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Background

EMERGENCY BUDGETING GUIDE FOR AUSSIES ON JOBSEEKER AND JOBKEEPER

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About the emergency budgeting guide

Millions of Australians will receive approximately $670 a week after tax* under the JobKeeper scheme, with over 850,000 businesses already registered.

In addition, more than 587,600 people who have so far registered for JobSeeker payments will receive a $550 a week from Centrelink. JobSeeker payments will begin to flow on 27 April and JobKeeper in the first week of May. But is it possible to live on $550-670 a week?

Our spokesperson and licensed financial adviser, Helen Baker, has crunched the numbers to offer a budgeting guide for the millions of Aussies who will be required to survive on JobSeeker and JobKeeper payments.

A word from Helen Baker

Helen Baker

Helen Baker, Financial Expert

"The first step for JobSeeker and JobKeeper recipients will be to make arrangements with their banks, landlords, insurers and utility providers to defer or reduce payments. They should also seek bulk-billing medical services where possible. This emergency budgeting guide assumes that rent has been reduced, mortgage repayments have been deferred (you should seek advice if that is appropriate for you) and other financial commitments have been delayed for six months (you should also seek advice if that is appropriate for you). The budget caters for a healthy, single person without large ongoing expenses, or in need of ongoing medical support."

Helen Baker, Financial Expert

Budget for JobSeeker recipients ($550 per week)

ExpenseCost (Budget)

Rent

$200/week

Electricity

$150/quarter ($12/week)

Internet and mobile phone

$105/month ($25/week)

Supermarket items and produce

$150/week

Cosmetics and toiletries

$7/week

Hairdresser

$0/quarter

Car (includes petrol, parking and tolls)

$50-65/week

Public transport

$40/week

Streaming subscriptions

$24/month ($6/week)

Alcohol

$30/week

Eating out

$10/week

Budget for JobKeeper recipients ($670 per week)

ExpenseCost (Budget)

Rent

$300/week

Electricity

$200/quarter ($12/week)

Internet and mobile phone

$105/month ($25/week)

Supermarket items and produce

$140/week

Cosmetics and toiletries

$7/week

Hairdresser

$75/quarter ($7/week)

Car (includes petrol, parking and tolls)

$50-65/week

Public transport

$40/week

Streaming subscriptions

$24/month ($6/week)

Alcohol

$20/week

Eating out

$20/week

*JobKeeper recipients receive $750 in gross payments. This is based on the assumption that individuals are taxed $80 (32.5%), but recipients may be taxed more or less. This will depend on what they were earning prior to JobKeeper, as payments will be taxed at their marginal tax rate.

Helen Baker

Written by

Helen Baker

Helen Baker is an award-winning licenced financial adviser and author of two popular finance books. She has two Masters Degrees, in Financial Planning and Management, and a Bachelor of Commerce (accounting) Degree.

Shaun McGowan Money.com.au founder

Reviewed by

Shaun McGowan

Shaun McGowan is the founder of Money.com.au. He's determined to help people and businesses pay as little as possible for financial products, through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.

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