During Covid, we were allowed to dip into our super- $10k, should we be allowed to do the same considering inflation?
Inflation - Should We Be Allowed to Dip into Our Super?
GoldStar on 03/07/2022 - 18:46
Last edited 03/07/2022 - 19:21 by 1 other user
Last edited 03/07/2022 - 19:21 by 1 other user
Poll Options
- 93Yes
- 1150No
Comments
The whole point of raising interest rates is to SLOW DOWN SPENDING!
The RBA aren't out to hurt the economy, they need the brakes to be put on to stop run away inflation.
Crazy ideas like OPs and government's handing out money just make the inflation worse, meaning they'd have to raise rates more as everything goes up more and more!Then, later, people wouldn't have enough in your super fund to finance your retirement, which also hurts the economy as the taxpayer foots the bill and up it all goes again!
Aargh - Why don't they teach financial literacy in schools !?!
The rba already hurt the economy in the long run because they took way too long to raise rates
The previous govt made things worse with all the cash hand outs instead of putting that money into things like infrastructure or anything that will yield something in terms of GDP or efficiency gains elsewhere.
The fuel excise cut was also a bad idea, just helps maintain our unhealthy reliance on fossil fuels.
The fuel excise cut was also a bad idea, just helps maintain our unhealthy reliance on fossil fuels.
Are you saying of petrol was 22.1c/L more expensive for 6 months we'd all be in electric cars by now?
Lmao reading this thread gives me the shivers. Some people really don’t have a clue what superannuation means to retirement.
Want da chips? Gotta dip.
Love how the term “inflation” is used everywhere to hike prices & supposedly control economy. Pathetic reason to justify profiteering from unjustified petrol hikes, groceries, utilities bills etc. Take petrol, how can prices hike 40c? How is that determined? We have refineries idle, no plans to control price & solve the supply chain. US have refineries, prices are high, but compared, close to $1.30L as it is sold by the gallon.
When Covid restrictions were imposed, Coles, Woolies, Aldi made record profits? Now, supply is blamed for higher prices. However, wholesale prices are same but retail prices hike 😄
Get off it all, super is my money and I want it in my account to do what I please. Not govt to invest &
charge fees. It’s a share market, they invest, money fluctuates & we are charged fees.Fact checked.
California price is $6.24USD/US Gal
https://gasprices.aaa.com/?state=CA
…which works out to $9.20AUD/US Gal….
Or…. $2.43AUD/L
(Cali is expensive….. usa average price (same link) is $1.87AUD/L)
*variation in usa is mostly due to varying rate of state taxes. Fed tax is fixed.
EDIT: last year the Morrison govt subsidised the last two refineries in Australia to the tune of 2 billion dollars. This is apparently a part of $16 billion deal. Nothing for EVs of course in that budget. (You don’t need to believe any of this, Google it yourself).
Dumping more money into an inflationary economy is like pouring gasoline on a fire.
I think it was a heinous political crime to let people dip into their super, but doubly so since it was done while the markets were bottoming out.
We've got the wrong government currently to think this would happen. Ask again in 4 years maybe. Hopefully 8. Or 16 🤞
Why multiples of 4?
Good point. I thought federal was 4 years like the state one
Superannuation earning is an exponential scale.
It may seem low to start with, but the earnings over time grow drastically the longer it's in play.By dipping in to super when you've still got 20-30 years of growing means you are reducing your future growth considerably.
I still think letting people do it during COVID was a bad idea, and definitely not during any future recession.
If you've set yourself up to fail financially with respect to any interest or cost of living increase then it's on you.
Sure it sucks, but it's all part of the financial cycle.This is partly the reason the retirement age will keep going up
Help with inflation by doing something that would make inflation worse.
Maybe we should turn on our taps to help wash the flood water away too?
Would make it worse and overheat the economy.
Frankly I'm sick of the skills shortages in lots of industries too - which themselves can be very damaging and problematic, and would love to see them resolve. The way to do that is, for many industries at least, less spending.
Unfortunately inflation is very standard (grant it the rate of inflation may vary from the standard).
Given that inflation is indeed very normal and expected for all of time until money is no longer a thing, then allowing people to dip in their super to combat inflation is equal to saying that people can dip into their super whenever they want…..which essentially makes the purpose of super somewhat irrelevant
As many have said already:
- Super was not implemented or should be used for these purposes. It'll hurt people in the long run.
- The free money train that was implemented during Covid is partly or very mostly responsible for the mess we're in right now.
Dipping into super, free payments while out of work, some receiving payments over and above their actual income. The gov kicked the can down the road on what was inevitable for people in vulnerable situations. Because of that precedent, people are expecting the same this time around. This is where wage-price spiral occurs, people are expecting wages to keep pace with inflation or outpace it, impossible without prices continuing to spiral out of control.
The gov and RBA are pulling the levers to try to stop people spending, in some cases money they don't have. Never in my life would I have thought a car would be a high-yield investment, but here we are. If signs like this aren't telling you whats coming, I don't know what will.
Lmao, the inflation is people can't stop spending money. So your solution is to allow people to get access to more money?
The LNP set a very dangerous precedent in allowing people to access Super during the height of the Covid19 crisis. It was economic incompetence of breathtaking proportions.
Now people will expect to be able to access it for whatever whim they shout loudest for. Not to mention the ticking time bomb of higher welfare costs in the future for people who will now be short a very large chunk of cash in retirement.
The LNP really are economic vandals.
You should be forced to contribute extra to super due to inflation
What inflation? My outgoings have actually decreased since covid. Just need to spend smart. It'll even be lower if it wasn't for lego deals.
Sold your car, refuse to use your heater, have cold showers, grow your own fruit and vegetables?
That's commitment.
Walk more, my gas/power rates have not increased. I don't eat fruit and make our meals with veggies that are on special and no more expensive than usual times… not difficult for me at all. Still go out just as frequently. Lots of discounted restaurant deals in Melbourne.
Oh and decided long time ago not to have a massive liability called kids lolIt's simple to avoid inflation if you stop consuming.
So trillions of dollars flow instantly into the economy to fuel the inflation. Great idea to start a Hyperinflation.
You will be the one crying poor again in few months time and asking if you should be allowed to dip into your super more. Eventually your super will end up with nothing left and you're still poor.Geez people these days don't even understand the basic mathematics or economics.
That's not helping…
I think we should be given the choice.
I'm not having kids and I'll inherit my parents house. I have no one to pass it down to so I would love to use my super now.
And then leach off the taxpayers for a pension?
I have a new answer, yes if you have salary sacrificed but you can only withdraw up to what you have sacrificed in say the previous year.
b-b-b-b-but iTs oUR mOneY!
Slow inflation is good, rapid inflation sucks.
We shouldn't be pumping more money into the economy because there's no supply to keep up with demand. We're already low on stock, more money will make people just buy more things.
While getting more money is nice, but if everyone gets alot more money at the same time, our dollar is so worthless….
That’s right. I’ve heard people taking out to buy jet skis