Early Superannuation Withdraw Largely Spent on Discretionary Items

Early Superannuation Withdraw Largely Spent on Discretionary Items
Signage for an online sports betting company is seen at the WACA ground for Ashes cricket Test match in Perth, Australia, December 14, 2017. GREG WOOD/Getty Images
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People who are withdrawing their superannuation early during the COVID-19 crisis appear to be overwhelmingly spending it on discretionary things like gambling, clothes and furniture.

Labor says new analysis released on June 1 from illion and AlphaBeta, part of Accenture, shows the deal to let people withdraw their retirement savings early needs a rethink.