Australians are continuing to save at near record highs, instead of propping up the economy as it struggles to transition away from mining-led growth, analysts say.

The household savings rate rose by almost 1 percentage point to 11.1 per cent in the three months to September - the highest since early 2011, according to figures released by the Bureau of Statistics today.

I don't care about the friendship. I just want my money back.

In contrast, household spending rose only 0.4 per cent for the third quarter, taking the annual growth rate to 1.8 per cent for the year - far below the actual trend level of 3.5 per cent.

"Households are cautious," said Commonwealth Bank senior economist Michael Workman.