Household wealth up 2.4% in September quarter

Media Release

Released

19/12/2024

Source

Australian National Accounts: Finance and Wealth, September 2024

Household wealth rose for the eighth quarter in a row, up 2.4 per cent or $401 billion in the September quarter 2024, according to figures released today by the Australian Bureau of Statistics (ABS).

Total household wealth was $16.9 trillion in the September quarter, which was 9.9 per cent ($1.5 trillion) higher than a year ago. Residential land and dwellings were the largest driver of the rise, contributing 0.9 percentage points to the overall 2.4 per cent rise in household wealth.

Dr Mish Tan, ABS head of finance statistics, said: “Household wealth continues to be supported by rising house prices despite recent moderation in growth. Strong performances in domestic and overseas share markets contributed to the growth in household superannuation balances this quarter.”

Share market growth over the September quarter drove superannuation assets to increase 3.5 per cent ($137.4 billion), which contributed 0.8 percentage points to the quarterly growth in household wealth. The superannuation guarantee increased from 11.0 per cent to 11.5 per cent in the September quarter, which added to superannuation balances through increased employer contributions.

Household deposits rose 3.7 per cent ($61.5 billion) in the September quarter, which reflected a higher household saving ratio. Growth in gross disposable income, driven by an increase in income received by households and the introduction of stage 3 tax cuts, outpaced household spending. This resulted in notable growth in transferable deposit balances particularly in mortgage offset accounts.

Household wealth, contribution to growth, quarterly
	Wealth (Net worth) ($b)	Land and dwellings ($b)	Superannuation ($b)	Currency and deposits ($b)	Shares and equity ($b)	Other financial assets ($b)	Liabilities ($b)
Sep-11	-211.6	-130.1	-71.1	23.6	-15.3	-4.5	-14.2
Dec-11	6.9	-16.6	15.5	15.4	4.7	0.2	-14.6
Mar-12	101.4	26.5	65.1	10.2	18.4	-3.1	-16.5
Jun-12	146.1	28.3	123.0	9.1	-4.3	13.6	-23.9
Sep-12	60.7	-15.0	51.0	22.5	15.8	-4.0	-10.5
Dec-12	179.1	105.9	58.3	12.6	14.6	-2.5	-14.5
Mar-13	145.1	54.4	68.0	9.7	22.9	1.0	-14.6
Jun-13	-1.6	78.6	-52.5	6.4	-3.0	1.3	-36.2
Sep-13	212.2	83.3	88.4	26.3	21.0	-0.5	-11.4
Dec-13	235.0	173.2	53.3	20.4	8.7	7.9	-37.8
Mar-14	138.4	76.5	46.1	9.7	19.4	-1.4	-19.7
Jun-14	116.8	94.9	26.2	7.0	15.3	4.1	-38.0
Sep-14	164.0	82.6	51.3	29.5	13.1	-0.7	-19.6
Dec-14	261.6	169.2	59.6	25.5	24.6	1.9	-30.3
Mar-15	263.3	125.0	106.0	13.9	34.9	7.6	-32.0
Jun-15	201.9	224.7	12.3	6.4	0.1	-5.0	-42.4
Sep-15	122.5	129.6	-24.5	37.2	0.9	-2.5	-22.0
Dec-15	150.4	46.6	76.4	19.6	30.4	-2.7	-25.8
Mar-16	-14.0	9.6	-18.7	12.8	3.6	1.9	-26.2
Jun-16	281.9	137.3	149.0	10.6	16.2	8.1	-41.9
Sep-16	230.6	125.7	79.3	25.3	23.7	3.1	-30.1
Dec-16	335.8	258.0	48.6	24.9	22.8	0.4	-26.4
Mar-17	231.5	160.4	63.2	9.8	20.8	1.6	-29.9
Jun-17	154.5	170.0	16.7	1.4	4.2	-0.5	-41.2
Sep-17	27.6	14.2	-3.4	21.7	11.8	6.6	-26.8
Dec-17	286.0	167.9	95.7	13.5	26.4	9.3	-33.1
Mar-18	-14.4	17.1	-16.6	10.0	2.2	0.3	-30.8
Jun-18	87.4	-26.3	107.9	1.5	21.9	11.8	-31.2
Sep-18	33.7	-51.0	47.7	28.2	18.8	5.1	-16.0
Dec-18	-206.2	-60.9	-111.3	9.5	-7.5	-9.0	-31.0
Mar-19	57.0	-119.6	142.6	5.4	33.6	14.4	-20.2
Jun-19	318.0	68.5	220.6	4.3	27.8	13.1	-15.3
Sep-19	335.1	225.8	63.2	25.9	16.9	11.3	-6.2
Dec-19	288.0	218.7	62.1	12.9	13.0	2.3	-23.8
Mar-20	-250.6	106.0	-275.5	18.2	-63.2	-16.6	-21.6
Jun-20	232.1	-23.5	166.6	35.1	32.3	25.5	-6.3
Sep-20	346.2	222.4	38.9	65.2	7.5	7.8	-1.7
Dec-20	633.7	376.7	163.8	27.5	54.0	18.6	-21.0
Mar-21	549.1	457.0	67.0	13.7	28.2	-2.5	-27.6
Jun-21	567.6	428.5	118.3	5.9	35.0	19.2	-53.5
Sep-21	731.9	598.4	64.3	75.0	25.7	7.2	-53.2
Dec-21	725.9	585.8	99.9	47.7	20.8	8.3	-56.9
Mar-22	166.5	196.3	-51.2	33.7	22.2	-8.9	-41.8
Jun-22	-391.3	-36.4	-293.9	6.2	-22.0	-8.0	-49.6
Sep-22	-214.6	-255.1	-5.1	53.0	14.3	-0.2	-29.7
Dec-22	241.7	73.4	122.5	33.8	35.4	6.5	-42.9
Mar-23	196.6	60.8	114.0	26.9	21.1	1.5	-35.2
Jun-23	344.6	312.2	57.7	-6.6	17.1	6.6	-47.2
Sep-23	249.7	167.2	10.3	52.8	35.3	6.4	-27.5
Dec-23	532.4	313.8	146.1	32.5	52.5	13.7	-37.9
Mar-24	385.8	176.7	145.7	32.9	57.5	10.2	-48.2
Jun-24	198.1	201.4	14.2	-8.8	26.4	17.4	-61.8
Sep-24	400.9	159.0	137.4	62.6	50.1	8.4	-24.9

Household wealth, contribution to growth, quarterly

["","Wealth (Net worth)","Land and dwellings","Superannuation","Currency and deposits","Shares and equity","Other financial assets","Liabilities"]

[["Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24"],[[-211.59999999999999],[6.9000000000000004],[101.40000000000001],[146.09999999999999],[60.700000000000003],[179.09999999999999],[145.09999999999999],[-1.6000000000000001],[212.19999999999999],[235],[138.40000000000001],[116.8],[164],[261.60000000000002],[263.30000000000001],[201.90000000000001],[122.5],[150.40000000000001],[-14],[281.89999999999998],[230.59999999999999],[335.80000000000001],[231.5],[154.5],[27.600000000000001],[286],[-14.4],[87.400000000000006],[33.700000000000003],[-206.19999999999999],[57],[318],[335.10000000000002],[288],[-250.59999999999999],[232.09999999999999],[346.19999999999999],[633.70000000000005],[549.10000000000002],[567.60000000000002],[731.89999999999998],[725.89999999999998],[166.5],[-391.30000000000001],[-214.59999999999999],[241.69999999999999],[196.59999999999999],[344.60000000000002],[249.69999999999999],[532.39999999999998],[385.80000000000001],[198.09999999999999],[400.89999999999998]],[[-130.09999999999999],[-16.600000000000001],[26.5],[28.300000000000001],[-15],[105.90000000000001],[54.399999999999999],[78.599999999999994],[83.299999999999997],[173.19999999999999],[76.5],[94.900000000000006],[82.599999999999994],[169.19999999999999],[125],[224.69999999999999],[129.59999999999999],[46.600000000000001],[9.5999999999999996],[137.30000000000001],[125.7],[258],[160.40000000000001],[170],[14.199999999999999],[167.90000000000001],[17.100000000000001],[-26.300000000000001],[-51],[-60.899999999999999],[-119.59999999999999],[68.5],[225.80000000000001],[218.69999999999999],[106],[-23.5],[222.40000000000001],[376.69999999999999],[457],[428.5],[598.39999999999998],[585.79999999999995],[196.30000000000001],[-36.399999999999999],[-255.09999999999999],[73.400000000000006],[60.799999999999997],[312.19999999999999],[167.19999999999999],[313.80000000000001],[176.69999999999999],[201.40000000000001],[159]],[[-71.099999999999994],[15.5],[65.099999999999994],[123],[51],[58.299999999999997],[68],[-52.5],[88.400000000000006],[53.299999999999997],[46.100000000000001],[26.199999999999999],[51.299999999999997],[59.600000000000001],[106],[12.300000000000001],[-24.5],[76.400000000000006],[-18.699999999999999],[149],[79.299999999999997],[48.600000000000001],[63.200000000000003],[16.699999999999999],[-3.3999999999999999],[95.700000000000003],[-16.600000000000001],[107.90000000000001],[47.700000000000003],[-111.3],[142.59999999999999],[220.59999999999999],[63.200000000000003],[62.100000000000001],[-275.5],[166.59999999999999],[38.899999999999999],[163.80000000000001],[67],[118.3],[64.299999999999997],[99.900000000000006],[-51.200000000000003],[-293.89999999999998],[-5.0999999999999996],[122.5],[114],[57.700000000000003],[10.300000000000001],[146.09999999999999],[145.69999999999999],[14.199999999999999],[137.40000000000001]],[[23.600000000000001],[15.4],[10.199999999999999],[9.0999999999999996],[22.5],[12.6],[9.6999999999999993],[6.4000000000000004],[26.300000000000001],[20.399999999999999],[9.6999999999999993],[7],[29.5],[25.5],[13.9],[6.4000000000000004],[37.200000000000003],[19.600000000000001],[12.800000000000001],[10.6],[25.300000000000001],[24.899999999999999],[9.8000000000000007],[1.3999999999999999],[21.699999999999999],[13.5],[10],[1.5],[28.199999999999999],[9.5],[5.4000000000000004],[4.2999999999999998],[25.899999999999999],[12.9],[18.199999999999999],[35.100000000000001],[65.200000000000003],[27.5],[13.699999999999999],[5.9000000000000004],[75],[47.700000000000003],[33.700000000000003],[6.2000000000000002],[53],[33.799999999999997],[26.899999999999999],[-6.5999999999999996],[52.799999999999997],[32.5],[32.899999999999999],[-8.8000000000000007],[62.600000000000001]],[[-15.300000000000001],[4.7000000000000002],[18.399999999999999],[-4.2999999999999998],[15.800000000000001],[14.6],[22.899999999999999],[-3],[21],[8.6999999999999993],[19.399999999999999],[15.300000000000001],[13.1],[24.600000000000001],[34.899999999999999],[0.10000000000000001],[0.90000000000000002],[30.399999999999999],[3.6000000000000001],[16.199999999999999],[23.699999999999999],[22.800000000000001],[20.800000000000001],[4.2000000000000002],[11.800000000000001],[26.399999999999999],[2.2000000000000002],[21.899999999999999],[18.800000000000001],[-7.5],[33.600000000000001],[27.800000000000001],[16.899999999999999],[13],[-63.200000000000003],[32.299999999999997],[7.5],[54],[28.199999999999999],[35],[25.699999999999999],[20.800000000000001],[22.199999999999999],[-22],[14.300000000000001],[35.399999999999999],[21.100000000000001],[17.100000000000001],[35.299999999999997],[52.5],[57.5],[26.399999999999999],[50.100000000000001]],[[-4.5],[0.20000000000000001],[-3.1000000000000001],[13.6],[-4],[-2.5],[1],[1.3],[-0.5],[7.9000000000000004],[-1.3999999999999999],[4.0999999999999996],[-0.69999999999999996],[1.8999999999999999],[7.5999999999999996],[-5],[-2.5],[-2.7000000000000002],[1.8999999999999999],[8.0999999999999996],[3.1000000000000001],[0.40000000000000002],[1.6000000000000001],[-0.5],[6.5999999999999996],[9.3000000000000007],[0.29999999999999999],[11.800000000000001],[5.0999999999999996],[-9],[14.4],[13.1],[11.300000000000001],[2.2999999999999998],[-16.600000000000001],[25.5],[7.7999999999999998],[18.600000000000001],[-2.5],[19.199999999999999],[7.2000000000000002],[8.3000000000000007],[-8.9000000000000004],[-8],[-0.20000000000000001],[6.5],[1.5],[6.5999999999999996],[6.4000000000000004],[13.699999999999999],[10.199999999999999],[17.399999999999999],[8.4000000000000004]],[[-14.199999999999999],[-14.6],[-16.5],[-23.899999999999999],[-10.5],[-14.5],[-14.6],[-36.200000000000003],[-11.4],[-37.799999999999997],[-19.699999999999999],[-38],[-19.600000000000001],[-30.300000000000001],[-32],[-42.399999999999999],[-22],[-25.800000000000001],[-26.199999999999999],[-41.899999999999999],[-30.100000000000001],[-26.399999999999999],[-29.899999999999999],[-41.200000000000003],[-26.800000000000001],[-33.100000000000001],[-30.800000000000001],[-31.199999999999999],[-16],[-31],[-20.199999999999999],[-15.300000000000001],[-6.2000000000000002],[-23.800000000000001],[-21.600000000000001],[-6.2999999999999998],[-1.7],[-21],[-27.600000000000001],[-53.5],[-53.200000000000003],[-56.899999999999999],[-41.799999999999997],[-49.600000000000001],[-29.699999999999999],[-42.899999999999999],[-35.200000000000003],[-47.200000000000003],[-27.5],[-37.899999999999999],[-48.200000000000003],[-61.799999999999997],[-24.899999999999999]]]

[]

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Total demand for credit was $113.3 billion, driven by private non-financial businesses ($44.7 billion), general government ($44.6 billion) and households ($19.2 billion).

“Commonwealth government issuance of Treasury bonds was the highest since September quarter 2020, driven largely by increased funding requirements,” Dr Tan said.

Increased public investment and policy measures to deliver cost of living relief to households, including the Energy Bill Relief Fund, drove higher government spending in the September quarter. Meanwhile the introduction of stage 3 tax cuts reduced taxation receipts.

Demand for credit by sector
	Private non-financial businesses ($b)	Households ($b)	General government ($b)	Other ($b)
Sep-11	30.1	7.5	23.4	-2.8
Dec-11	-3.7	16.8	21.6	6.1
Mar-12	27.6	11.9	18.8	4.5
Jun-12	16	22.8	10.7	-0.4
Sep-12	16.3	4.7	26.8	3.4
Dec-12	14.8	15.9	12	6.5
Mar-13	24.8	12.3	8.6	1.3
Jun-13	37.4	28.8	-6.2	5
Sep-13	26.1	3.7	28.9	-0.3
Dec-13	38.6	32.5	22.5	9.4
Mar-14	7.9	18.7	20.1	0
Jun-14	32.3	36.1	6.9	8.7
Sep-14	33.6	13.6	24.2	-6.1
Dec-14	35.4	26.8	8.9	3.1
Mar-15	43.2	25.1	16.1	7.4
Jun-15	27	39.3	5.3	11.8
Sep-15	39.7	12.3	36.4	3.8
Dec-15	33.4	23.2	2.1	7.9
Mar-16	30.4	25.1	22	3.4
Jun-16	11.1	34.7	2.5	2.7
Sep-16	20.3	28.5	25.8	6
Dec-16	56.5	20.7	19	-7.6
Mar-17	6.3	21.6	18.9	4.4
Jun-17	38	40.6	19.6	1.2
Sep-17	33.4	18	5.4	6
Dec-17	30.9	27.7	15.7	5.2
Mar-18	39	19.6	6.3	3.7
Jun-18	14	27.5	10.1	2.9
Sep-18	67	11.1	5.9	9.1
Dec-18	8.8	25.7	6.1	3
Mar-19	35.5	15.3	-0.3	5.4
Jun-19	38.8	4	12.3	-3.6
Sep-19	18.1	-0.1	25.8	4.5
Dec-19	21	19.3	15.7	6
Mar-20	49.7	3.9	35.6	5.4
Jun-20	-7.2	14.6	136.2	9.4
Sep-20	2	6.3	144	6.9
Dec-20	4.5	22.5	30.2	10.4
Mar-21	18.4	28.1	20.2	5.5
Jun-21	11.9	49.6	6.8	18.5
Sep-21	57.4	41.3	50.1	8.3
Dec-21	34.1	53.8	22	15.5
Mar-22	166	41.7	13.5	11.3
Jun-22	45.1	52.6	48.5	15.5
Sep-22	75.6	26	6.4	6.7
Dec-22	13.2	31.9	7.1	-0.9
Mar-23	41	18.8	17.7	9.1
Jun-23	-5	43.4	-7.5	3.3
Sep-23	47.8	13.4	18.5	9
Dec-23	27.2	33.1	33.1	7.7
Mar-24	46.3	32.1	19.7	9.7
Jun-24	40.9	58.9	-1.8	6.2
Sep-24	44.7	19.2	44.6	4.8

Demand for credit by sector

["","Private non-financial businesses","Households","General government","Other"]

[["Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22","Dec-22","Mar-23","Jun-23","Sep-23","Dec-23","Mar-24","Jun-24","Sep-24"],[[30.100000000000001],[-3.7000000000000002],[27.600000000000001],[16],[16.300000000000001],[14.800000000000001],[24.800000000000001],[37.399999999999999],[26.100000000000001],[38.600000000000001],[7.9000000000000004],[32.299999999999997],[33.600000000000001],[35.399999999999999],[43.200000000000003],[27],[39.700000000000003],[33.399999999999999],[30.399999999999999],[11.1],[20.300000000000001],[56.5],[6.2999999999999998],[38],[33.399999999999999],[30.899999999999999],[39],[14],[67],[8.8000000000000007],[35.5],[38.799999999999997],[18.100000000000001],[21],[49.700000000000003],[-7.2000000000000002],[2],[4.5],[18.399999999999999],[11.9],[57.399999999999999],[34.100000000000001],[166],[45.100000000000001],[75.599999999999994],[13.199999999999999],[41],[-5],[47.799999999999997],[27.199999999999999],[46.299999999999997],[40.899999999999999],[44.700000000000003]],[[7.5],[16.800000000000001],[11.9],[22.800000000000001],[4.7000000000000002],[15.9],[12.300000000000001],[28.800000000000001],[3.7000000000000002],[32.5],[18.699999999999999],[36.100000000000001],[13.6],[26.800000000000001],[25.100000000000001],[39.299999999999997],[12.300000000000001],[23.199999999999999],[25.100000000000001],[34.700000000000003],[28.5],[20.699999999999999],[21.600000000000001],[40.600000000000001],[18],[27.699999999999999],[19.600000000000001],[27.5],[11.1],[25.699999999999999],[15.300000000000001],[4],[-0.10000000000000001],[19.300000000000001],[3.8999999999999999],[14.6],[6.2999999999999998],[22.5],[28.100000000000001],[49.600000000000001],[41.299999999999997],[53.799999999999997],[41.700000000000003],[52.600000000000001],[26],[31.899999999999999],[18.800000000000001],[43.399999999999999],[13.4],[33.100000000000001],[32.100000000000001],[58.899999999999999],[19.199999999999999]],[[23.399999999999999],[21.600000000000001],[18.800000000000001],[10.699999999999999],[26.800000000000001],[12],[8.5999999999999996],[-6.2000000000000002],[28.899999999999999],[22.5],[20.100000000000001],[6.9000000000000004],[24.199999999999999],[8.9000000000000004],[16.100000000000001],[5.2999999999999998],[36.399999999999999],[2.1000000000000001],[22],[2.5],[25.800000000000001],[19],[18.899999999999999],[19.600000000000001],[5.4000000000000004],[15.699999999999999],[6.2999999999999998],[10.1],[5.9000000000000004],[6.0999999999999996],[-0.29999999999999999],[12.300000000000001],[25.800000000000001],[15.699999999999999],[35.600000000000001],[136.19999999999999],[144],[30.199999999999999],[20.199999999999999],[6.7999999999999998],[50.100000000000001],[22],[13.5],[48.5],[6.4000000000000004],[7.0999999999999996],[17.699999999999999],[-7.5],[18.5],[33.100000000000001],[19.699999999999999],[-1.8],[44.600000000000001]],[[-2.7999999999999998],[6.0999999999999996],[4.5],[-0.40000000000000002],[3.3999999999999999],[6.5],[1.3],[5],[-0.29999999999999999],[9.4000000000000004],[0],[8.6999999999999993],[-6.0999999999999996],[3.1000000000000001],[7.4000000000000004],[11.800000000000001],[3.7999999999999998],[7.9000000000000004],[3.3999999999999999],[2.7000000000000002],[6],[-7.5999999999999996],[4.4000000000000004],[1.2],[6],[5.2000000000000002],[3.7000000000000002],[2.8999999999999999],[9.0999999999999996],[3],[5.4000000000000004],[-3.6000000000000001],[4.5],[6],[5.4000000000000004],[9.4000000000000004],[6.9000000000000004],[10.4],[5.5],[18.5],[8.3000000000000007],[15.5],[11.300000000000001],[15.5],[6.7000000000000002],[-0.90000000000000002],[9.0999999999999996],[3.2999999999999998],[9],[7.7000000000000002],[9.6999999999999993],[6.2000000000000002],[4.7999999999999998]]]

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Household wealth up 2.4% in September quarter

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