The ABS released their latest data on Household Wealth in the March 2024 quarter today. They say in aggregate terms, household wealth was up 2.7% in the March quarter, or $431 billion dollars.
The value of assets is skyrocketing at the moment, but incomes are hardly growing. So if you’re lucky enough to own any assets (like a residential property, or superannuation savings), your wealth is likely increasing. But if you don’t own any assets, you’re missing out.
So, the story continues, with asset prices continuing to swell, in response to policy from Central Banks and Governments, but there are two questions to consider, first will the asset growth continue, or are we reaching levels where the higher for longer interest rates will start hitting home and second, what of the growing number of households with zero assets, and a cash flow deficit.
While superficially the ABS numbers might sound promising, actually they tell a sad tale, of asset inflation, but one which few want to recognise. At least for now.
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