Wealth hits record
Australia's massive aggregate housing wealth increased by a further +6.6 per cent last year to a new high of $7.7 trillion.
That's an increase of another $1 trillion over the course of last year.
There was a bit of a slowdown towards the end of the year - wealth increased by +0.9 per cent in the December quarter - as housing prices eased.
Still, the average net worth per person increased to a record high of around $618,000.
With around 11¼ households as at the end of December 2024, this equates to an average or mean wealth per household of slightly more than $1½ million.
Household deposits increased by +3.2 per cent over the last quarter of 2024 as cost of living relief and higher incomes enables more saving.
Weeks ahead
Of course, there are widening gaps between the haves and the have nots, although Australia doesn't have the worst disparity in wealth, partly thanks to the ongoing success of the superannuation system.
Those of a more bearish disposition have often underestimated the sheer power of the aggregate wealth that has built up in Australia, particularly so since the Millennium.
There's a massive week of economic data due next week, including the Reserve Bank's monetary policy decision on April 1 (staying on hold, most likely, but with a cut priced as more likely than not in May).
The Federal election has been called for five weeks time on May 3, with the incumbent Labor government slight favourites to remain in power.
In the Budget reply, Opposition leader Dutton promised to cut immigration by 25 per cent, reduce the fuel excise for 12 months, and force more gas into the domestic market to lower energy prices.
It looks like it will be the cost of living election.
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