A St George Melbourne Institute survey has concluded Australians are becoming better budgeters, but this doesn’t mean we’re saving more. The survey found that Australians are becoming more cautious with their income and spending it on big ticket items like overseas holidays, rather than frittering it away as has been the case in the past.

Robert Allan, Head of Retail, Metro City, North and East at St George Bank. Phot: au.likedin.com

Robert Allan, Head of Retail, Metro City, North and East at St George Bank. Phot: au.likedin.com

Robert Allan, the head of St George’s retail banking, said Australians are becoming increasingly aware of the benefits of a high Australian dollar – choosing to travel overseas while the dollar is capable of buying them more.

The survey was conducted with a population sample of 1200. Over 700 of those surveyed said they spent around 10 per cent of their income paying off debts. Most of the respondents said they were more likely to buy a holiday than a house. 20 per cent of those surveyed admitted at least one member of the household still had an outstanding HECS debt.

Mr Allan said many people were taking advantage of the current low interest rate to reduce the capital on their mortgage. The reduction in mortgage pressure was leading people to think about holidays. The high Aussie dollar was making overseas destinations very attractive.

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