Households remaining cautious amidst global financial worries, says RBA
September 23, 2011
September 23, 2011
Source: www.news.com.au
AUSTRALIAN households are continuing to shun spending and pay down debt as worries about the global financial system grows, a central bank report says.
Over the past year, debt levels for households have declined, the Reserve Bank of Australia (RBA) said in its half yearly Financial Stability Review.
"Given that household net worth declined in the wake of renewed volatility in global financial markets, the prevailing mood of caution appears unlikely to lift in the near term," the RBA said on Friday.
Over the past 12 months, households saved 10.5 per cent of their net disposable income, a level of not seen since the mid 1980s, the central bank said .
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