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Shepparton's welfare recipients to receive one-off $750 payment

Mar 13, 2020

Shepparton’s welfare recipients, including pensioners, carers, veterans, families, young people and jobseekers, will get a one-off cash payment of $750 from March 31.

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The payment is part of a $17.6 billion Federal Government economic stimulus package amid fears Australia could slip into recession.

M+S Group senior financial planner and partner Michael Connick said there was a lot of benefit for a regional centre like Shepparton, because of its demographic and socioeconomic make-up.

“Welfare recipients (mainly pensioners) and small businesses are set to benefit from this the most, but it’s too soon to say how successful those measures will be,” he said.

“I don’t think it will be the last of government intervention — nobody knows with the reaction to this unknown event, and it’s causing panic.

“I think the government turning its back on getting a surplus and focusing on trying to stave off a recession is a good thing.”

Mr Connick said in the eyes of consumers, $750 would never be enough, but emphasised people should not “get caught up in the panic”.

“The last time there was a government handout was in 2008 — people were buying flat screens back then, so apart from toilet paper, who knows what people will buy?

“People should concentrate on their long-term strategies and look to the future when sanity returns,” he said.

“We don’t tell people how to consume but we tell them how they can maximise their returns on investments.

“It will be a long, drawn out 2020, but our advice is to be patient with your finances, and to stay healthy.”