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Where did wealth fall?
The ABS data showed superannuation assets fell 0.4 per cent, or $16.4 billion, in the March quarter, something experts attributed to market uncertainty.
鈥淎pril turned out okay for the share market and then saw a rebound as Trump backed away and went onto a pause for the tariffs. But the damage was done through the March quarter as share markets fell in response to the tariffs,鈥 Oliver said.
Wealth among the wealthiest growing 鈥榤uch faster鈥
While Australia might be getting richer, that wealth isn鈥檛 distributed equally.
According to 2024 statistics from the Australian Council of Social Service (ACOSS) and UNSW, the wealthiest 10 per cent of households in Australia own 44 per cent of all wealth, with an average of $5.2 million per household.
The average wealth of the richest 10 per cent of households was also growing 鈥渕uch faster鈥 than the wealth of the lowest 60 per cent, ACOSS and UNSW found.
The most recent ABS Census found 66 per cent of Australian households owned their own home 鈥 a figure that has remained roughly the same since the 1970s.
However, home-ownership rates among younger Australians have declined dramatically in that period.
According to the Australian Institute of Health and Welfare, the home ownership rate of 30鈥搕o-34-year-olds decreased from 64 per cent in 1971 to 50 per cent in 2021.
Housing prices set to continue rising
Oliver said he suspects wealth increases will continue.
鈥淔or the share market, it鈥檚 probably going to be a bit of a volatile ride 鈥 The noise around tariffs and the Middle East has led to a bit of roughness, but overall the trend has been up.鈥
鈥淚nterest rates coming down will probably also support shares and therefore support superannuation returns.鈥