Households are using the pandemic to build their nest eggs and guard against recession, with investments and savings trending higher since the start of 2020. This is evidenced by the average total balance of Commonwealth Bank Term Deposit and Savings Accounts (which account for a large portion of the market), increasing by 5% over the months of January to July 2020. Before the pandemic, total household income grew by 4% a year according to the Commonwealth Bank. It has grown 11% a year between January and August 21, 2020. Low growth in salaries and wages, including the job keeper payments, was offset by increased government benefits. However, purchases on Commonwealth Bank Credit and Debit Cards only increased by 8% a year over the same time frame.