Aussie households are bulging with savings

Yesterday’s national accounts for the September quarter showed that Australian households are bulging with savings.

The hard lockdowns experienced across NSW, Victoria and the ACT over Q3 prevented households from spending at the same time as billions of dollars of additional income support was provided to households (chart from Deloitte):

The inevitable result was that household savings once again soared, with households banking a whopping $65.2 billion in Q3 – equivalent to 12.0% of national GDP:

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

Share

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.