Housing Bubble
Australian households reach record levels of wealth, welfare groups warn of growing divide
www.first2move.com.au
Official data released today shows Australians, on the whole, have never been wealthier — but welfare groups say the figures highlight a growing divide between social classes across the nation.
Australian Bureau of Statistics (ABS) figures show total household wealth stood at a record $9.6 trillion at the end of March — up 2.4 per cent over the past quarter.
And to the delight of the tourism industry, Australia's longstanding reputation as a land of opportunity has recaptured the attention of young and globally-mobile students who are flocking here to take advantage of what is on offer.
British expat Holly told the ABC she wanted to stay in the country indefinitely because she believed she was more likely to achieve financial success in Australia than anywhere else.
"I expected to come just for a year, and obviously I'm still here — 2.5 years later," she said.
"I want to have more opportunities and earn more money."
If the latest wealth figures from the ABS are anything to go by, Holly may well be in luck.
Households, according to the ABS, now hold a record $826 billion worth of shares, while the value of land and dwellings rose by $131 billion in the March quarter.
Households also held a touch over a $1 trillion in cash and deposits at the end of March.
"The average Australian is worth around $393,000, and that's up around $7,500 over the past quarter," Commsec economist Savanth Sebastian said.
'Distribution of wealth is skewed'
But the Australian Council of Social Service (ACOSS) has rejected the idea Australians are getting richer.
Chief executive Cassandra Goldie said with nearly 3 million people still living below the poverty line, these latest figures highlighted a "disturbing growing divide in Australian society".
Property bust triggers
We're at record levels of household debt, but it's not just debt that's threatening the housing market, writes Ian Verrender.
"The reality is that people in the bottom 50 per cent of the community own just 6 per cent of the overall nation's wealth," she said.
"This is a story about, well, how are we making sure that the benefits of the overall wealth in the country are being shared more fairly."
Mr Sebastian agreed it was obvious the distribution of wealth was skewed, but said the numbers did show real wealth gains for Australian households.
"Over the last six to 12 months we have seen household consumer sentiment surveys suggesting that Australian households believe that their household budget is certainly in the best shape they have seen in over the last couple of years."
(Source: Australian Broadcasting Corporation )
www.first2move.com.au
Official data released today shows Australians, on the whole, have never been wealthier — but welfare groups say the figures highlight a growing divide between social classes across the nation.
Australian Bureau of Statistics (ABS) figures show total household wealth stood at a record $9.6 trillion at the end of March — up 2.4 per cent over the past quarter.
And to the delight of the tourism industry, Australia's longstanding reputation as a land of opportunity has recaptured the attention of young and globally-mobile students who are flocking here to take advantage of what is on offer.
British expat Holly told the ABC she wanted to stay in the country indefinitely because she believed she was more likely to achieve financial success in Australia than anywhere else.
"I expected to come just for a year, and obviously I'm still here — 2.5 years later," she said.
"I want to have more opportunities and earn more money."
If the latest wealth figures from the ABS are anything to go by, Holly may well be in luck.
Households, according to the ABS, now hold a record $826 billion worth of shares, while the value of land and dwellings rose by $131 billion in the March quarter.
Households also held a touch over a $1 trillion in cash and deposits at the end of March.
"The average Australian is worth around $393,000, and that's up around $7,500 over the past quarter," Commsec economist Savanth Sebastian said.
'Distribution of wealth is skewed'
But the Australian Council of Social Service (ACOSS) has rejected the idea Australians are getting richer.
Chief executive Cassandra Goldie said with nearly 3 million people still living below the poverty line, these latest figures highlighted a "disturbing growing divide in Australian society".
Property bust triggers
We're at record levels of household debt, but it's not just debt that's threatening the housing market, writes Ian Verrender.
"The reality is that people in the bottom 50 per cent of the community own just 6 per cent of the overall nation's wealth," she said.
"This is a story about, well, how are we making sure that the benefits of the overall wealth in the country are being shared more fairly."
Mr Sebastian agreed it was obvious the distribution of wealth was skewed, but said the numbers did show real wealth gains for Australian households.
"Over the last six to 12 months we have seen household consumer sentiment surveys suggesting that Australian households believe that their household budget is certainly in the best shape they have seen in over the last couple of years."
(Source: Australian Broadcasting Corporation )
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