In July, Australian households deposited a record-breaking $30.8 billion, raising the total to an unprecedented $1.50 trillion, marking the highest monthly increase in dollar terms since APRA’s records began, Canstar reported.
“Australians tucked a record-breaking $30.8 billion into the bank in the month of July as households stockpiled their cash,” said Sally Tindall (pictured above), Canstar data insights director.
Household deposits increased by 2.1% in July, the largest percentage rise since September 2021.
Tindall attributed this growth to multiple factors, including tax return savings, stage three tax cuts, and government-funded electricity rebates in Queensland and Western Australia.
“July is almost always a bumper month for deposits, as people stash money back from tax returns safely in the bank,” she said.
Despite the ongoing cost-of-living crisis, many Australian families are building financial buffers.
Tindall highlighted the resilience of households, stating, “It’s astonishing to think that amidst this cost-of-living crisis, many families are still managing to build up their buffers, knowing it’s what the doctor ordered.”
While many are saving, Tindall warned that totals don’t tell the whole story, as some families are struggling financially.
“If that’s you, whatever you do, don’t reach for the credit card. Pick up the phone and call 1800 007 007 - the National Debt Helpline is a free service that can help you work your way through this financial storm,” Tindall said.
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