Aussies add $24.2bn to savings accounts in Q1

Households in Australia put away 11.5 per cent of their disposable income during the first quarter of the year, which was a higher proportion than in the preceding three-month period, new figures reveal.

National accounts indicate that the seasonally adjusted amount saved by Aussies during this period was $24.2 billion, up $4.6 billion compared to the preceding quarter, reports the Australian.

Ric Battellino, deputy governor of the Reserve Bank of Australia, commented: "Overall, high household saving or even slightly increased household saving, doesn't necessarily mean there has to be weakness in consumption."

He explained that growth in incomes and employment could create a situation in which saving and consumption both increase.

During the first three months of 2011, average household consumption rose by 0.6 per cent, which corresponds to a 3.4 per cent rise year-on-year.

Last month, data from Commonwealth Securities showed that in the final quarter of 2010, per capita wealth grew by $2,600.

Have a question about savings accounts? Ask the money gurus at Mozo Answers.