Something gotta give
Australia's average (mean) net worth per household increased to around $1.37 million in the 2023 financial year.
After a dip, this is now higher than $1.33 million at the end of June 2022.
The average net worth per capita increased to around $570,000.
This has been a surprisingly strong rebound, but globally bond yields have jagged higher so quickly over recent weeks that it's almost inevitable that something will blow up significantly over the next few months.
The latest ASIC data showed a further 650 building and construction insolvencies over the first 10 weeks of this financial year, an enormous increase over what we've seen in recent years, and making the target of 1.2 million new dwellings over 5 years an ever more distant pipe dream.
ASX futures are down more than 100 points at around 6,950 this morning.
On the plus side, it's the first time in a decade-and-a-half that fixed interest investors are being compensated nicely for their money!
