Households deposited A$26.3 billion during the March quarter and now have a record $655.1 billion in at-call savings accounts and term deposits, the Australian Bureau of Statistics reports.
The ABS released its latest finance and wealth data from the national accounts yesterday, showing household wealth grew by 2.1 per cent (or $299.1 billion) to $14.8 trillion at the end of March.
The ABS said the increase was driven by the recovery in the housing market, gains on superannuation assets and increased savings.
Deposits were up by 1.8 per cent in the quarter, superannuation balances were up by 3 per cent and the value of land and dwellings grew by 1.6 per cent to $10.1 trillion.
The ABS said depositors were attracted by higher interest rates on savings accounts, which in turn contributed to higher savings levels.
Household liabilities grew by 1 per cent (or $28.3 billion) to $2.7 trillion, with housing loans accounting for the bulk of the increase.
The ABS said the growth in housing loans was the weakest since the September quarter 2020.
Household net wealth has grown for two consecutive quarters, after falling in the June and September quarters last year. Wealth is down 0.8 per cent year-on-year after the big drop in housing values last year.