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Households pile cash into mortgages
10 January 2022
The Australian: Australian households are on average almost four years ahead on their mortgage payments, with a record $50bn funnelled into offset accounts over the past two years as homeowners used the pandemic to pay down their loans.
This is on top of more than $170bn in additional savings across other accounts since the outbreak of Covid-19 primed to drive the highest forecast consumption rates in two decades, according to new data from the Australian Prudential Regulation Authority.
The savings boom fuelled over two years of the pandemic comes as Josh Frydenberg warned that the economic recovery was not yet locked in, with the Omicron wave posing a “serious” health and economic challenge for the nation.
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