As a pandemic measure, Scott Morrison and Josh Frydenberg opened up super for anyone to take up to $20,000 of their super out to spend at their discretion.
4.78 million applications were filed by Australians to access their super, of which 4.55 million were approved for 3.05 million people, totalling $37.8 billion of super requested for early release between April 9 and December 31, 2020.
According to Cameron Murray, USYD economist, “some used this money to help buy a home.
The financial 2020-21 year saw 171,000 first home buyer loans. The average for the decade prior was 93,000, so that’s an 83% increase.”
Callum Foote was a reporter for Michael West Media for four years.