Extra savings held in banks
(3 July 2012 – Australia) Savings have been the focus of households and businesses in the past month, with an extra A$16 billion placed in bank deposits as Europe’s debt saga continued.
The total amount of money on deposit with the nation's banks hit A$1.5 trillion in May - the month sharemarkets melted down on fears of a eurozone implosion.
Consumers remain wary towards the property market, the annual rate of credit growth by owner-occupiers has slumped to a record low.
Figures from the Reserve Bank of Australia (RBA) showed the annual growth in borrowing for owner-occupied housing slowed to 5.1 percent, the slowest pace since the series began in 1991.
Reflecting the rush to safer assets, figures from the Bureau of Statistics last week showed households held 25.9 percent of their assets in cash during the March quarter, well above the long-term average of 19.5 percent.
Consumers remain wary towards the property market, the annual rate of credit growth by owner-occupiers has slumped to a record low.
Figures from the Reserve Bank of Australia (RBA) showed the annual growth in borrowing for owner-occupied housing slowed to 5.1 percent, the slowest pace since the series began in 1991.
Reflecting the rush to safer assets, figures from the Bureau of Statistics last week showed households held 25.9 percent of their assets in cash during the March quarter, well above the long-term average of 19.5 percent.
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