Household savings dip with weak economic growth
The household saving ratio saw another decline in the June 2015 quarter, in line with some of the weakest quarterly figures on economic growth in years.
The savings ratio was 6.0 per cent at June, which has fallen from 6.8 per cent in March, 8.9 per cent in December 2014 and 13.1 per cent in September.
The post GFC peak in this ratio was 15.1 per cent in September 2011. The Australian Bureau of Statistics put net saving at A$17 billion, which is one third the level of September 2011. It put real net national disposable income per capita at $13,100 in the current quarter.
For families struggling with utility bills and meeting payment deadlines, Mozo’s money experts offer tips on how to manage finances and make savings on banking, insurance as well as energy plans.
For instance, households can save hundreds annually by switching to a cheaper electricity plan. Mozo’s energy experts crunched the numbers to reveal that an Australian family can actually make a saving of $270 on their electricity bill annually by switching from the average priced plan to the best deal in their area. they also found that switching from the least competitive plan could result in an even bigger saving of $613.
Australians can compare the cheapest energy providers and plans in their area using Mozo’s free energy comparison tool.