People in Melbourne’s north-western suburbs were almost 10 times as likely as their counterparts in the city’s affluent eastern suburbs to run down their superannuation to get through the COVID pandemic.
Around one in three people in areas such as Meadow Heights, Campbellfield and Craigieburn took money out of their retirement savings. Other hotspots included emerging western suburbs such as Melton, while in the city’s south-east, a high proportion of residents around Cranbourne drew on their super accounts.Credit:Of the 100 areas with the highest proportion of working age people using their super in 2020, 15 of them were in Victoria.
Similarly, the southern parts of Ballarat had an access rate of 17 per cent compared to 9.3 per cent in nearby Buninyong. John Bardsley, a 38-year-old truck driver from Melton in Melbourne’s outer west, withdrew $10,000 from his super, which had about $60,000 in it at the time, during the first phase of the scheme in 2020.
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