we are all back to our normal lives.
While we will be paying the money from your account, the process is completely run through the myGov website. We cannot assist with the paperwork or with bypassing myGov. But we are here to assist with deciding if this is the best course of action for you.