Aussies add $24.2bn to savings accounts in Q1

Thursday 02 June 2011

Article by Mozo

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.

Aussies step up savings

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.

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