Australians’ personal wealth has diminished according to Roy Morgan, with the market researcher finding the country’s gross personal assets – including owner-occupied homes – were at the lowest level of 2018 in the December quarter, dropping by 5 per cent from the previous quarter. The market researcher said Australians’ personal wealth came to $9.7 trillion for the final quarter, a drop of $512 billion from when it was $10.2 trillion in the September quarter. Net wealth (after debt) also decreased by 4.3 per cent to $8.6 billion from $8.9 billion, the survey found.
Average gross household wealth was also found to be at the lowest it has been in the last 12 months, at $1.01 million, a 5.4 per cent below the September quarter. The analysis said average gross wealth per capita also hit a yearly low, having fallen by 5.4 per cent to $475,000, from $502,000 in September. The value of owner-occupied homes saw a decline of 5.2 per cent or $270 billion, accounting for more than half of the decline at 52.7 per cent in gross personal wealth for the quarter.
The rest of this article can be found at investordaily.com.au.