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Figures released last week by the Reserve Bank of Australia (RBA) and the Australian Bureau of Statistics (ABS) reveals that Australian households are repaying consumer debt at a furious pace.
According to the RBA, the outstanding stock of personal debt fell by 12.3% in the year to February 2021, which follows 45 consecutive monthly declines:
The stock of Australian personal debt continues to shrink.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.