Household Wealth Up 0.9% In December Quarter: Australia
Household wealth was up 0.9 per cent or $143.6 billion in December quarter 2024, the lowest growth since September quarter 2022, according to figures released today by the Australian Bureau of Statistics (ABS).
Dr Mish Tan, ABS head of finance statistics, said: ‘Total household wealth was $17.0 trillion in the December quarter, which was 6.6 per cent, or $1.0 trillion, higher than a year ago.’
The value of residential land and dwellings rose $24.6 billion (0.2 per cent) during the quarter, adding 0.1 percentage points to the growth in household wealth. A rise of 0.5 per cent in the number of dwellings was partly offset by a 0.2 per cent fall in house prices.
‘While household wealth continues to rise, two consecutive quarters of falls in house prices have slowed growth. Annual growth in the value of residential land and dwellings over the 12 months to December 2024 was 4.4 per cent compared to 8.1 per cent in 2023,’ Dr Tan said.
Household deposits rose 3.2 per cent ($55.7 billion) in the December quarter, contributing 0.3 percentage points to the overall rise in household wealth. Deposit growth was weaker than in September, as holiday spending and lower tax refunds added pressure to household finances.
However, household deposit balances in the December quarter were helped by income growth and government cost-of-living policy relief, including stage 3 tax cuts and energy bill rebates.
Superannuation assets rose 1.4 per cent or $55.2billion, adding 0.3 percentage points to the overall growth in household wealth. The rise was driven by strong investment returns on overseas assets with the depreciation of the Australian dollar, and additional contributions from both employers and members.
https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-finance-and-wealth/dec-2024