Savers don’t like low interest rates
The Australian Prudential Regulation Authority's monthly figures suggest that the rate of growth in household deposits, which has been very strong over the past few years, is tapering off.
The growth rate for the 12 months to April was 7.6 per cent, but it fell, to 4.8 per cent annualised, over the past six months, and to 2.8 per cent annualised over the past three months.
Low interest rates are not encouraging much growth in borrowing, but they are prompting savers to look for alternatives to deposits.
Source: Banking Day