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Below is an interesting article from RP Data taken from the Reserve Bank’s bi-annual ‘Financial Stability Review’ which highlights the extent that Austrlian households are now saving, currently 9.5% of their dispoisble income:
http://blog.rpdata.com/2012/09/reserve-bank-go-forth-and-save/
It goes on to talk about the RBA's prediction for house price growth:
“While prices nationally have stopped falling in recent months, any future recovery is unlikely to produce housing price growth much faster than income growth, as was seen through much of the 1990s and 2000s, because that earlier period was one of adjustment to the structural decrease in nominal interest rates and liberalisation of the banking system.”
RP Data sum up:
The RBA is very much satisfied with the level of household savings and is openly encouraging households to continue their prudent behaviour. That’s not great news for the retail sector or housing market, as greater savings implies less spending.
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