Australians are saving the most, apart from during 2009's fiscal stimulus, since 1987 / File

Consumers are concerned about higher interest rates and the future direction of the local economy, The Australian reports.

The national accounts published yesterday showed the Australian economy stumbled in the September quarter, with growth of just 0.2 per cent - the slowest since the start of the global recession in late 2008.

It was the economy's fifth-worst growth rate since 2000.

The majority of economists had forecast growth of at least 0.5 per cent, and the weaker result was expected to prompt the Reserve Bank to keep interest rates on hold well into next year.

That prospect led to a sharp fall in the Australian dollar, from US96.10c to US95.54c by the local close, though it recovered some ground last night, to US95.85c.

The futures markets say there is only a 3 per cent chance the RBA will cut rates next week, at its final board meeting of the year.

However, despite the weaker performance of the economy, the GDP numbers show that Australians are saving the most, apart from during last year's fiscal stimulus, since 1987.

The household savings rate reached 10.2 per cent in the September quarter, up from 8.9 per cent in the three months prior.

CommSec equities economist Savanth Sebastian said the increased savings were the result of national incomes rising due to the resources boom.

"The extra dollars coming in aren't being spent," Mr Sebastian said.

"Consumers and business are holding on to the cash until the economic recovery gains traction.

"The double-digit household savings ratio and weak private sector investment outside the mining sector adds weight to this argument."

The GDP results showed household consumption rose by 0.6 per cent during the September quarter, with the strongest spending in hotels, cafes and restaurants, and in insurance and financial services.

Separate figures from the Australian Prudential Regulation Authority this week backed the view that Australians were saving more than ever before.

The level of household deposits held at the major banks grew by 8 per cent on an annualised basis during October.

Read more on this story at The Australian.