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Early super access used to fund mortgages: ABS

Mortgage Business Early super access used to fund mortgages: ABS By Malavika Santhebennur 26 April 2021 The COVID-19 early release of super payment was mainly used by households to pay their mortgages or rent, according to new figures. The Australian Bureau of Statistics (ABS) has released the household financial resources report for September 2020, which provides a glimpse of household finances in the months following the introduction of the coronavirus pandemic-related restrictions last year. The report has revealed that 29 per cent of those who were recipients of the COVID-19 early access superannuation scheme withdrawals used the funds to make mortgage or rent payments, while 27 per cent used the funds for household bills.

The property flywheel spinning the Australian recovery

The property flywheel spinning the Australian recovery The HomeBuilder package is an example of fiscal policy at its best, targeting Australia’s aspirational middle class, which has responded in kind. For corporate bond investors, this is more good news. Chris Dickman Save Share The hunt for yield is the only story in financial markets that never gets old, and 2021 has delivered the same challenge with a unique take, thanks to the flywheel effect Australian residential property is creating in the recovery. Central banks have made it clear they are maintaining ultra low cash rates as long they need to, and have shifted their objectives to react only when inflation has arrived, not when it s simply anticipated.

Inflation surprise could fuel new debate in Australia

Inflation surprise could fuel new debate in Australia Share A surprise lift in inflation this week could place pressure on the Reserve Bank to adjust its bond-buying program and set off a fresh debate on when and how fast inflation and interest rates could rise. The debate around inflation has intensified in the US with former Treasury secretary Larry Summers suggesting the idea inflation can’t ratchet up quickly is “just plain wrong”. In the US, core inflation for March rose more than expected to 1.6 per cent from 1.3 per cent, while the headline consumer price index rose 0.6 per cent to 2.6 per cent, a little softer than expected.

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