Household spending 'on a more sustainable path'

Ric Battellino, deputy governor of the Reserve Bank of Australia (RBA), has stated that household spending in the country has started down a more "sustainable path", debit card customers may be interested to learn.

At Citi's third annual Australian and New Zealand investment conference, he noted that Aussies have started to opt for a "more conservative" approach to spending and saving.

He stated that the changes in the country recently have "put household spending and financing on a more sustainable path", adding that "household credit growth has slowed to a rate in keeping with, or slightly below, the growth in household incomes".

According to Mr Battellino, the saving rate in Australia has risen to a level that he described as "more normal", while spending has slowed.

The official asserted that this has returned to a level that is more in line with the growth in income.

A survey conducted by ING Direct revealed that more than one-third of Australians are keen to put more money in their savings accounts ahead of the Christmas period.

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