WealthGuru

Household wealth has doubled over the past decade

The average Australian had $546,128 in net wealth at the end of 2022, based on the latest data from the Australian Bureau of Statistics.

Wealth per person has declined from a peak of $577,588 in the March 2022 quarter. However, the average Australian is still:

* Twice as wealthy as in 2012
* Three times as wealthy as in 2003
* Four times as wealthy as in 2000
* Five times as wealthy as in 1998
* Six times as wealthy as in 1994

Average net wealth is calculated by adding up all our household assets (such as properties), subtracting all our liabilities (such as home loans) and dividing that figure by the number of people in Australia.

Unemployment holds at 3.5%

In good news for the economy, the Australian Bureau of Statistics has just reported that the national unemployment rate for December was a very low 3.5% (see graph).

That was the same as the November result.

The state-by-state unemployment rates for December were:

* ACT = 2.9%
* NSW = 3.2%
* Vic = 3.5%
* Qld = 3.6%
* WA = 3.6%
* Tas = 3.8%
* NT = 3.9%
* SA = 4.0%

Australian shoppers keep spending

Consumers appear to be in a confident mood, despite talk of doom and gloom.

November was the 21st consecutive month in which households increased their through-the-year spending, according to the Australian Bureau of Statistics.

November’s level of household spending was also 11.4% higher than the year before.

The good news about all this spending is that it supports the economy and helps keep unemployment low.

On the flip side, it puts upward pressure on inflation, and gives the Reserve Bank board another reason to think about increasing the cash rate at its next meeting, on February 7.