MELBOURNE (CU)_Over the past year, despite job losses and salary cuts, savings by households significantly escalated, particularly on account of travel restrictions, border closures and limited economic activities. According to the Australian Prudential Regulatory Authority, household deposits have risen by $106.1 billion year-on-year. Meanwhile, some of the major banks in the country have decided to slash their rates on deposit accounts, with the average ongoing savings rate sitting at 0.33 per cent, according to RateCity.
Against this backdrop, savers in Australia has now been dealt another blow, with one of the big four banks…
