It seems we are getting richer, with the latest Australian Bureau of Statistics figures revealing household wealth rebounded in the June quarter, the first jump in six quarters.
From peak to trough, wealth per person slipped from $58,900 to $35,000 – an extraordinary drop of 40 percent. However, in the June quarter it bounced back nine percent, to $38,000.
The measure includes household wealth held in the form of cash, bank deposits, bonds and shares, net of borrowing, but excludes wealth held in the form of superannuation and real estate.
Commonwealth Securities economist Savanth Sebastian is positive household wealth will continue to rise as the sharemarket rebounds.
Companies are also better off as a result of paying down debt while raising a record amount of new equity.
Non-financial companies raised a record $29.7 billion in June quarter by issuing new shares, while net company assets jumped to their highest level on record.
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Aussie household wealth surges