PHOTO: Despite a rise in earnings, Aussies have cut back on spending as record low rates spur on new housing. Picture: AAP IMAGE/Troy Snook.

RECORD low interest rates have spurred not just a rise in new home building, but for the first time in five quarters, Aussie households are saving again.

A strong savings habit has been the cornerstone of a rise in home ownership in Australia, which has become supercharged after falling interest rates in recent years.

Latest Australian Bureau of Statistics national accounts figures found households had turned a corner and it’s coming at a time when gross domestic product (GDP) also grew 0.6 per cent, which was 2.8 per cent higher than the same time last year.