Household wealth up 2.8% in December quarter

Media Release
Released
28/03/2024

Household wealth rose for the fifth straight quarter (+2.8 per cent or $419 billion) in the December quarter 2023, according to figures released today by the Australian Bureau of Statistics (ABS).

Total household wealth was $15.7 trillion in the December quarter, which was 7.8 per cent ($1.1 trillion) higher than a year ago. Residential land and dwellings were the largest driver of the rise, contributing 1.2 percentage points to quarterly growth in household wealth.

Dr Mish Tan, ABS head of finance statistics, said: “Household wealth saw a large boost from rising values of assets this quarter. House prices continued to grow significantly, as did domestic and overseas share markets.”

Share market growth over the December quarter drove superannuation assets to increase 3.9 per cent ($140.1 billion) and households’ direct ownership of shares and other equity to increase 3.8 per cent ($51.8 billion). This contributed a combined 1.3 percentage points to quarterly growth in household wealth.

Total demand for credit was $105.1 billion in the December quarter, the strongest demand since September quarter 2022. This was driven by households ($33.2 billion), private non-financial businesses ($29.2 billion), the Commonwealth government ($17.7 billion), and state and local general government ($16.5 billion).

“Household borrowing reflected continuing demand for housing amid strong population growth. A seasonal boost from spring housing market sales also drove household borrowing in the December quarter,” Dr Tan said.

Treasury bonds issued during the quarter helped fund Commonwealth government investment in infrastructure and other policy priorities. 

Media notes

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