Household wealth up 1.5% in June quarter

Media Release
Released
26/09/2024

Household wealth rose for the seventh consecutive quarter (up 1.5 per cent or $250 billion) in June 2024, according to figures released today by the Australian Bureau of Statistics (ABS).

Total household wealth was $16.5 trillion in the June quarter, which was 9.3 per cent ($1.4 trillion) higher than a year ago. This was largely driven by residential land and dwellings, contributing 1.3 percentage points to quarterly growth.

Dr Mish Tan, ABS head of finance statistics, said: “House prices have continued to rise across most states and territories, despite high interest rates. This largely reflects ongoing housing supply constraints and an uptick in investor activity over the quarter."

The growth in household wealth was also supported by superannuation assets, which rose moderately by 0.3 per cent ($13.7 billion) in the June quarter.

The final allowance under the Term Funding Facility (TFF) from the COVID-19 pandemic matured on 30 June 2024. This has impacted bank funding across financial markets. For example, banks exchange settlement accounts with the Reserve Bank of Australia fell $106.5 billion (-32.3 per cent) as the $105.0 billion of securitised bonds used as collateral returned to bank balance sheets. To make sure that banks continue to hold enough liquidity, they bought $23.1 billion worth of national general government bonds and $16.0 billion of semi government bonds.

“The TFF gave banks access to low-cost funding during the pandemic. With the final maturation of the TFF in June, banks have continued a return to more traditional sources of funding,” Dr Tan said.

Total demand for credit was $97.9 billion, driven by Households ($57.5 billion) and Private non-financial businesses ($36.9 billion). This figure was partly offset by a $2.2 billion drop in demand for credit by General government.

Media notes

  • When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
  • For media requests and interviews, contact the ABS Media Team on 1300 175 070 or media@abs.gov.au (monitored 8:30am-5pm Canberra time, Monday-Friday).
  • Watch our data crash course, designed especially for journalists to learn how to find, download and interpret our data.
  • Subscribe to our media release notification service to get notified of ABS media releases or publications on their release.
Back to top of the page