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Australian households increased their total wealth 1.2 per cent in January-March to reach a record $ 14.89 trillion, indicating a 35 per cent boost since the beginning of the pandemic, one buoyed by house prices and superannuation returns.

Wealth per capita rose to a record high of $ 574,807 on March 31, the Australian Bureau of Statistics said in its national accounts report on Thursday.

House prices have helped total wealth grow by 35 percent since March 2020. Sam Bennett

The incredible growth in national wealth by more than a third since March 2020 was attributed to asset price appreciation. The value of residential real estate has surged 40 percent since the onset of the COVID-19 pandemic, while superannuation fund balances increased by 22.5 percent.

The March quarter data also confirmed that households have continued to save money, accumulating a total of $ 305 billion in currency and deposits since over the past two years.

Households squirrelled away another $ 40 billion in net savings in the March quarter of this year even as the economy re-opened from pandemic conditions. Savings in the rest of the world, meanwhile, declined by almost $ 8 billion.

That comes after about $ 200 billion was saved in the 2021 calendar year, with about $ 25 billion added to household savings in the month of July alone.

That comes after about $ 200 billion was saved in the 2021 calendar year, with about $ 25 billion added to household savings in the month of July alone.

They acquired financial assets worth $ 52.4 billion over the quarter, including both deposits and equity in super and pension funds. Those assets were offset, however, by $ 44.5 billion of liabilities, of which almost $ 42 billion was attributed to loans.

“Deposits assets continued to grow, though at a reduced pace as spending continued to increase following the easing of COVID-19 restrictions,” said ABS analysis.

“Acquisition of net equity in pension funds reflected continued growth in employment. Decreased activity in the property market in the early months of the new year and repayments made on outstanding credit card balances following the holiday spending period contributed to lower demand for loan borrowings by households this quarter. ”

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