The saving ratio in Australia may exhibit "a further modest decline" over the next few years, the Reserve Bank of Australia projected in its latest Statement on Monetary Policy, released on Friday."After falling for more than two decades, the aggregate household saving ratio in Australia increased sharply in the latter half of the 2000s," the RBA said."While it has since remained close to ten per cent - which implies that, collectively, households have been saving about ten per cent of their incomes - the saving ratio has declined modestly over the past three years or so," the RBA said.Like many other facets of Australia's economy, the RBA said "the boost to household incomes associated with the resources boom is one factor that might have contributed to the rise in the saving ratio over the 2000s."It noted that "the rise in the saving ratio over this period was also most pronounced in the [resource rich] states of Queensland and Western Australia.""As commodity prices have fallen and the mining investment boom has transitioned to the production phase (which requires relatively less labour), household saving ratios in Western Australia and Queensland have declined, allowing households to maintain higher consumption than otherwise."