Labor wowsers lecture households on stimulus spending

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The Australian Prudential Regulation Authority on Monday said 1.8 million people had so far used the scheme, withdrawing more than $12 billion. Less than one per cent of applications have been rejected.

Analysis by credit bureau illion and consultancy AlphaBeta, part of Accenture, shows those using their super spent almost $3000 more than normal in the fortnight after receiving the lump sum.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.