Australians still frightened by the economic fallout from the coronavirus pandemic have increased their deposits at the nation's banks to their highest level on record, giving themselves a launching pad for spending into next year.
The big four banks - the ANZ, Commonwealth, NAB and Westpac - held at the end of October a record $813.3 billion in savings from households. It is a 10.7 per cent increase or $78.8 billion over the past 12 months with almost all of the growth occurring since the pandemic.. The majority of savings rates from the four are now at 0.6 per cent or lower.
"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," he said.
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