The Spectator Australia columnist Caroline Di Russo says the extra savings accumulated during the pandemic will only help drive an economic recovery if people have the confidence to spend it.
The Australian is reporting extra savings of up to $230 billion which will be sitting in bank accounts by the end of the year will help fund an economic rebound.
“I think we’re going to need a bit more than a new fridge and a Pajero to drive this recovery,” she said.
“We still have quite high household debt so it will be interesting to see, depending on the confidence of the population, depending on how we move in other areas of the economy how much confidence people have got to spend.”
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