Australians put $2.8 billion into savings during January this year, a new report shows.
Looking at data released this week by the Australian Prudential Regulation Authority (APRA), financial comparison site Canstar noted that household deposits among authorised deposit-taking institutions (ADIs) hit a new record high of $1.72 trillion in January, an increase of $134.5 billion over the year.
What’s more, the total value of home loans hit another record high of $2.44 trillion in January.
The APRA figures show housing loans among ADIs increased by $152.4 billion in the 12 months to January, up 6.7 per cent from the previous year, and $11.4 billion in the month of January (a rise of 0.5 per cent).
Canstar’s data insights director Sally Tindall observed that Australians managed to keep money in the bank moving in the right direction, ‘despite what is typically an expensive time of year’.
“Importantly, these savings figures don’t just reflect cash sitting in traditional savings accounts – they also include money parked in mortgage offset accounts”, Tindall added.
The Canstar research also showed that the mortgage market has smashed through another record, climbing to $2.44 trillion. Rate cuts, rising property prices and renewed borrower confidence fuelled a $152 billion surge in housing debt in the 12-month period to January 2026.
“Even with growth easing slightly in January, the appetite for property remains strong and the big banks are once again battling hard for their slice of the pie”, Tindall said, concluding that competition in home lending is ‘alive and kicking’.