Household wealth takes a hit

The ABS yesterday released its Australian National Accounts: Finance and Wealth survey for the March quarter, which revealed that households took a 1.8% hit to their net worth driven by due to a $333.6 billion decrease in financial assets, driven by superannuation reserves (-$268.2 billion) and shares and other equity (-$57.6 billion):

Household wealth per capita decreased $9,982 (2.3%) to $428,585, the largest fall since September quarter 2011.

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