Aussies grow their savings

The total amount of money on deposit with the nation's banks hit $1.5 trillion in May, up $16 billion or more than 1 per cent, as sharemarkets melted down on the back of fears about the future of the Eurozone.

Reflecting the rush to safer assets, figures from the Bureau of Statistics last week showed households held 25.9 per cent of their assets in cash during the March quarter, well above the long-term average of 19.5 per cent.

Source: The Age