Know the facts: When will pensioners receive the $750 stimulus payment?

Last week the federal government announced that 2.4 million age pensioners would soon pocket a cash sum of $750, as part of a $17.629 billion stimulus package intended to prop up the country’s economy amid the ongoing coronavirus crisis.

Prime Minister Scott Morrison unveiled the package alongside Treasurer Josh Frydenberg on Thursday, which included the one-off payment along with other measures intended to boost the country’s economy and prevent a recession.

The one-off lump sum will begin to flow on to the 6.5 million eligible Australians later this month, but when should you expect the funds to reach your account and what do you need to do to make sure you receive it? Here are the facts you should know.

Who will get the payment?

A total of 6.5 million Australians will receive the one-off payment of $750, including 2.4 million older Australians who are in receipt of the Age Pension, along with those who receive other welfare payments such as Newstart and Carer’s Allowance. The payment will begin to hit people’s accounts from March 31.

Do I need to do anything?

No, not a thing! Minister for Government Services Stuart Robert issued a statement on Sunday in which he reminded those eligible that they do not need to contact anyone in order to qualify for, or receive, the payment.

He said: “I want to remind everyone who may be eligible for the one off payment and have existing bank account details with Services Australia that they do not have to do anything – Services Australia will process the payment after 31 March.”

Will Services Australia contact me?

The minister also warned Australians to be vigilant and stressed that Services Australia will not be contacting anyone to gather personal details. Should you need to update your details, it is instead recommended that you do so by accessing your myGov account online, or by calling Services Australia on 132 300.

Robert added: “If you receive an email purporting to be from Services Australia or Centrelink about the stimulus payments, it is most likely to be a scam. Services Australia will not communicate via email about this payment.

“Services Australia have specialist teams and sophisticated fraud detection programs operating in real time to prevent fraudulent claims. The Morrison Government takes all allegations of fraud seriously and assess all allegations we receive.”

If you think you have been contacted  by a scammer, you can report this activity on the Services Australia website by clicking here, or by calling the Australian Government Services Fraud Tip-off Line on 13 15 24.