The Australian Bureau of Statistics (ABS) yesterday released household wealth data for the March quarter of 2022, which revealed that total household wealth increased by 1.2% ($173 billion) over the March quarter 2022 reaching a record $14,891 billion:
Total dwelling assets rose another 2.2% ($210 billion) over the quarter to a record high $9.7 trillion, whereas total financial assets fell 0.1% to $6.8 trillion.
The next chart, which comes from a separate Reserve Bank of Australia quarterly series, shows that Australian dwelling values hit a record high 644% of household disposable income in the March quarter, up from 500% in June 2020:
Per capita household wealth also rose by 1.1% over the March quarter to a record high $577,000, with per capita dwelling assets rising 2.1% to $377,000 and per capita financial assets falling 0.2% to $262,000:
The above is obviously the high water market for household wealth given financial markets are tanking and house prices are rolling over amid rising interest rates.
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