ERS spending revealed
/The way Aussies spent their early release of superannuation cash has been revealed by the Australian Bureau of Statistics (ABS). The ABS report is a snapshot of household finances in the months after COVID-19 restrictions.
The spending breakdown was:
Mortgages or rent - 29 per cent
Household bills - 27 per cent
Credit card and personal debt - 15 per cent
Other findings from the ABS Household Financial Resources report include:
For those who accessed the scheme twice, the average amount removed from the superannuation account balance was $17,441
The average single withdrawal was $7,728 for the first, and $7,536 for the second
Earnings from jobs, investments and superannuation remained stable in real terms ($2,117 per week in September 2020) when compared with the 12 months prior
One in five households (19 per cent) had someone receiving JobKeeper through their employer or in their own business
Half of these owned their home with a mortgage, while about half were couple families with dependent children
Average government payments increased by $89 per week per household compared to the previous September quarter, to $300 per week
Over 1.3 million households had someone receiving the Coronavirus Supplement of $550 per fortnight
A total of $36.4 billion in payments was made as part of the ERS scheme to 3.5 million people, with the average amount per person being $7,638
