Figures released today by the Australian Bureau of Statistics (ABS) paints a stark picture of the impact the coronavirus pandemic has had on people's finances.

According to the statistics, average household wealth decreased 2.3% (down $9,982) to $428,585 per person over the March quarter, making it the largest decrease since the September quarter in 2011.

ABS Chief Economist Bruce Hockman wasn't surprised by the figures.

"The March quarter 2020 financial account reflects the Australian financial markets early response to the economic uncertainty brought on by the COVID-19 pandemic," he said.

Need somewhere to store cash and earn interest? The table below features non-introductory savings accounts with some of the highest interest rates on the market.

Provider

4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • No monthly or international fees on any of your transactions.
Disclosure

Save Account

  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • No monthly or international fees on any of your transactions.
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure

Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
Disclosure

Online Savings - Premium Saver

    Disclosure
    020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    HomeME Savings Account (<$100k)

      02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Growth Saver

        01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Virgin Money Boost Saver

          01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Bonus Saver Account

            01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver

              0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              mySaver

                000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Simple Saver

                  4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Netsave Account

                    3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    Online Savings Account

                      3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      HSBC Everyday Savings Account

                        0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Incentive Saver Account

                          4000.01$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Bankwest Easy Saver

                            0502$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Bonus Saver

                              0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Incentive Saver Account

                                Important Information and Comparison Rate Warning

                                All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of December 11, 2024. View disclaimer.

                                Important Information and Comparison Rate Warning

                                The falls were driven by a drop in superannuation balances and shares, reflecting the economic impact the pandemic has had on the Australian and international financial markets.

                                But these falls were partly offset by an increase in deposits, highlighting households' preference to put their money in safe assets at a time of economic uncertainty and low levels of consumption on non-essentials due to lockdown measures. 

                                Also offsetting the drop in financial assets was an increase in holding gain on land and dwellings of 1.9% ($145.8b). 

                                Overall, total household wealth decreased 1.8% in the March quarter 2020. A 0.5% increase in the population was the reason average wealth fell more than total wealth.

                                The figures show there were no significant impacts from COVID-19 containment measures, such as restrictions on auctions and open house inspections on growth in land and dwellings, as these measures came into effect during the last week of the quarter.

                                Quarterly growth in household wealth was negative for the first time since the December quarter 2018, however through the year growth was 6.6%, driven by the strong rebound in residential property prices over the past year before COVID. 

                                Short term loan borrowings by households decreased 7.2% this quarter, the largest fall in the history of ABS figures, reflecting a drop in spending on non-essentials due to COVID and bushfire impacts.