Wednesday, October 18, 2006

Your shout !!

No worries, Mate.

[Y]ou're $11,000 richer than you were three months ago (if you're Aussie).

Treasury figures, released by the Australian Bureau of Statistics, show Australians are rolling in dough - more than $7 trillion (over $7,000 billion) to be exact.

Total private sector wealth hit $7,100 billion in the June quarter, equating to $348,493 for every man, woman and child.

The total wealth of Australians is up from $6,900 billion in the March quarter, which equated to $337,049 a head.

In today's dollars, Australians are more than twice as wealthy as they were a decade ago and four times as rich as a generation ago.

While much of the rise was because of share ownership and the growing value of the family home, Mr (Peter) Costello (Treasurer) said government policies had played a part.

Mr Costello attributed the rising wealth to a low jobless rate, generous welfare benefits and tax cuts.

And one of the best things about the national riches, was its relatively equitable spread across the rich and poor.

"You will quite often hear some people say that the rich get richer and the poor get poorer," Mr Costello said.

"Over the last eight years in Australia, the rich have got richer and the poor have got richer.

"What we see is that there has been a huge run-up in wealth in Australia and there has been a very significant increase in incomes for the lowest income earners in Australia."

(CommSec economist Craig James said) "The average Aussie hasn't had much to celebrate of late, especially with the drought getting worse, food getting dearer and interest rates rising," he said.

"But there is a rare ray of sunshine - latest figures show that we are richer than ever before."

Aussies rolling in dough, figures show

See, too, Where more is relatively less

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