Wealth levels 'at a record high in Australia'

Australians have more money now than they have ever had in the past, according to new figures from the Federal Treasury and the Australian Bureau of Statistics, news that could tempt some to open a savings account.

The data reveals that Australians have less debt and more money than they used to, reports the AAP.

Craig James, chief economist at CommSec, commented: "Incomes continue to grow at a faster pace than prices, while balance sheets are improving through record wealth levels and reduced debt levels."

He suggested that consumers are putting too much focus on their perceptions rather than on the realities of everyday life.

Figures from CommSec revealed that per capita wealth rose $2,600 in the final quarter of 2010, reaching a high of $266,000.

Those who do have some money to spare may want to consider opening a savings account in light of a study by TNS, which revealed Aussies are losing as much as $4 billion a year in interest.

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