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More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

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In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

Thanks Billie, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!

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Australians keep getting wealthier

By Cameron Micallef

December 20 2019
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Invest

Australians keep getting wealthier

By Cameron Micallef
December 20 2019

Australian households have never been wealthier, as house prices rise and credit costs fall.

Australians keep getting wealthier

By Cameron Micallef

December 20 2019
Share

Australian households have never been wealthier, as house prices rise and credit costs fall.

The Australian Bureau of Statistics (ABS) has revealed that Australia’s wealth has grown to $10,912.4 billion, driven by real (inflation adjusted) holding gains on residential real estate, according to figures released yesterday.

Average household wealth increased by $10,698 to $428,573.5 per person this quarter, which is the highest on record. Household wealth grew 4.3 per cent through the year, driven by population growth of 1.9 per cent, and household wealth per person increasing 2.4 per cent through the year.

This follows a 2.6 per cent rise in the previous quarter.

ABS chief economist Bruce Hockman said: “Although growth in the sharemarket moderated, it continued to build on gains seen earlier in the year, boosting the value of household shares held directly and through superannuation funds. Residential real estate recorded its first real holding gain since December 2017.”

Australians wealth rose as mortgage debt to residential real estate assets declined to 28.6 per cent from 29.2 per cent in the previous quarter, indicating falling mortgage debt.

The decline reflects the strongest increase in the value of residential land and dwellings (2.9 per cent) since December quarter 2016, combined with the weakest growth in mortgage debt (1.1 per cent) since September quarter 2013.

The numbers also show that Australia was a net lender to the rest of the world, lending $7.7 billion in the September quarter 2019. National saving exceeded national investment for the second consecutive quarter, as the surplus of funds through Australia’s financial system was mainly used to repay debts with non-residents and acquire equity issued by non-residents.

“The boost to national saving from a record trade surplus this quarter has allowed Australia to fund investment internally,” Mr Hockman said.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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