Original article by Samantha Maiden
News.com.au – Page: Online : 4-Jun-20
The national accounts data shows that Australia’s household saving rate rose slightly to 5.5 per cent in the March quarter, its highest level since the September 2016 quarter. Callam Pickering, the chief economist at Indeed, says data indicating that people are earning less and saving more is often the cause of a recession. He adds that encouraging households and businesses to return to pre-coronavirus spending levels will be a major challenge as lockdown restrictions are lifted. The official data also show that total consumption fell by 1.1 per cent in the three months to March, which is the biggest quarterly decline in more than three decades.
INDEED INCORPORATED,AUSTRALIA. DEPT OF THE TREASURY