Australians likely to withdraw $30 billion from pensions to weather COVID-19

Australians likely to withdraw $30 billion from pensions to weather COVID-19

As per experts, Australians will withdraw 56% more from their retirement savings than the government originally expected because of COVID-19. This is likely as citizens use the tax-free money to repay home loans and boost cash in hand. So far, one million Australians have applied to pull up to A$20,000 each from their savings, industry data showed. About A$42 billion is expected to be withdrawn.

Timothy
Timothy
pennydreadful
pennydreadful 1 weeks

"So far, one million Australians have applied to pull up to A$20,000 each from their savings, industry data showed. About A$42 billion is expected to be withdrawn." The pandemic has severely affected small businesses, and has inadvertently been a boon for big enterprises. Governments might need to step in in order to ensure that control over goods and services isn't monopolized. Capitalism thrives on competition, and if competition ceases to exist, it might not be a very good thing for consumers.

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