Please refer to this article for further info about govt changes taking effect from next month:
Essentially, the govt is starting to wind back Jobseeker/Jobkeeper payments by reducing the Coronavirus supplement by 50% and reintroducing the liquid assets test, as of September 25 2020.
"The "liquid assets test" was removed as the COVID-19 took hold, but will be reintroduced for JobSeeker applicants on September 25. For singles, the test threshold is $5,500. For singles with children, it's $11,000".
$5,500 is a paltry amount of savings that the govt allows you to have in your bank account. I would consider my last $5000 to be "emergency funds" with alarm bells going off in my head. I do not wish to get into a debate about this threshold and whether it is reasonable or ethical to expect someone in 2020 to live off 5k in the bank. It seems like prudent savers are getting punished with the govt saying we should "support ourselves", which is fair enough. I just wish the threshold was a little higher - somewhere in the realm of $25k - 30k minimum.
Suffice to say, I have substantially more than $5000 in savings but not quite enough to feel financially comfortable.
My situation : mid 30's, single, own my home, recently unemployed.
Do you think it will be worth it for me to apply for Centrelink straight away before they implement these changes next month or will they simply just cut off my payments once the liquid asset testing comes into effect?
The other option (if I cannot find another job in the current economic climate) is to simply live off my savings, gift $10k p.a to a family member that I owe money to.,enjoy a lavish domestic holiday, gamble it all away at the casino, etc until there is nothing left.
A final option would be to invest all my money in purchasing enveloop batteries. They will be considered an "asset" by centrelink and therefore I can accumulate up to $250,000~ worth of batteries because I am converting the money into an asset class which will therefore be counted in my "assets test".