[11]  Note, however, that even though the cumulative difference between actual offset and redraw payments and the historical average declined to zero in 2019, the stock of these buffers was not exhausted – it had just returned to its historical average prior to the pandemic.
[12]  Our estimates suggest that, in aggregate, Australians accumulated additional savings during the pandemic equivalent to around 20 per cent of their annual disposable income (RBA (2023), Statement on Monetary Policy, February). The materials on this webpage are subject to copyright and their use is subject to the terms and conditions set out in the Copyright and Disclaimer Notice.