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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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COVID-19 sees Aussies reach record-high wealth

By Maja Garaca Djurdjevic

December 24 2020
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COVID-19 sees Aussies reach record-high wealth

By Maja Garaca Djurdjevic
December 24 2020

New stats have revealed that Aussies are now richer than ever, having stashed away their cash during a year marred by the COVID-19 pandemic and the resulting economic shutdown.

COVID-19 sees Aussies reach record-high wealth

By Maja Garaca Djurdjevic

December 24 2020
Share

New stats have revealed that Aussies are now richer than ever, having stashed away their cash during a year marred by the COVID-19 pandemic and the resulting economic shutdown.

According to data from the Australian Bureau of Statistics (ABS), total household wealth is up 1.7 per cent to a record high $11.351 trillion.

“The September quarter estimate surpassed the previous high of $11,248 billion recorded in December quarter 2019, prior to the COVID-19 pandemic,” said the head of finance and wealth at the ABS, Amanda Seneviratne.

Three main contributors led to the growth in household wealth, with residential assets topping the board following a 1.2 per cent increase in the quarter. Deposits came next with a 5.4 per cent growth, while superannuation balances followed closely following a 1.1 per cent expansion.

Average household wealth increased 1.6 per cent (up $6,850) to $441,649 per person in the September quarter, similar to the growth of 1.5 per cent recorded in the June quarter.

Additionally, the ABS noted, a 0.1 per cent increase in the population was the reason total wealth grew marginally more than average wealth.

“The September quarter 2020 financial accounts reflected improvements in the Australian and global financial markets, as well as a partial recovery of the domestic economy in response to government and RBA policies, and easing social restrictions across most of Australia,” Ms Seneviratne said.

Residential assets rose $86.8 billion, recouping the losses experienced in the June quarter. Holding gains of $73.6 billion on residential assets reflected a rebound in property prices as social distancing measures, such as restrictions on auctions and open house inspections, eased and economic conditions began to improve.

The ABS data also revealed that household deposits increased a record $63.7 billion as households continued to save at elevated levels during the September quarter.

According to the bureau, continuing government income support packages such as JobKeeper, economic support payments and early access to superannuation were the key drivers of the increase in deposits.

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About the author

Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

About the author

Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

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