Household wealth rose for the eighth quarter in a row, up 2.4 per cent or $401 billion in the September quarter 2024, according to figures released by the Australian Bureau of Statistics (ABS).
Total household wealth was $16.9 trillion in the September quarter, 9.9 per cent ($1.5 trillion) higher than a year ago. Residential land and dwellings were the most significant driver of the rise, contributing 0.9 percentage points to the overall 2.4 per cent rise in household wealth.
Dr Mish Tan, ABS head of finance statistics, said: “Household wealth continues to be supported by rising house prices despite recent moderation in growth. Strong performances in domestic and overseas share markets contributed to the growth in household superannuation balances this quarter.”
Share market growth over the September quarter drove superannuation assets to increase 3.5 per cent ($137.4 billion), which contributed 0.8 percentage points to the quarterly growth in household wealth. The superannuation guarantee increased from 11.0 per cent to 11.5 per cent in the September quarter, which added to superannuation balances through increased employer contributions.
Household deposits rose 3.7 per cent ($61.5 billion) in the September quarter, which reflected a higher household saving ratio. Growth in gross disposable income, driven by an increase in income received by households and the introduction of stage 3 tax cuts, outpaced household spending. This resulted in notable growth in transferable deposit balances, particularly in mortgage offset accounts.
