The ABS released their latest data on Household Wealth in the March 2024 quarter today. They say in aggregate terms, household wealth was up 2.7% in the March quarter, or $431 billion dollars.
The value of assets is skyrocketing at the moment, but incomes are hardly growing. So if you're lucky enough to own any assets (like a residential property, or superannuation savings), your wealth is likely increasing. But if you don't own any assets, you're missing out.
Of course this does not tell us much at all, because the wealth is not equally spread across all households, and the debt to support asset acquisition is also not equally spread. Plus, the growth in the population means that per capita wealth is not as strong. Or in other words, is this a meaningful measure, well probably not. In the lower wealth bands where financial assets are less prevalent, wealth has tended to stand still, or, in many cases, regressed.
26 июн 2024
