Anxiety over job security has been a major issue for households and businesses over the past few years. It helps explain the precautionary shift by households to lift their savings, pay down debt and control some expenditures. The result is a national household savings ratio that is around 10%, the highest since the 1980s. Consumers see widely-reported job losses and hold valid concerns for their own employment security. Most sectors face pressures to reduce costs even if there has been a general expansion in their employment over a long period.
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Commonwealth Bank