Superannuation debate

The Superannuation Debate Rages On

Last year in Australia, people could access their Superannuation of up to $10,000, if suffering because of COVID19 layoffs. However, it seems that four in 10 Australians who withdrew from their super under the Federal Government’s Early Super Access Scheme actually saw no drop in their income. In fact, as some were collecting stable Jobkeeper payments rather than being a part-time casual worker, 21% of these recipients had their overall earnings rise by more than 10%. (Collated data – source Savings.com.au) Recipients of the second round of Super withdrawals spent $3,618 more in the fortnight after receiving their funds, compared with the bank’s customers normal earnings.  The second round of super access also showed that most used nest egg money to increase spending in a burst. And 64% of the spending was on discretionary items (non-essentials). (Source: de-identified AlphaBeta analytics)…
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