Awash with cash
Substantial withdrawals from superannuation reported have been by APRA, with more than $25 billion paid out to date, and plenty more in the post.
Very high volumes were reported in early July which may have an impact on the speed of payments being made by funds.
Over the week to 12 July a thunderous 581,000 applications were received, with a massive $6.2 billion of payments also shelled out in a single week.
The number of applications has continued to rise to beyond 2.8 million, following the recent surge, with an average payout to date of $7,718.
And then there's the extension of the government stimulus to factor in.
Lordy, this is government support on an Olympic scale, and very likely a huge boost to retail spending.
First homebuyer boom
First homebuyer boom
One wonders how much of the $25 billion and counting of superannuation withdrawals will be used as deposits for new housing or house and land packages?
Most likely billions of dollars of superannuation balance will be taken advantage of by first homebuyers is my best guess.
The super fund industry will loathe that, of course.
But at the end of the day it is people's money to spend as they wish...and quite frankly, good for them!
But at the end of the day it is people's money to spend as they wish...and quite frankly, good for them!
