Posted 12/24/2023, 6:30:00 PM
Household Wealth Hits Record High But Rising Costs Put Squeeze on Families
- Household wealth reached record $15.3 trillion due to property market recovery, but households struggling to meet daily costs
- Total household wealth rose $339B in Sept quarter, driven by $250B jump in home values
- Households spending more than they earn for first time since GFC, dipping into savings
- Cost pressures like mortgages and inflation eating into budgets despite wealth gains
- Households increasingly sensitive to interest rates; already starting to curb spending habits