Business
Second stage of super withdrawals boosts non-essential spending – Sydney Morning Herald
Recipients typically spent an extra $3618 during the first fortnight after receiving the lump sum compared with the same people’s average spending in a normal fortnight.
Analytics firm AlphaBeta, a part of Accenture, and credit bureau illion analysed the depersonalised banking data of more than 10,000 Australians who withdrew superannuation during the second tranche of the scheme, which commenced on July 1.
To qualify for early release of super you must be unemployed, have been made redundant or had working hours reduced by at least 20 per cent since January 1 (or a fall of 20 per cent or more in turnover for sole-traders).
But the study found 38 per cent of t…
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