Business
Australians put their money in the bank, but yet to spend it – Sydney Morning Herald
Household deposits in the nation’s banks have reached a record $1.1 trillion as people, fearful of the pandemic, bide their time before spending.
The surge in deposits has come even as the big four banks slash their deposit savings rates. The majority of savings rates from the four are now at 0.6 per cent or lower.
Independent economist Stephen Koukoulas said just as people had increased their savings in the wake of the global financial crisis, they had responded to the coronavirus pandemic with fear.
“People who are worried about their job or their health, they just want to make sure they’ve got money put away in case something goes wrong,”…
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