How Australians spent the $38bn withdrawn from super during the pandemic

More than 2.6 million Australians raided their superannuation during COVID-19, withdrawing a total of $38 billion.

Data reveals people in Melbourne’s north-west were almost 10 times more likely as those in the east to drain their retirement savings.

And what it was spent on is alarming.

Press PLAY below to hear what Australians spent withdrawn super on

Assistant professor of economics at the George Washington University in Washington DC, Steven Hamilton, says it’s not an economic policy he thinks should be repeated.

“We need to figure out what went wrong … so next time, when we have … some other crisis, we do policy that is more sensible, and I have to say I wouldn’t do this one again,” he told Ross and Russel.