This is really interesting.
According to the latest ABS household wealth data, Australian’s have never been wealthier.
CommSec Strategist Savanth Sebastian wrote in a note yesterday that:
Australia’s financial wealth lifted by $225 billion in the September quarter, marking the biggest quarterly rise in over four years. Interestingly despite the improvement in wealth levels and low interest rate environment Aussie consumers remain rather cautious on spending. Just over 22 per cent of total household assets are being held in cash and deposits – well above the decade average of 20 per cent. The improvement in household balance sheets certainly bodes well for future spending. And given that a low interest rate environment is likely to be part of the economic landscape over the coming year, it may prompt consumers to invest in other asset classes and spend a little bit more freely.
This could be the best Christmas in years.