JobKeeper, access to superannuation and other COVID-19 support measures had a significant impact on household financial stress levels last year.
According to ABS data released yesterday, in the December quarter last year 7 per cent of households could not pay a gas, electricity, telephone or internet bill on time,
This is down from 10 per cent of households facing the same level of financial stress in the December quarter 2019.
The ABS also found that 49 per cent of households were saving regularly in the December quarter last year, compared with 46 per cent savings regularly in the December quarter 2019.
Eighteen per cent of households in the lowest income quintile paid more than the minimum repayment on a credit card or personal loan in the December quarter last year, compared with 14 per cent in the corresponding period in 2019.
Six per cent of households in the lowest income quintile paid more than the minimum home loan repayments in the December quarter last year, compared with 3 per cent in the corresponding period in 2019.
The ABS reported that households whose main source of income was from government pensions and allowances, including JobKeeper, had an increase in average total income in December 2020, compared with December 2019.
The main use of funds accessed through the COVID-19 early release of superannuation program was paying a mortgage or rent (31 per cent) household bills (29 per cent), credit care or other personal debt (14 per cent), adding to savings (8 per cent) and buying or paying off a car (7 per cent).