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The June quarter national accounts showed that Australian households were flush with savings, accumulating a whopping $162.5 billion of household income in the year to June 2021 – double the previous peak of $80.5 billion saved by households in 2015:
Commonwealth Bank estimates that household savings will swell to $230 billion by the end of the year, which should prop-up consumer spending and bolster the economy once it emerges from lockdowns:
Commonwealth Bank estimates will balloon to $230bn by the end of the year.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.