The great Aussie savings boom continues at pace
Banking statistics released by the Australian Prudential Regulation Authority yesterday show that total deposits held by Australian financial institutions are growing faster than total home lending. This trend continues despite concerns that low interest rates would encourage savers to take their money out of at-call and term deposits.
According to APRA, household deposits increased by 8.2 per cent over the 12 months to August. Deposits were up 0.7 per cent in August, indicating that the annual growth rate is being maintained.
Source: Banking Day