- 34% of consumers believed the ‘wisest place for savings’ was bank deposits, which was up 7% from the previous month according to Westpac-Melbourne Institute Index of Consumer Sentiment)
- 44% of households surveyed for the ING Direct Household Financial Wellbeing Index (August 2014) said their financial goal was to save more
- According to the latest APRA statistics: Banks’ household deposits (i.e. cash and savings) grew by 2.1% over the three months to July 2014. While the banks mortgage balances only grew by 1.9% over the same period.
- Term deposit balances rose from $529.2 billion to $539.8 billion (+10.6B)
- Borrowers are paying off their loans at a rate much higher than that of lenders writing new loans on their portfolio
- More Australians are making wiser decisions when they are using their credit cards due to the escalating surcharge costs when making purchases. Recent research by MasterCard, suggests that over one third of Australian consumers have abandoned a purchase after seeing a surcharge, while a quarter have looked for the same item elsewhere.
- Property prices saw annual growth of 10.9% in August 2014; double that of 12 months ago.
- Australia’s two largest property markets — Sydney and Melbourne — are driving growth in new borrowing with home prices rising by 16.1% and 11.7% respectively. In comparison, Adelaide, Brisbane and Darwin saw price rises of 5-6%.
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