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More than 3,000 millionaires will be kicked off JobSeeker

More than 3,000 millionaires claiming JobSeeker will be kicked off the payment as tough new rules come into effect this week.

Thousands of millionaires were able to legally receive the $1,115 fortnightly payment because the asset test was waived when the coronavirus crisis swept Australia six months ago. 

But the asset limits will be introduced from Friday, meaning the 3,600 millionaires claiming the benefit will no longer be eligible for the cash injection, news.com.au reported. 

More than 3,000 millionaires claiming JobSeeker will be kicked off as asset limits are introduced on Friday. Pictured: Australians queue outside a Centrelink office at the beginning of the pandemic

More than 3,000 millionaires claiming JobSeeker will be kicked off as asset limits are introduced on Friday. Pictured: Australians queue outside a Centrelink office at the beginning of the pandemic

‘We’re reinstating the JobSeeker Payment asset limit from 25 September 2020,’ the Services Australia website reads.

‘Your payment will cancel when your assets are more than the following amounts.’

A single person will not be allowed to access JobSeeker when their assets are more than $268,000 on top of their home. 

The asset limit for single non-homeowners is $482,500. 

An estimated 37,000 Australians – of 800,000 who have claimed JobSeeker since March – will no longer be eligible for the payment under the new limits

Minister Families and Social Services Anne Ruston explained the asset test will ensure government payments go to those who need them most. 

A single person will not be allowed to access JobSeeker when their assets are more than $268,000 on top of their home (stock image)

A single person will not be allowed to access JobSeeker when their assets are more than $268,000 on top of their home (stock image)

‘The assets test is designed so that working age people with substantial assets (on top of their principal home and superannuation) use their own means to meet their living expenses before calling on taxpayers for support,’ she told news.com.au.

‘Means testing is a longstanding principle of the income support system because it ensures payments are targeted to those who need them most and helps ensure the taxpayer funded system is sustainable into the future.’

The minister has estimated the changes will impact more than 30,000 Australians. 

‘We’re currently still in the process of contacting people. But my understanding is that there will be somewhere in the vicinity of 30,000 people who currently have assets in excess of the threshold,’ she told the ABC.

‘Some of them … have assets significantly higher than the thresholds that existed prior to us going into the pandemic.’

From Friday the JobSeeker payment will drop to $815 as the $550 coronavirus supplement is slashed in half. 

The coronavirus supplement is scheduled to be scrapped altogether at the end of December. 

From Friday the JobSeeker payment will drop to $815 as the $550 coronavirus supplement is slashed in half. The coronavirus supplement is scheduled to be scrapped altogether at the end of December. Pictured: Sydneysiders are seen at Circular Quay on September 13

From Friday the JobSeeker payment will drop to $815 as the $550 coronavirus supplement is slashed in half. The coronavirus supplement is scheduled to be scrapped altogether at the end of December. Pictured: Sydneysiders are seen at Circular Quay on September 13

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