The traditional argument trotted out is that household wealth is greater than ever, this despite low income growth and rising debt. But of course wealth is significantly linked to home prices, which in turn is linked to debt, so this is a circular argument. You get a different perspective by looking at some additional trends.
But lets start with the asset side of the ledger. We have base-lined the data series from 1999. Since then, superannuation has grown by 181.2%, and at the fastest rate. But it is arguably the least accessible asset class.
Residential property values rose 160.2% over the same period, and grew significantly faster than equities which achieved 135.8% growth, no wonder people want to invest in property – the capital returns have been significantly more robust. Deposit savings grew 159.1% (but the savings ratio has been declining recently). Overall household net worth rose 151.2%. So the story about households being more affluent can be supported on this view of the data. But it is myopic.