New data released today has confirmed that early superannuation withdrawal continues to drive a huge spending boom and that the program has not been used as intended by many Australians. But as it turns out, many people may not have needed to access their Super early at all.

New data released today has confirmed that spending continues to rise to 15% above pre-crisis levels, driven by the massive cash flow impact of early withdrawal of up to $10,000 in superannuation money and the impact of $750 Stimulus payments.

This week’s data shows that while spending has skyrocketed to 17% above normal levels, almost all of the growth was due to Stimulus and early Super. Meanwhile, as stage 3 restrictions enter their second week, spending in Victoria is around 15% below other states.

New real-time data from illion and AlphaBeta shows that Australia’s low-income earners (those earning less than $65k a year) have carried the economy on their shoulders throughout the COVID-19 crisis.

This week, the data is showing the first signs of ‘normality’ in the Australian economy. Cafes are almost back to pre-COVID levels, while spending on restaurants is 20% more than pre-COVID levels, mainly due to the increasing share of food delivery.

New data released shows that women who accessed early Super focused their spending on essential items for themselves and their families, while men spent it on discretionary items, including a huge gambling binge.