Household wealth rose for the third straight quarter, up 2.6% ($379 billion) in the June quarter 2023, according to figures released by the Australian Bureau of Statistics (ABS).
Total household wealth was $15.1 trillion in the June quarter, which was 3.9% ($568 billion) higher than a year ago. Residential land and dwellings drove the increase in household wealth, contributing 2.1 percentage points to the overall quarterly growth.
Dr Mish Tan, ABS head of finance statistics, said that household wealth has grown alongside increasing house prices this year.
“Population growth has supported demand for housing while the supply of new and established dwellings to the market remained constrained”, she added.
