Household balance sheets One of the stand-out features of the past year has been the large increase in household saving. Last June, the saving rate spiked to 22 per cent, the highest level on record (Graph 4).
This increase in saving reflected the combination of: the boost to incomes from government support; the limited  opportunities to spend; and households feeling uncertain about the future. While the saving rate has since declined as restrictions have been eased, it remains high by historical standards.