Source: Reuters
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • The Australian Federal Government pledges $1000 disaster payments for the NSW flood victims
  • From tomorrow, eligible residents in 23 local government areas (LGAs) affected by the severe storms and flooding will be able to receive the funding
  • The one-off payments will see eligible Australians receive a disaster recovery payment of $1000 for each adult and $400 for each child
  • Additionally, the recovery payment is also for employees and sole traders who experienced a loss of income due to the floods

The Australian Federal Government has pledged $1000 disaster payments for the NSW flood victims.

Prime Minster Anthony Albanese announced from tomorrow eligible residents in 23 local government areas (LGAs) affected by the severe storms and flooding will be able to receive the funding.

The one-off payments will see eligible Australians receive a disaster recovery payment of $1000 for each adult and $400 for each child who have suffered a significant loss from the floods.

The LGAs include Blue Mountains, Camden, Canterbury Bankstown, Campbelltown, Central Coast, Hawkesbury, Kiama, Lithgow, Liverpool, Northern Beaches, Penrith, Shellharbour, Shoalhaven and Wollongong.

Additionally, the recovery payment is also for employees and sole traders who experienced a loss of income due to the floods.

“It’s heartbreaking to think that for many people this is the third or fourth time in 18 months that their lives have been disrupted by a natural disaster of this magnitude,” Mr Albanese said in a release.

“Over the last few years our resilience has been tested time and time again, and many people are doing it tough.”

Mister for Emergency Management Murray Watt said the government is committed to making financial help available as “swiftly as possible.”

“We know natural disasters are distressing for those impacted, both emotionally and financially, and we are doing everything we can to get help where it’s needed fast,” he added.

More From The Market Online

Well below US$5K/oz, gold’s surefire status as a safe haven has shifted

In the post-COVID-19 world, it’s almost definitely news to nobody reading this that gold prices have staged a fairly historic run.
The Market Online Video

From the Wire: Why did the RBA cut last year just to walk it all back 12 months later?

The Reserve Bank of Australia made the call to hike interest rates again in CY26, using its second board meeting to bring them
ASX concept

ASX 200 reacts to an RBA 25bps rate hike by… closing somewhat firmly in the green?

Colour me surprised – the ASX200 successfully priced something in for once, with today’s RBA rate hike not scaring the market down into
India Russia flag

Not just AUKUS indexes: USA’s war on Iran visible on India’s NIFTY; Russia’s MOEX

While the Australian market is busy watching Wall Street, gold, and oil prices – and the prices of relevant stocks exposed to those