Australians are saving for the rainy days ahead

Household savings have remained at an elevated level ever since the global financial crisis, and a cloudy economic outlook and weak income growth will ensure that spending remains subdued.

The global financial crisis spooked Australian households and they haven't recovered. Household savings increased significantly following the crisis and, with an uncertain economic outlook, it appears likely that Australian households will remain fairly cautious over the next few years.

Household savings in Australia declined significantly between the early 1970s and the early 2000s. Since 2006 the household savings rate has rebounded to its highest level since the mid-1980s.

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