If you're saving like Gretta, you could be accidentally hurting the economy Australians are hurting the economy by not spending, with household savings soaring as consumer spending plummets to its lowest level since the global financial crisis. People like Gretta Dunn, a mother of two living in south-west Sydney who works part-time, are the reason the household saving rate rose to 4.8 per cent. "The cost of living is going up and our wages aren't really going up as much, so for that reason we are really self budgeting and concentrating on saving money," she said. "I'd like to pay the house off, I'd really like to get that mortgage done and dusted." On the other side of that coin are business owners like Iftkhar Khan, who has run a grocery store in Ms Dunn's neighbourhood for the past 30 years. "I think [with] spending, people are very selective of where they go these days," he said.