Australian household financial wellbeing at highest level since 2010: survey

SYDNEY, Oct. 17 (Xinhua) -- Australians are more confident in their household finances now than at any other time since mid-2010, according to a survey released on Wednesday by the nation's mortgage lender ING Direct.

The ING DIRECT Financial Wellbeing Index rose to 109.0 points in the September quarter 2012, up from 105.6 points in the June quarter, equal with the highest ever index score recorded in the June quarter 2010.

The survey of more than 1,000 Australian households found that 47 percent of those households with a mortgage were ahead with their loan while 93 percent were comfortable with their home loan.

The survey also found median outstanding card debt had dropped to 1,470 AU dollars (1,516 U.S. dollars) in the September quarter and almost nine out of ten were comfortable with their credit card debt.

The median household savings in the September quarter across the country was 9,735 AU dollars (10,038 U.S. dollars), the survey revealed.

ING Direct Chief Executive Officer Vaughn Richtor said households were saving more and reducing debt, which led to greater confidence.

"It is a good sign that confidence is on the way up with financial wellbeing reaching a two-year high," he said in a statement. Enditem

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