Australian Household Wealth Soars to Record $16.2 Trillion, Driven by Rising Asset Values

Australia, Police

Article: The Australian Bureau of Statistics (ABS) has announced today that household wealth in Australia has reached a new high of $16.

Over the March quarter, household wealth surged by 2.

The main drivers of this growth were residential land and dwellings, contributing 1.

Households’ direct ownership of shares and equity further boosted the quarterly growth by 0.

Notably, the pace of growth in household deposits, which includes transferable deposits and non-transferable accounts like savings and fixed-term deposits, has slowed down compared to the 2020-2022 period.

This development is in line with the falling household saving ratio, as reported by Dr.

Mish Tan, ABS head of finance statistics.

Total demand for credit rose to $101.

March quarter, with private non-financial businesses ($39.

The Commonwealth government’s net lending position was fueled by the acquisition of deposit assets worth $10.

Treasury bonds.

The Australian Office of Financial Management has been reducing the issuance of new Commonwealth government debt, thanks to strong corporate and income tax receipts, which have bolstered the government’s cash balance.

This latest data from the ABS highlights the continued strength of the Australian economy, propelled by rising asset values and robust investment performance.