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The impact the Rudd government’s stimulus package will have on the economy could be limited with only a minority of recipients likely to inject funds back into the economy.
An online survey conducted by The Daily Telegraph showed 24.6 per cent of respondents planned to save the bonus. A further 40 per cent said they would use the bonus to pay bills while 7.7 per cent said they would put the cash on their mortgage.
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Just 27.6 per cent of respondents said they would spend the bonuses on items such as Christmas presents, flat-screen TVs and alcohol.
Kevin Rudd has urged recipients of the bonus to “go out and spend” it in a bid to keep the economy from falling into recession.
The bonus payments, which will total more than $8 billion, were announced by the government in October as part of its stimulus package to combat the weakening economy, which grew just 0.1 per cent in the three months to September, according to latest National Accounts figures.
