Latest NewsWealth of Australians Grows by 4% in Second Quarter : CommsecSunday, 16 October 2016

The wealth of Australians rose by four per cent to $4,894 billion in the second quarter, the largest increase in five and a half years, according to a CommSec analysis of the Australian Bureau of Statistics and Federal Treasury's Modellers' Database.

And private sector debt fell by 3.6 per cent to a 12-month low of $602.7 billion in the three months to June, the biggest drop in eight years.

According to CommSec estimates, the average Australian has wealth equivalent - in property, shares and other assets - of slightly more than $223,000, an increase of $7,500 from the previous quarter.

But CommSec said wealth had fallen by 5.3 per cent or $12,500 over the year, with wealth peaking at $250,055 in December 2007.

Still, the broker says despite the correction over the past year, wealth has more than doubled over the past decade.

Australia's rebounding sharemarket and rising house prices had given people a reason to be "chipper", CommSec said

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