Beyond Our Means
99 Adelaide Terrace, Perth WA 6000
Welcome to launch of the second report in the Bankwest Curtin Economics Centre’s ‘Focus on the States’ series: Beyond Our Means? Savings and Debt in Australia.
Australian households were spending a progressively larger proportion of their income from the mid-1970s to the first half of the last decade, with a greater propensity to enter into debt and household saving ratios on a continual decline.
The post Global Financial Crisis period saw this pattern reverse, with household saving ratios rising from -2% in 2002 to over 11% just aft er the GFC. However, recent trends indicate that savings rates are again on the decline, at 9% of income.
The second BCEC ‘Focus on The States’ report will address the critical issue of savings and debt in Australia. Which household types are more likely to save or be in debt? Which states and territories have the best savings habits? What implications will savings patterns for different cohorts in Australia have on their financial security and wellbeing now and into the future? Are certain types of debt and savings platforms becoming more popular? Will current superannuation savings provide an adequate standard of living in retirement? To what degree do household and government savings and debt profiles relate to each other – historically, currently, and into the future? The report will also profile those households in the most difficult financial circumstances, for whom the struggle to avoid or escape debt is a constant challenge. At this breakfast, assisted by commentary from an outstanding panel of experts:
- Tim Marney, Mental Health Commissioner; Charles Brown, Executive Officer, Financial Counsellors Association WA; and
- Chris Twomey, Director Social Policy, Western Australian Council of Social Service (WACOSS),
we hope to generate discussion among our audience on strategies and steps that can be taken to improve on the current situation.
Please enjoy breakfast and networking with friends, colleagues and new acquaintances. We hope that this report series continues to inform debate and build policy on key issues of importance to the State and the nation.
Professor Alan Duncan Director Bankwest Curtin Economics Centre