- 29% of Aussies used early access super for mortgages and rent
- Household bill payment was next at 27%
- More than a third of Aussies made voluntary contributions back into super
As the pandemic hit Australian shores, Australians were allowed to crack open their super funds.
Early access saw many people spend it on property, The Property Tribune reported back in February, it was a “fundamentally flawed plan” that would “jack-up house prices [and] inflate mortgages for first home buyers”.
Shortly afterwards, the Industry Super Australia told Australians not to “pour super into an already hot property market”.
Latest ABS statistics on early access super
The Australian Bureau of Statistics recently released data on household income and details on early access superannuation.
Most people who accessed their superannuation early “used it to pay their mortgage, rent or other household bills,” 29% used it on mortgage or rent, 27% on household bills.
In the remaining categories of superannuation usage, the ABS said 15% paid off credit cards and other debt, 13% added to savings, 12% other, and 6% to pay off a car.
“The average amount withdrawn by people who accessed the scheme twice was $17,441. The average single withdrawal was $7,728 for the first opportunity, and $7,536 for the second.”
Dean Adams, ABS Director of Household Economic Resource Surveys
Average weekly housing costs were reported by the ABS as steady through the September quarter at $305 per week.
Curiously, more voluntary super contributions were also made:
“More than one third of households (35%) where an unincorporated business was the main income source reported making voluntary contributions towards superannuation in September 2020 (up from 16% a year prior)”
Australian Bureau of Statistics