Debt down; Australians have never been richer

Original article by Matthew Cranston
The Australian Financial Review – Page: 3 : 20-Dec-19

Average household wealth increased by $10,698 in the September quarter, to a record $428,573.5 per person. The Australian Bureau of Statistics data also shows that the household debt to assets ratio eased from 18.9 times to 18.5 times during the quarter, which coincided with two interest rate cuts and income tax relief. Meanwhile, the household savings rate rose from 2.7 per cent to 4.8 per cent in the three months to September, but growth in consumption fell to 0.1 per cent, compared with 0.4 per cent in the June quarter.


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