Household wealth increases to $16.6tn

Wealth hits record

In the September 2024 quarter, Aussie household wealth increased for an 8th consecutive period, up by +2.4 per cent or $401 billion, to a record high of $16.9 trillion.

Property prices and superannuation gains drove the gains, while there were also increases in household deposits as the household saving ratio began to edge back up in the second half of 2024. 

Of course, the population has also been increasing rapidly of late.

On a per capita basis, the average figure for household wealth increased to around A$619,000.

Given that there were approximately 11¼ million dwellings in Australia in September, this equates to a remarkable net worth of A$1.5 million per household, on average. 

Whether or not those Aussie dollars will buy you quite so much if travelling internationally next year is an entirely different question, of course. 

NZ malaise

In other news, the Q3 figures for New Zealand's economy were an unmitigated disaster, with real GDP shrinking by -1 per cent, and the figures for Q2 also revised to a -1.1 per cent contraction.

There haven't been numbers anything like as bad as this since the ugly 1991 recession, and the next meeting for the Reserve Bank of New Zealand must feel like an age away, with a further 100 basis points of easing looking likely over the next few meetings. 

A bit of a warning shot for Australia, arguably.

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