Aussies 'to keep hold of handouts'
Kevin Rudd’s Christmas cash handout is unlikely to find its way into cash registers, a new survey has found.
According to an online poll by the Daily Telegraph, only a quarter of people have said that they will spend the cash on presents or personal treats, with the majority ploughing it into commitments such as home loan payments and personal loan bills.
While treasurer Wayne Swan pleaded with Australians to do their bit for the economy, the paper found that nearly half of all respondents will put the money purely into paying off bills.
Meanwhile, another quarter said that they would put the money into a savings account or term deposit, with most saying they would save up for a new car or house.
The cash giveaway came as part of a $10.4 billion stimulus package designed to get the economy moving again.
It has since been followed up with new proposals to lend a hand to the ailing auto industry in a bid to keep the flow of car loans going in the wake of a number of high profile exits from the vehicle finance industry.