According to Deloitte, $24.2 billion of fiscal stimulus was withdrawn from the Australian economy in the second half of 2020 as JobSeeker and JobKeeper payments were tapered down, alongside the reduction of early superannuation withdrawals (see next chart).
Accordingly, Wednesday’s ABS national accounts release for the December quarter reported a sharp decline in household disposable income (HDI), which fell 3.9% in real per capita terms (see next chart).