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$1 trillion assets and low savings?

Australia is now in the Trillion club for assets of deposit taking institutions according to the Reserve Bank statistics issued yesterday. It shows the Reserve Bank with $90 billion in assets, the other banks with $972 billion, building societies with $14 billion and Credit unions with $27 billion, a total of $1.01 trillion and the first time over the trillion mark.

Paradoxically this comes at a time of record low household savings rates. Household savings in Australia are currently running at the rate of $570 million for the June quarter or 0.3% of GDP, the lowest since March 1968. This compares to the average since 1959 which is 2.35% of GDP. The last three quaters show an alarming declining trend from 1.9% in December 2001, 0.8% in March and then 0.3% in June.

Posted Friday, 22 November 2002

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