The payment will be stopped for more than 3,000 millionaires claiming JobSeeker as strict new rules come into effect this week.
Since the asset test was waived when the coronavirus epidemic swept Australia six months ago, thousands of millionaires were able to collect the $1,115 fortnightly payment legally.
This meant the payout could be obtained by Australians who had $1 million in properties, including vehicles, boats and holiday homes.
However, from Friday, the asset cap will be enforced and 3,600 millionaires seeking the profit will no longer be eligible for cash injection, news.com.au reported.
‘The asset test waiver ends in September. This affects you if you’re getting JobSeeker Payment, Youth Allowance or Parenting Payment,’ the Services Australia website reads.
‘Use your Centrelink online account to update your assets before 25 September 2020, so we can pay you the right amount.
‘Payments will be cancelled from 25 September 2020 if your asset value is over the limits.’
When their assets are more than $268,000 on top of their home, a single person would not be able to use JobSeeker.
For single non-homeowners the asset cap is $482,500.
An estimated 37,000 Australians will no longer be eligible for payment under the new restrictions-of the 800,000 who have claimed JobSeeker since March.