Credit Simple
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.
There’s no doubt we’re living in strange times right now, and with that in mind, we’ve been asking Credit Simple members in Australia about their experiences, and how they’re spending, and saving, during the COVID-19 pandemic.
If you didn’t need it, would you access your Super early? Many of your fellow Aussies sure did, as our research shows that 40% of those dipping into their retirement funds because of Coronavirus, did so even though their income hadn’t suffered. The following analysis breaks this down further and answers “is it worth it?”
New data released today shows that spending in Australia is returning to normal – just 3% below pre-COVID-19 levels, thanks to recent hardship measures like mortgage holidays and government stimulus payments.
A mortgage broker is a financial adviser that specialises in home loans. They guide you through the home-buying process by gauging your needs, assessing your financial situation, suggesting the appropriate loan structure and introducing you to multiple lenders that may have what you’re looking for. In essence, they provide expert advice on a highly complicated financial investment. What does a mortgage broker do? Mortgage brokers maintain relationships with a suite of mortgage lenders and are familiar with all of the…
read more
Consumer spending continues to increase, adding more evidence that stimulus measures are working. We can also see in real time that states slower to reopen are the states where spending is remaining stagnant. All of this points to the importance of retaining the stimulus and slowly continuing to re-open when it’s safe to do so region-by-region.
After the dismal spending patterns that emerged in last week’s economic update, the Australian economy needed some good news. Luckily we got it – in the form of a 13% increase in spending.
In this week’s edition of our economic update, we’re noticing that people are tightening their purse strings, but not always in the way you’d expect.