Every day the Australian economy continues to grow stronger since the rapid decline experienced in March 2020, as a result of the coronavirus pandemic. While Australians experienced the first recession in almost 20 years during 2020, we only saw two quarters of decline before improvements began. Now, as we head into the second quarter of 2021, we are continuing to see growth within the economy.
As a natural progression to our improving economy, the government has now stopped many government support measures that were in place during mid-2020, such as JobKeeper payments.
Many Australians are worried that this will actually worsen the economy, however, it has been concluded that despite JobKeeper expiring, unemployment will decrease through 2021, albeit gradually.
The loss of both JobKeeper and the JobSeeker rise will be keenly felt, writes @GrogsGamut in @GuardianAus: “what we will likely see is a recession end, but for the poorest, financial hardship increase: a truly odd, and cruel, scenario.” https://t.co/88FCDNKaPU
— @VinniesAustralia (@VinniesAust) April 23, 2021
With Australia’s living standards are actually increasing, due to surging commodity prices and rock bottom interest rates, the future actually looks brighter than some may have originally thought. This doesn’t mean that some families might see the immediate effect of the adjustment period now that JobKeeper has ended.
Ultimately this means that many Australian families will see a decrease in their income during April. Since the JobKeeper allowance was a set amount, this means that some people will have been earning slightly above what they were before JobKeeper payments. So, now that JobKeeper has ended, they will be most likely returning to their original amount of income.
These families will have adjusted to their new income levels for almost a year now, meaning during the period of adjustment they will need to find a way to help fill in the gap for extra expenditure.
While you might be thinking, why don’t they just return to their pre-pandemic level of spending to suit their income, this can be much harder than anticipated. This is why it is a better option to have a plan in place for this adjustment period.
A good option for your family during this time is to consider a personal loan from a non-bank lender. If you go through a non-bank lender such as Spondooli, then the application process instantly becomes simple and quick, if you meet the necessary criteria. Instead of filling out pages of paperwork and then waiting a couple of weeks, with Spondooli you can instead jump online and fill out their online application.
‘I don’t know how we’ll survive’: city cafes, still deserted, brace for the end of jobkeeper https://t.co/xiZKgxfDci
— The Guardian (@guardian) March 20, 2021
If you then meet the necessary criteria such as full-time employment, then you can easily have your conditional loan offer from Spondooli on the same day, it’s as easy as that! As a trusted lender, Spondooli wants to give every Australian the chance to get ahead, especially when financial changes come into play, such as the removal of JobKeeper.
No matter what your family needs the loan for, whether that be an unexpected bill or a change in the amount of your full-time wage, Spondooli can help by offering a safe and flexible option for your family. With the economy trending upwards, now is the time to sort out your finances with a helping hand for that extra expenditure, from Spondooli.