household wealth up 50pc

Interesting to see next years result.


July 02, 2008
IT MAY beggar belief - given skyrocketing petrol and grocery prices - but a new report shows the net worth of Australian households has increased 50 per cent in four years.

The latest Melbourne Institute Survey of Household, Income and Labour (HILDA) Dynamics in Australia annual report shows net wealth is estimated to have risen from an average of $401,000 in 2002 to $608,000 in 2006.

Survey deputy director Dr Roger Wilkins said the growth was not simply due to the rich getting richer.

Wealth for the typical (median) Australian household rose rapidly - from around $217,000 in 2002 to around $326,000 four years later.

"Rising house prices have clearly been the most important source of growth in wealth, but holdings of superannuation, other property and shares have also increased substantially," Dr Wilkins said.

The HILDA survey is funded by the Australian government and was started in 2001.