DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/522zz4/_annual_market) has announced the addition of the " Annual Market Overview: Future Focus - Australian Savings and Deposits" report to their offering.
The years directly following the GFC were marked by a cautious attitude towards savings and debt, with the household savings rate peaking at 12.9% in June 2009. However, in recent years factors including the continued strong performance of the Australian economy combined with a record low cash rate have tested the resolve of consumers when it comes to their spending, saving and borrowing habits.
Since reaching a post-GFC high of 12.4% in June 2012, the savings rate has trended downwards to reach 9.7% in December 2013, its lowest point in over two years. While it is likely that the savings rate will remain above pre-GFC levels for some time yet, these latest figures indicate that Australians are becoming less cautious when it comes to their spending, savings and borrowing behaviour. The record low cash rate has also created an environment where deposits are no longer as attractive as they once were, especially as an investment product. Australians are likely to continue to save as a just in case' measure.
As the savings rate has decreased, the debt to disposable income ratio has increased, with quarter-on-quarter growth recorded since September 2012. In The December 2013 quarter, the debt to disposable income ratio reached a three-year high of 148.8. Again, these figures indicate renewed consumer confidence, with consumers becoming more willing to take on debt. The record low cash rate is another factor driving up the debt to disposable income ratio, enabling consumers to borrow for less.
Features and Benefits
- Examines current macro-economic trends in Australia
- Provides an overview of the current state of the deposit market
- Provides forecasts of the deposits market for 2014 to 2016
Key Questions Answered
- How has the Australian economic landscape changed over the past 12 months?
- What are the key factors influencing the deposits market?
For more information visit http://www.researchandmarkets.com/research/522zz4/_annual_market