ABS update: Household wealth rises 1.6%

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In the June quarter 2019, household wealth was at a record high of $10 455.3 billion, with an increase of 1.6%, after only a 0.2% rise in the previous quarter. This increase was largely accounted to holding gains on financial assets, offset partly by holding losses on residential real estate. Real holding losses have been relevant in the past six quarters, but the losses of this quarter were smaller than previous quarters.

The value of household shares held directly and through superannuation funds was increased this quarter. Household wealth per person reached $411 942, with a growth of $4 966, remaining below the record high of $416 389 per person in the June quarter 2018.

The rise in Australian household wealth rose 0.5% over the year, driven by a population growth of 1.7%, with household wealth per person contracting 1.2% through the year.

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