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How are Australians spending stimulus money?

  • August 11 2020
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How are Australians spending stimulus money?

By Cameron Micallef
August 11 2020

Australians have received an unprecedented amount of cash amid further government stimulus, new research has revealed.

How are Australians spending stimulus money

How are Australians spending stimulus money?

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  • August 11 2020
  • Share

Australians have received an unprecedented amount of cash amid further government stimulus, new research has revealed.

How are Australians spending stimulus money

A survey in May conducted by the Australian Bureau of Statistics showed that more than 60 per cent of the country was spending on essential items, as well as adding to their savings.

The ABS stats showed one in three Australians were eligible for some government benefit. 

Around 42 per cent of people used the support payments to pay household bills while one in three used the money to buy groceries. 

A further 20 per cent spent the money on other household items, while 14 per cent used it to make mortgage or rental payments.

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The research also found that 29 per cent of Australians saved a portion on their government stimulus.

ABS head of household surveys Michelle Marquardt said the detailed data provided new insights into the economic and social impacts of the pandemic on Australians.

“Women were more likely to have received a stimulus payment than men (36 per cent compared with 27 per cent) and Australians without a non-school qualification were more likely to have received a stimulus payment (41 per cent) than those with a qualification (27 per cent),” she said.

People under 65 years of age were more likely to use the money to pay household bills, mortgages and other debts (47 per cent) as were those who were employed (44 per cent) or unemployed (63 per cent).

The survey also found that the majority of Australians adopted measures to combat the spread of COVID-19, including social distance (95 per cent), cancelling personal gatherings (77 per cent) and avoiding public spaces (75 per cent).

“There were interesting findings comparing the actions of people born overseas and those born in Australia,” Ms Marquardt said.

“People born overseas were more than twice as likely to have worn a face mask at least once in the four weeks before the survey was conducted (42 per cent) than people born in Australia (20 per cent) and to purchase additional medical supplies than those born in Australia (24 per cent compared to 15 per cent).

“Three in five people born overseas (62 per cent) avoided public transport compared to half of those born in Australia (49 per cent).”

How are Australians spending stimulus money?
How are Australians spending stimulus money
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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