Got our Economic Security Strategy Bonus Payments

Last week we received $2000 in Economic Security Strategy Bonus from the Federal Government. We are eligible for the government hand-out since we get a small Family Tax Benefit Part A payment, and have two children. Although the government would like this money to be spent asap in order to stimulate the local economy and avoid Australia joining the US, UK, Japan and several European countries in recession, we've simply used the money to meet a couple of month's mortgage repayments shortfall.

It will be interesting to see how big an impact this stimulus payment actually has. I suspect that all the bad economic news over the past 6-12 months has tempered Australian consumers love affair with debt-fueled consumption. Perhaps most recipients of this largesse will use it to repay CC debts, or perhaps make an undeducted $1000 contribution into their superannuation fund (and thereby get another $1500 from the government via the co-contribution)?

Subscribe to Enough Wealth. Copyright 2006-2008