Until now, millions of Australians have been saving in ways that you would expect – cutting back on discretionary items. But there's evidence that thriftiness has evolved to include what many might see as essential items, writes David Taylor.
"The latest quarterly publication from APRA shows housing credit in arrears is extremely low at 1.2 per cent of outstanding debt, where "arrears" means payments are late.
The CBA reported an increase in home loans which were more than 90 days in arrears increased from 0.43 per cent of home loans at the end of calendar year 2022, to 0.47 per cent of home loans to June 30 this year.At the bank's earnings presentation CEO Matt Comyn referred to households feeling financial stress but taking "practical" measures to make ends meet. These practical measures can sometimes involve some a fair bit of emotional pain.
RBA governor Philip Lowe told a parliamentary hearing on Friday that while households will have to endure more pain, he can now see the light at the end of the tunnel.But he also remarked that it's "too early" to declare victory over inflation. "There must be a point where there is no more room to cut back expenses, however, this point has not been reached for the vast majority of households. While the pain inflected by the RBA on the young and indebted is substantial, most continue to find ways to cope."
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