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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Their analysis, based on the bank transactions of 13,000 people who have withdrawn superannuation since the coronavirus outbreak, showed 40 per cent of them had not experienced a drop in income or their loss had been fully offset by other government payments.
Sixty-four per cent of their spending had gone on discretionary goods such as furniture and alcohol, with 11 per cent of going towards gambling.
Separate data compiled by the NAB from its customer base showed gambling spending is 71.5 per cent up since the start of the year, the bigge…
Read the full article at: https://www.smh.com.au/politics/federal/early-super-access-scheme-is-another-robo-debt-labor-says-20200601-p54ycw.html