Savings fall as property wealth balloons

Increases in spending outpaced income growth, leading to a decline in household savings (Image: Deposit Photos)

Fri, 23 Jul 2021

* Correction: An earlier version of this story incorrectly interpreted quarterly household savings figures as cumulative. In fact they show the amount saved in each quarter, not the total level of savings. Household savings returned to pre-covid levels in the first quarter of 2021, after a big increase in 2020.Households earned $199m more than they spent in the three months to March, the lowest quarterly savings total in almost two years.Households are in a position to spend more and save a bit less with more than $12b squirrelled awa...

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