Westpac’s February Red Book is out and shows some interesting results following the two rate cuts. For me the most significant chart is the following:
That’s a fair drop in the appeal of straight savings but only a commensurate rise in the appeal of paying down debt. Shares and houses very much still on the nose and this despite an ongoing rise in the “time to buy a dwelling” component. This is a structural shift towards traditional savings illustrated.
The excellent Red Book is below:
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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